#baby $BABY
I used to assume that if my BTC stays untouched in a vault then nothing about my Bitcoin actually depends on any other chain. Then I looked closer at how TBV redemption actually works and realized that's not quite true.
The BTC sits in a Taproot script sure but releasing it still depends on a Bitcoin side verification of something that happened on Ethereum.
So the custody is separate, but the outcome isn't fully independent the vault only unlocks correctly if that cross-chain proof checks out.
It made me think about what Trustless really means here. It's not that you're trusting Nothing it's that you've swapped trusting a person for trusting a proof mechanism. That's a real improvement over handing your BTC to a custodian but it's still a dependency just a cryptographic one instead of a human one.
I keep coming back to the same question is that a fundamentally different kind of trust or just a more elegant version of the same trade off Bitcoin holders have always had to make when they want their coin to Do something outside Bitcoin itself?
@BabylonLabs_io $BABY #baby
I used to assume that if my BTC stays untouched in a vault then nothing about my Bitcoin actually depends on any other chain. Then I looked closer at how TBV redemption actually works and realized that's not quite true.
The BTC sits in a Taproot script sure but releasing it still depends on a Bitcoin side verification of something that happened on Ethereum.
So the custody is separate, but the outcome isn't fully independent the vault only unlocks correctly if that cross-chain proof checks out.
It made me think about what Trustless really means here. It's not that you're trusting Nothing it's that you've swapped trusting a person for trusting a proof mechanism. That's a real improvement over handing your BTC to a custodian but it's still a dependency just a cryptographic one instead of a human one.
I keep coming back to the same question is that a fundamentally different kind of trust or just a more elegant version of the same trade off Bitcoin holders have always had to make when they want their coin to Do something outside Bitcoin itself?
@BabylonLabs_io $BABY #baby