I've been looking for new things these days and discovered pump-ondi.fun in the Bitcoin ecosystem. After playing for a few days, it feels okay, and with the rotation of the ecosystem, it seems it's Bitcoin's turn!
A brief introduction to ckBTC
1. What is ckBTC?
ckBTC is developed by scientists at the DFINITY Foundation (many of whom are cryptography experts from former Google, IBM, and Meta) who spent years researching it. It is the only decentralized mainnet BTC twin asset in the industry, existing in the form of ICRC tokens on the #ICP public chain.
2. Why is ckBTC needed?
Because the Bitcoin mainnet cannot be programmed, its transaction speed is slow, and fees are high, making it unsuitable for large-scale transactions. The trading on Odin Fun utilizes ckBTC for ultra-fast, ultra-low-cost settlements. Additionally, the #ICP public chain has 1,500 nodes, but with one layer of sharding, its TPS is the highest in the industry, and you can easily find third-party data to verify this.
3. Why is ckBTC the only decentralized one? How secure is it?
The 'xBTC' on the market is mostly wrapped BTC generated by cross-chain bridges, which are controlled by multi-signatures (e.g., 2/4, 3/5) and have general security.
But there is no need for a cross-chain bridge between ICP and the Bitcoin mainnet!
ICP's chain fusion encryption technology allows smart contracts to interact directly with the Bitcoin mainnet. Bitcoin nodes are already running on the ICP network, and the generation and destruction of ckBTC are controlled by DFINITY's threshold Schnorr signature (T-Schnorr) through smart contracts.
The BTC on the mainnet is not controlled by a cross-chain bridge, nor is it controlled by Odin Fun; its ultimate security relies on the #ICP public chain. To steal mainnet BTC, one must breach the ICP BTC subnet, and there is no other way. Moreover, only Odin Fun users who have authorized BTC > ckBTC can retrieve their assets.
For those who want to delve into technical details, you can check here:
https://internetcomputer.org/docs/building-apps/network-features/signatures/t-schnorr
4. What to do if there is a problem with the Odin Fun frontend?
Isn't this ICP's strong suit? #ICP is the only public chain that can deploy all frontend code/UI/website entirely on smart contracts, so the frontend will not be taken offline or shut down unless the entire ICP network is terminated, but the threshold signature mechanism of ICP is extremely difficult to attack.
Bybit was hacked recently, and the issue with Safe{Wallet} was that the frontend code was attacked. If it were a frontend deployed on #ICP, this risk could be avoided.
5. Everything can be ck
In addition to the Bitcoin mainnet, #ICP's chain fusion encryption can connect with any network such as Ethereum and Solana, turning all assets into the highest security level ckToken, enabling high-speed, low-cost, gas-free transactions on the ICP network. In the future, all assets can be ck.
