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Q&A
These are some selected Questions and answers in BitcoinOS discord channel.
Q- when you say “bridge”, does that mean that there’ll be wrapped bitcoin on cardano, and wrapped ada on bitcoin?
A- The way to think about this bridge is that it is about moving BTC across, so native BTC to an AdaBTC. So its a peg in/peg out of BTC. The reason this is so key is that the majority of BTC permanholders, trustless maxis and institutionals like ETFs, they are not going to want to swap BTC for anything else, but with Grail they will have a new trustless security paradigm to bridge BTC over. That BTC can then be deployed into BTC defi protocols on top of Ada. The market cap of BTC at 1.5trn makes this a huge opportunity.
Q- could you explain the difference with other bridges that have wrapped assets?
A- Our bridge is secured by BitSNARK, what it does is that when you want to bridge out back to BTC, it will read a burn transaction on the other chain, generate a zk proof, and this zk proof can be verified on Bitcoin L1
Q- if I have btc on my bitcoin wallet will I be able to use the current defi dapps on cardano mainnet with it? or will these dapps need to have new smart contracts specifically built for this?
A- Leaving aside any UX/UI aspects, once your BTC is locked in on the Bitcoin side, you will mint a BTC on the Cardano side which should be programmatically compatible with an ada defi protocol
Q- Can someone explain why another chain wouldn’t be able to replicate what Cardano has done here? I’m trying to understand the magnitude of the achievement.
A- The bridge smart contract needs to be written specifically to each partner chain and that’s why we have been selective in who we partner with - communities like Cardano are ideal for this as you’ve been in this space a long time and share a lot of the same values
Q- Since there are other bridges between bitcoin and other blockchains, how would you explain the advantage this bridge has over those?
A- Those bridges are currently secured by multisig / third party custodians using timelocks and MPC tech, and if they are not they are typically optimistic and run by a federation where the assumption is that a majority of nodes need to agree so an m/n assumption. In our bridge, as long as you have one honest verifier, that verifier has the power to discover an untrustworthy proof, so there is a 1/n requirement only. you could have 100 validators, 99 dishonest but as long as 1 is honest, the zk verification is deterministic so the truth will prevail
Q- how do you explain the “trustless” part? wouldn’t I need to still “trust” the smart contract that blocks my BTC on bitcoin?
A- The verifier runs on bitcoin script - the outcome can be verified by bitcoin miners for general smart contract risk you could argue you take that risk when you use btc defi on the other chain also but we will take all the measures required and of course open source the tech