The following is a whitepaper I’m sharing here and on Twitter for a new trust-minimized Bitcoin on Ethereum bridge.

ZBTC: Zero-trust wrapped Bitcoin on Ethereum

Abstract. Ethereum is on track to become the global trust layer for information. Bitcoin, as the forerunner, keeps its hold as a reserve currency. Bitcoin is available on Ethereum as an ERC20, ‘wrapped’ by a trusted set of actors. We propose to implement a trustless version of Bitcoin, based off the same incentives in collateralized debt positions (CDP’s). By using a chain oracle, that can be trustlessly operated by anyone, we can prove cross-chain collateral (Bitcoin) has been deposited into a CDP. Then we require an equivalent of Ether to be collateral, such that the actors can be incentivised to process ‘redeeming Bitcoin’ from WBTC, as well as insuring against race attacks between the two chains. In doing so, we can build the first real trustless wrapped Bitcoin on Ethereum, and pave the way for future innovations of cross-chain assets

Full paper.

Update: I shared this paper on Twitter here and got a job from it! Turns out I published exactly what Thesis were doing before they even shared it.