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TeleBTC: Trustless Wrapped Bitcoin. (arXiv:2307.13848v1 [cs.CR])
cs.CR updates on arXiv.org arxiv.org
This paper introduces TeleBTC, a fully decentralized protocol designed to
wrap Bitcoin (BTC) on programmable blockchains. The creation of a decentralized
wrapped BTC presents challenges due to the non-programmable nature of Bitcoin,
making it difficult to custody BTCs in a decentralized way. Existing solutions
have addressed this challenge by introducing an external layer of validators
who take custody of users' BTCs. However, the security and decentralization of
this layer are inferior to the underlying blockchains on which wrapped BTC is …
bitcoin blockchains btc challenge challenges decentralized external making nature non protocol solutions