I mean we already have exchanges, v4v is another exchange. It's simple an exchange from Bitcoin LN to/from Hive. It does not do native wrapping or anything that actually allows ownership of BTC on HIVE itself. What's being discussed here is building a fully decentralized swapping bridge allowing the BTC to effectively live and operate on top of HIVE and enabling to/from transfers with the Bitcoin mainnet from your hive account.
v4v will play an important role in providing an exchange point for this wrapping system, but it is not the wrapping system itself.
I understand what you are saying but I have another question. It is possible to have BTC in Hive-engine but do you consider it centralized? Would this be otherwise?
swap.btc is wrapped BTC, but it is centralized through a single entity to handle uwrap/unwrap. This would be decentralized using smart contracts and many separate nodes to handle wrapping/unwrapping BTC to HIVE.
I mean we already have exchanges, v4v is another exchange. It's simple an exchange from Bitcoin LN to/from Hive. It does not do native wrapping or anything that actually allows ownership of BTC on HIVE itself. What's being discussed here is building a fully decentralized swapping bridge allowing the BTC to effectively live and operate on top of HIVE and enabling to/from transfers with the Bitcoin mainnet from your hive account.
v4v will play an important role in providing an exchange point for this wrapping system, but it is not the wrapping system itself.
I understand what you are saying but I have another question. It is possible to have BTC in Hive-engine but do you consider it centralized? Would this be otherwise?
swap.btc is wrapped BTC, but it is centralized through a single entity to handle uwrap/unwrap. This would be decentralized using smart contracts and many separate nodes to handle wrapping/unwrapping BTC to HIVE.
Okay. Thanks for your answer. I'll be watching to see how it works.
No, you aren’t wrong, this is not new
That is the first piece of the puzzle. But getting BTC wrapped and using Hive to settle is the big step.