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Hey -- correct; alone, this would be a one-way bridge, meaning the destination token is worthless. One hacky way is to build the other direction on some bitcoin L2. The most robust way is to witness encrypt the destination ("burn address") private key with one time programs as proposed by Leona here: https://ethresear.ch/t/trustless-bitcoin-bridge-creation-with-witness-encryption/11953 |
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Wow, thanks a lot for suggesting, I'll take a closer look. Trustless WBTC would be fire! |
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Could someone please explain?
From https://bitcoinmirror.org/:
It indeed creates a scarce token on ethereum chain, but it's impossible to "withdraw" from it, unlike with WBTC
Someone still has to custody the keys for wrapped BTC, to replicate WBTC, right?
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