Devs Dispatch: Bi-weekly roundup of the most impactful and cutting-edge developments in Web3
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Hello Devs!
Welcome to the latest edition of Devs Dispatch, your go-to source for all things Web3 development. In this issue, we're diving into some of the most exciting and impactful developments in the Web3 landscape. Let's get started!
Updates on Core Chain
The development of Hashed Timelock Contracts (HTLC) on Core Chain has experienced significant progress in recent weeks. A notable achievement in this journey is the successful implementation of a peer-to-peer (P2P) version of HTLC, which has laid the foundation for further innovations, including the HTLC order book which is expected to arrive later this year. This development is designed to enable secure and trustless transactions across different blockchain networks.
Currently, devs are channeling efforts into two ambitious projects simultaneously. The first project focuses on establishing a bridge between Ethereum (ETH) and Bitcoin (BTC) through HTLC, to facilitate fully trustless asset transfers between these two blockchains.
In parallel, devs are also developing an HTLC orderbook for transactions between EVM-compatible chains. This order book enables more efficient and decentralized trading across various blockchain platforms, at a cost comparable or cheaper to its competitors. These technical milestones are reinforcing the infrastructure necessary for a more interconnected and accessible Core Chain ecosystem.
What is new at Core Chain?
Unlocking the Trillion-Dollar Bitcoin Economy: Core Chain's vision paper, Unlocking Bitcoin DeFi presents a roadmap for scaling Bitcoin to unlock its massive, yet largely untapped, economic potential within the DeFi ecosystem. Transforming Bitcoin into an active, productive asset could revolutionize the financial landscape.
Core Contributor, Kieran Dennis posted a synopsis of the Unlocking Bitcoin DeFi paper on X, highlighting Bitcoin's strength in its simplicity and strong incentive alignment, making it the most incorruptible asset with a massive security budget. He discusses the purposeful limitations of Bitcoin and the misalignment issues with many Layer 2 solutions. He added that the Bitcoin Builder Renaissance is happening on Core Chain, setting the stage for Bitcoin DeFi.
Core Chain at ETH Denver 2024
Core Foundation members made waves at ETH Denver 2024, particularly with initial Core contributor Rich Rines participating in a panel, Defi on Bitcoin (Applications) at the Bitcoin Renaissance.
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Also, check out, Initial Core contributor Brendon Sedo on What it means to be Bitcoin-aligned, and unlocking the $1T Bitcoin DeFi Opportunity.
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Bitcoin Developer Insights
Research Paper on Bitcoin's Layer 2 Solutions: A new study introduces the Total Cost to Attack (TCA) metric to quantify the costs of breaching Byzantine fault tolerance thresholds in Bitcoin and Ethereum. The paper suggests that attacks are economically unfeasible, providing empirical evidence of Nash Equilibrium in these networks. It also challenges the linear relationship between fee revenue and network security, highlighting speculative behavior by block producers that increases network security even when fees are low.
Satoshis Emails: Insights into Bitcoin's Early Development: Martti Malmi, a co-architect of Bitcoin, has published a 70,000-word document containing emails exchanged with Satoshi Nakamoto. The correspondence from 2009-2011 offers rare insights into Bitcoin's early development and Satoshi's thoughts on regulatory concerns, crypto mining, and the term 'cryptocurrency.'
Developer Trends for Building on Bitcoin: Core Contributor Denali Marsh highlights a significant increase in Total Value Locked (TVL) on Bitcoin Layer 2 solutions, unlocking around $1 trillion of value. Marsh believes this will have a positive impact on the entire Bitcoin ecosystem.
Grayscale Report on Bitcoin's 2024 Halving: Grayscale's report suggests that the upcoming Bitcoin halving in April 2024 will be fundamentally different due to sustained on-chain activity growth, particularly from ordinal inscriptions. It also highlights miner positioning and the potential market impact of Bitcoin ETFs.
Looking to Build your next App or Tooling in Web3?
Core Chain is the best ecosystem to deploy on at the moment. It’s EVM compatible and there are lots of available resources to get you started.
Check out coredao.org for more information.
Stay tuned for more updates and insights into the world of Web3 development. Happy coding!