sBTC + Ordinals = sOrdinals
Week of February 24, 2023
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For those new to the community, sBTC solves the Bitcoin Write problem enabling smart contracts that write to the Bitcoin blockchain. It will allow Bitcoin to be used in DeFi apps that inherit 100% of the base layer security. This newsletter has everything you need to know related to its development and launch plans.
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sBTC + Ordinals = sOrdinals 🤌
According to a new proposal, the sBTC system has the potential to support peg-in/peg-out for ordinals. By requesting that Stackers record the ordinal address of a pegged-in satoshi and verifying the ownership, the
sbtc contract can mint an NFT for that ordinal. When the wrapped satoshi is pegged out, the contract would destroy the associated NFT, reflecting the transfer of that particular satoshi out of the system.
The trust assumptions for ordinals are the same as those for sBTC, with users trusting that any peg-in or peg-out transaction on Bitcoin happens with 70% of the Stackers’ support.
👉 Why it matters: Ordinals continues to gain momentum and mindshare. The ability to trade Ordinals using sBTC apps is a use case that we’re excited to explore further. We’ll be exploring additional use cases for sBTC over the coming weeks on the road to product-market fit.
sBTC Proof-of-Work 👇
💻 Engineering Updates
Jude Published sBTC Mini design document (Link)
Stjepan Merged PegOut [Request/Fulfill] wire formats and API additions (Link)
Mijoco [sBTC Bridge UI] Transaction History (Phase II) proof of concept completed.
Mijoco Kicked off sBTC Bridge API development.
Donpdonp Progress on building wrap and unwrap bitcoin transactions using bitcoin-rs. (WIP: Link)
⚒️ Go-To-Market Updates
Hosted sBTC Office Hours, a discussion on how Bitcoin builders can start testing use cases with the new wallet design (Link)
Shipped sBTC HQ, the go-to resource for internal collaboration
Kicked off creative planning for the sBTC brand
Held initial meetings with two strategic partners and received feedback
Kicked off Founder Recruitment working group
Drafted competitive landscape review
🌍 Around the Ecosystem