ETHDenver 2022

Have you noticed that more than 95% of Bitcoin on Ethereum are held by a handful of multi-sig owners? That’s about $13.1bn Bitcoin at risk in DeFi that can just be snatched away in a hack or by regulatory action. We think that this needs to change and that there is a better way to bridge Bitcoin and other assets into DeFi. In this session, we introduce how an open set of collateralized custodians can build a decentralized Bitcoin bridge. The main benefit of this is that instead of relying on a handful of trusted multi-sig owners, wrapped Bitcoin becomes backed by insurance and allows anyone to hold Bitcoin.

The session will start with an in-depth introduction of the interBTC product. We will detail the primary differences with existing BTC bridges and highlight why interBTC is trustless. This will lead into a dissection of Vaults and how they secure BTC on the Kintsugi and Interlay parachains, connected to Kusama and Polkadot respectively

In the following workshop, participants will register a Vault client on our live testnet and mint interBTC. Once operational, they will be challenged to steal BTC held by the Vault without being liquidated. A grand prize will be awarded to anyone who is able to subvert the protocol. Additional prizes may be awarded to hackers who find new and unique bugs.

Requirements:
Laptop with access to Linux
Networking connection