TL_DR: When Terra and ICP native decentralized Bitcoin integration?
∞ ∞ ∞ ∞
I believe we have an opportunity for a perfect storm to catapult Internet Computer and the entire crypto industry with the Bitcoin integration. There is a unique value proposition and a perfect fellow crypto ecosystem to collaborate with.
For context, Terra is rapidly building out their decentralized stablecoin (UST) on a “decentralized gold standard”. I have been thinking about this for a week now and I am pretty blown away by its potential. Opinions may vary, but IMHO, their move towards being the (second) biggest Bitcoin holder is obvious, genius, and powerful. Their short-term plan is accumulating $3B in Bitcoin, mid-term (this year) is $10B, long-term, who knows. With a full-stack web-speed Bitcoin integration, the reserves of UST are open to growing globally/ scalably. The entire crypto space wins if we create a completely decentralized stablecoin.
The next step for UST is to build the bitcoin integration into the minting process - that is, part of the seigniorage would burn $LUNA, and part of it would buy Bitcoin (that’s how it could really start flying). They are on a search to find the best tech for BTC reserves - that is, the Internet Computer - with a native fully on-chain Bitcoin support (no wrap, no bridge, async, scalable).
It would roughly look like that:
As I said, I feel this would be a great opportunity to flex our muscles and show the world what we are capable of. That is, form a decentralized bank that holds the $BTC reserves for the biggest decentralized stablecoin. The Chain Key Technology (a’ka decentralized signature) is designed for this. It feels like a match made in heaven.
For this, we obviously need the soon-to-be-released BTC integration and to speed it up, possibly the Chain Key Bitcoin. We would also need to integrate with Terra as a strategic partner-network. I feel this could be great marketing for all and funnel (tens+ of) billions through our ecosystem in the process.
Let’s seize the day.
Through strategic collaboration (integrating IC and Terra platforms directly) we can solve decentralized stablecoins end-to-end.