Ilya's Team

Team's submissions

EL BITCOIN: A WRAPPER APP FOR WEB3 Freedom to Transact User Experience

The problem El Bitcoin solves

The times have changed. Today, centralized exchanges exhibit the worst features of neo-banking and tend to de-platform users proactively. Meanwhile, many Web3 projects would benefit from onboarding users from various payment networks, primarily the Bitcoin Lightning Network. At El Bitcoin, we aim to bridge the gap between networks and leverage the expressiveness of Ethereum smart contracts for the benefit of connecting networks, allowing users to freely transact between them. This means Web3 users could benefit from non-custodial Lightning wallets, while merchants and users already utilizing non-custodial Lightning wallets could access decentralized exchanges and lending protocols residing in Ethereum and Web3.

Challenges you ran into

We have decided to stick to the collateralized wrapping Bitcoin Lightning scheme due to two issues:

  • SPV (Simplified Payment Verification) validation is impossible to implement in one day.

  • UTREEXO, a brand-new technology, makes it challenging to implement UTXO verification against a UTREEXO Merkle proof.

Additionally, the idea of integrating Lightning into Metamask Snap via Greenlight technology by Blockstream proved to be an expensive task, due to the absence of JavaScript/TypeScript Rust library bindings.

Technology used

  • Ethers-rs
  • Ethers & Webln
  • Core Lightning client (ETH plugin)
  • ERC20 token
  • HTLC contract (Router)

Updates

Saturday’s

Sunday’s