Bitcoin has been going through somewhat of a renaissance period as of late, with much of the credit going to the emergence of Ordinals and BRC-20 tokens grabbing most of the headlines. These are topics which we have covered extensively in recent months, and if you need a catch up, check out our previous articles covering various aspects of Oridnals.
Unbelievers say this period of firsts for the big orange coin is merely hype driven or a passing fad. However, what those people have failed to notice is that there are many bright people building out on this technology at lightning speed. One of those teams are the people at Trustless Computer who have been making astonishing progress with their work in a very short space of time!
What Is Trustless Computer?
Trustless Computer is an umbrella project of generative.xyz, which has been billed as “the ArtBlocks of Bitcoin.” In a little under just 3 months, generative.xyz welcomed hundreds of artists and over 20,000 collectors through their virtual doors. Despite being proud of this roaring success, the team never wanted to stop just there:
“We’ve always strived to do more for the Bitcoin ecosystem. We started with Art because we love Art. And now we’re ready to do more. We’re excited about making Bitcoin as generalized as possible — usable for far more than just a currency.” an announcement reads.
And so, a new venture was born. In a nutshell, Trustless Computer lets developers write smart contracts and build dapps on Bitcoin. The first dapps created were:
- Bitcoin Name System – the standard for naming on the Bitcoin network, much like ENS is for Ethereum
- Bitcoin Artifacts – Preservation of data on Bitcoin, forever
- Bitcoin NFT Collections – This one is self-explanatory. NFTs on BTC!
- Bitcoin Tokens – An AMM that allows users to utilize BRC-20 tokens
- Bitcoin Solidity IDE – A web-based deployer that lets users deploy Soliditiy smart contracts onto BTC. Plans for the future are to develop it into a full web-based IDE
Bringing DeFi to Bitcoin
On April 29th, @Punk3700 made a huge announcement regarding the BRC-20 side of their operations.
”Goodbye, BRC-20 text files.” the founder announced, “Hello, BRC-20 Smart Contracts. BRC-20 tokens are now unstoppable, programmable & trustless.”
Citing the need to standardize common financial use cases for Bitcoin, and reeling off a list of current issues with inscribing text files, 3700 went on: “Instead of text files, Trustless Market lets anyone issue a BRC-20 token on Bitcoin as a smart contract. To issue a BRC-20 contract? Fill out a simple form.”
Music to the ears of people like myself, I’ll admit unashamedly, who are enthralled by the magic of this new technology, but still have much to learn about the nitty-gritty of what it takes for the cogs to keep on whirring.
Goodbye, BRC-20 text files.
Hello, BRC-20 Smart Contracts. BRC-20 tokens are now unstoppable, programmable & trustless.
✅Simple to issue your BRC-20 smart contracts
✅Send & receive BRC-20 tokens
🔜Swap BRC-20 (Bitcoin DEX)https://t.co/5zjCFcJjyI
DeFi is coming to #Bitcoin pic.twitter.com/f5weT5mZmc
— 3700 🐧 generative.xyz (@punk3700) April 29, 2023
Deployment of Uniswap Smart Contracts
Following up one huge announcement with another, 3700 was back only a week later to say that users of trustless.market can now:
- Swap Smart BRC-20 tokens
- Provide liquidity & earn a 2% fee
- Issue Smart BRC-20s
“Uniswap v2 on Bitcoin is up and running, allowing users to easily swap BRC-20 tokens and add liquidity to the market. The door to DeFi on Bitcoin is now wide open.” Punk3700 proudly told Influencive.
Within 3 days of these features going live, the platform had garnered $500K in trading volume over 2000 trades, from 500+ users.
If liquidity pools have always baffled you, Trustless has made the process so straightforward that even I, and you dear reader if it so applies, can do it without destroying everything in the process. Once again, just a simple form that needs to be filled, and voila, you’ve added liquidity to the market. A very easy way to make 2% on swaps.
What Trustless Computer essentially solves is the friction point that layman users encounter when trying to dive into the more complicated aspects of Web3. In the process, many will no doubt go on to learn more about the mechanics of what makes everything tick, indirectly encouraging education.
The deployment of Uniswap v2 on Bitcoin is a game-changer, as it allows Bitcoin holders to access the lucrative DeFi market, which has of course been traditionally dominated by the Ethereum network.
The progress made on Bitcoin in 2023 has been truly amazing, and this is certainly thanks to teams like Trustless Computer. In such a short period, we have seen remarkable advancements, and it’s possible that if this rate of growth continues, we will look back on this era and recognize its historical significance.
It does feel as though there is a shift in the air.
- Twitter: https://twitter.com/TrustlessOnBTC
- Discord: https://discord.gg/VNqUJRhz
- Punk3700: Twitter: https://twitter.com/punk3700
- Trustless Computer: https://trustless.computer
- Trustless Market: https://trustless.market
- Trustless Domains: https://trustless.domains
- Bitcoin Artifacts: https://trustlessartifacts.com
- Trustless NFTs: https://trustlessnfts.com
- Trustless IDE: https://trustlesside.com
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