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1  Bitcoin / Project Development / Re: Sovryn - Brings DeFi to Bitcoin on: February 07, 2021, 03:44:48 PM
- The "browser wallets" are a terrible choice, they are all browser extensions that are not safe at all to install on your browser. The project should support regular desktop wallets such as Electrum.

I think it is really safer if they at least have their own wallet makers per user. Yet, the trading platform[1] also states that they only run in alpha version, so we should expect a constant upgrade soon, and hopefully they would take the suggestions in this thread a consideration to those upgrades.

Will Bitcoin be traded or some tokens like WBTC? If we were talking about WBTC, that is a bad news.
If you can build on the second layer of Bitcoin, then I believe that the contract must be closed and then trust in the second party (not the Bitcoin network,) in general if you can, why not be a gateway to most altcoins and not ETH.

I also did not like the design of the site, as it is closer to magazines and not trading platforms.

Indeed. I think they haven't really done a successful DeFi-ed Bitcoin bridge and might end up only be using WBTC. And yes, their overall design doesn't really fit to what they wanted to portray on the users. My first thought was it is a comic book website or morelikely to be an art platform. Hopefully, they fix everything well according to their main purpose and idea.

I have the slight impression, I may be wrong, that there is a big misunderstanding here with the "WBTC" token. Just to let the subject clear:

NO NO NO.... We have not ANY TOKEN "WBTC" in Sovryn (or in RSK);

The system does not use WBTC (wrapped BTC). It is not centralised!

Sovryn is the original sidechain vision for Bitcoin. Merge-mined security with a 2-way Bitcoin peg.

The peg is a method of transacting withBTC off-chain, like the lightening network.
2  Bitcoin / Project Development / Re: Sovryn - Brings DeFi to Bitcoin on: February 07, 2021, 02:26:48 AM
Will Bitcoin be traded or some tokens like WBTC? If we were talking about WBTC, that is a bad news.
If you can build on the second layer of Bitcoin, then I believe that the contract must be closed and then trust in the second party (not the Bitcoin network,) in general if you can, why not be a gateway to most altcoins and not ETH.

I also did not like the design of the site, as it is closer to magazines and not trading platforms.

#1: The Wrapped-rootstok-Bitcoin: WRBTC is a token part of the protool of AMM's, you need to convert rBTC into WRBTC to be able to automatically trade dollars for bitcoins under AMM protocol. You're free to don't like the AMM (Uniswap solution) protocol, or you are wellcome to help to improve it.

#2: Is RSK trustless?... we can debate the subject by hours; the RSK protocol depends on an algorithm, not on a "second party"... But you can do your own research and decide if it is trustless enough to you (https://developers.rsk.co/) . Anyway we're actively looking for new ways to make our platform more and more trustless. And you're welcome to provide your ideas.

#3: Indeed, the RSK bridge has a project to bring to RSK almost any token from the Ethereum side... and other blockchains.

#4: I love the design of the site, you can find some of the reasons behind our design... https://twitter.com/EdanYago/status/1358194752915709953
3  Bitcoin / Project Development / Re: Sovryn - Brings DeFi to Bitcoin on: February 07, 2021, 02:09:40 AM
I have some questions/suggestions
- I suggest adding TestNet support, I personally am not going to use something like this in its alpha stage with real bitcoins specially since I'm not really familiar with RSK either. RSK already supports testnet bitcoin and there are already 1482 tbtc circulating there
- The "browser wallets" are a terrible choice, they are all browser extensions that are not safe at all to install on your browser. The project should support regular desktop wallets such as Electrum.
- If this is "decentralized" then why should users pay "you" 0.15% fee?!
- The Swapping page is currently empty. I'm curious about how it works. Is it P2P or is there again centralization involved and what are the fees?

#1: Testnet, we got it: https://test.sovryn.app/ <--- use it and test it, we agree you shouldn't put real money until you have DYOR

#2: Browser wallets are by now the only option, our developers had have a lot of work, and we barely have started to consider the dseign of our own wallet. ˇYou're right! we need a regular desktop wallet. If you're a developer your're very werlcome to help us to develop it... We're desperately hiring, and we have a bounty program for innovation.

#3: Those 0.15% fees goes to the community treasury, and our bitocracy system will distribute dividends to stakeholders, developers and to keep the platform alive... anyone who buy/earn SOV tokens will participate! There are no "board of sharks" eating the earnings...

#4: Our project has been initially financed by some whales, $2.1M, and some of our resources has been destin to a platform to help the users. We're actually working on the improvement of a gitbook with FAQ about the platform. If you like to ontribute to our community you can write your own guide and propose it in our Sovryn-Improvement-Proposal system.
4  Bitcoin / Project Development / Re: Sovryn - Brings DeFi to Bitcoin on: February 07, 2021, 01:52:46 AM
I checked out what wallets you support on live.sovryn.app and most of them for web like Liquality, Portis and Nifty are used for ethereum and not for bitcoin.
And I guess we can't expect any support for well know Bitcoin wallets like Electrum or mobile Blue wallet because you are using solidity smart contracts and rsk network.
How exactly will hardware wallets work?

#1: You can add to the list Metamask. Of course, this wallets do not operate over the Bitcoin network, they operate over the RSK network if you configure them properly, using as native coin rootstock-Bitcoin= rBTC (PLEASE, DO NOT CONFUSE with REN-BTC!). You can see this guides:

https://sovryn.app/blog/metamask-wallet-for-sovryn.html

https://sovryn.app/blog/using-nifty-wallet-for-sovryn.html

#2: Electrum, Mobile Blue and so one, works only on Bitcoin native network, not in RSK network, where Sovryn contracts operate.

#3: Metamask and Nifty have a feature to let them connect your hardware wallet.
5  Bitcoin / Project Development / Re: Sovryn - Brings DeFi to Bitcoin on: February 07, 2021, 01:41:27 AM
I like the fact that you guys make digital finance accessible to bitcoiners rather than others DeFi which purposely want to enrich their pocket but how do you guys intent to get the fund to manage the project cause my research now shows that Collider Ventures, Greenfield One, and Monday Capital investment firm are your major investors which explain the reason why Sovryn raised $2.1M in a short time. Every wants to make a profit how will make that happen? How secure are your borrowing/lend service? How do you integrate BTC since you guys use ETH supported wallet?

#1: The main way to obtain funds is through the bitocracy platform: By owning SOV tokens (buying them or earning them as collaborator, becoming in stakeholder) you are providing liquidity to the platform, you are participating in the profits and you are participating in Sovryn's decision making. There is no central authority in Sovryn and no board of directors hogging the revenue. Our presale was a week ago, and ran out in 10 minutes, and we raise JUST FROM USERS $2.5M.

The initial raise of funds (That $2.1M) came from these whales, but they are not participating directly in the bitocracy system, but in an specially designed plan of return of the investment of a minimum of two years.

#2: How secure is the service. Our code is open source. Is a mutant from bZx code, and you are free to inspect it:
      solidity main contracts:   https://github.com/DistributedCollective/Sovryn-smart-contracts
      AMMs:   https://github.com/DistributedCollective/oracle-based-amm
There are bug bounties if you help us to catch bugs: https://discord.com/channels/729675474665603133/745677005286015037
We're totally open to improvement requests, and we have a motto: DON'T TRUST ME... VERIFY!

#3: Bitcoin is integrated to a side chain called RSK, which is Turing-Complete (like ethereum), and by using a Hardware Security Module architecture, up to 40% of the biotcoin miners lock the bitcoins to be issued in the side of RSK, in an algorithm called "the bridge", you can retrieve your bitcoin through this bridge by the smart contract by the RSK side. For more info take a look on the technical documentation about RSK: https://developers.rsk.co/rsk/rbtc/conversion/networks/mainnet/

In a gist: Bitcoin in the side of RSK (rBTC) is taking the place of the ethereum, so you pay gas in the RSK net with Bitcoins!

Hope it helped you
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