A Bitcoin Attestor is a third-party service that verifies the outcome of a Discreet Log Contract (DLC). At its core, a Bitcoin Attestor enables the flow of data between the Bitcoin ledger and other smart-chains, facilitating programmatic, conditional Bitcoin payments.
For a secure DLC system, many Attestor nodes need to be active. This way, if one node has problems, others can still work. DLC.Link's Attestation Layer uses many Attestor nodes, each registered with our smart contract, to spread out the work and reduce risks.
In some literature discussing DLCs, it is common to see the term DLC Oracle. We have chosen to call our service a Bitcoin Attestor, as we differentiate Oracles and Attestors in the following way.
Attestors, as integral components of blockchain applications, act as gateways, transmitting data between a blockchain and real-world systems. Without them, blockchains risk becoming isolated entities, unresponsive to external events. More than just incorporating public data sources for activities like sports bets, captivating use-cases come alive when Bitcoin Attestors relay information from intricate smart-contract systems.
For instance, consider Mark buying a car with the ownership recorded on a public ledger like Ethereum. Before finalizing the sale, a DLC.Link contract with the payment held in escrow is activated. As the blockchain confirms the car's title transfer, the Bitcoin payment is unlocked programmatically, all in a trustless manner, provided both parties concur on the public record they trust.
The Bitcoin Attestor's ability to facilitate trust-less deposits and seamlessly integrate with external data sources (like Chainlink, APIs, and banks) ushers in a novel realm of Bitcoin utility.
With a singular Attestor for a network, vulnerabilities arise, potentially becoming a single failure point. If the only Bitcoin Attestor goes offline, data flow from other networks halts, impeding Bitcoin transactions. Worse, if the Attestor is compromised, the sourced data might become unreliable, enabling deceptive Bitcoin payments. Thus, bridging the gap between Bitcoin and other smart-contract-enabled blockchains demands numerous Bitcoin Attestors to circumvent inaccuracies, collusion, and downtime.
DLC.Link is building the infrastructure for anyone to power up and run a Bitcoin Attestor and participate in the new economy of Bitcoin lending and payment. This will further empower developers and applications on any blockchain or system to accept Bitcoin collateral without the implications, restrictions, or risk of using a third-party.
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