What are discrete log contracts (DLC)?
At its core, a DLC is a multisig that utilizes an oracle to complete trustless transactions. These sort of "smart contracts" are becoming a key primitive in growing bitcoin defi
Volume and users are growing exponentially for prediction markets. Now is the time for the first trust-less and non-custodial one to be built on
#Bitcoin
βοΈ
When a group put their minds together, great things happen. $BYZ generals assemble βοΈ
The time is now,
#Bitcoin
needs a trustless, non-custodial prediction market.
Join the army π
Prediction markets are more than just a tool for "degens"
The world now has access to a transparent real-time information market
No more gatekeeping on the most important news & events
The $BYZ Generals' problem describes the challenge of arriving at truth and consensus between decentralised independent parties βοΈ
Join the army π
A few notable products that inspired Byzantine Market and use DLCs in production today:
@LiquidiumFi
- DLC based lending platform
@AtomicFinance
- DLC based options platform
DLCs enables peer-to-peer betting directly on the Bitcoin blockchain. DLCs are a beneficial alternative to centralized betting platforms, where an intermediary oversees a bet and holds custody of both parties' funds.
So how does it work?
In short, 2 peers create a 2 of 2 multisig. Both deposit assets into a shared utxo, agree to terms by pre-signing outcomes, and then share possible outcomes with an oracle. Once a condition is met the oracle releases a signature and one outcome is finalized