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RE: The First wHIVE Was Just Minted on the ETH Blockchain

in LeoFinance11 months ago

I wouldn't go for wHIVE tbh... wBTC works because BitGo works as a custodial for all the BTCs, which is dangerous, imagine if they get hacked or attacked by an authoritarian government... wHIVE is probably going to work the same way, with a custodial, and you know what they say "Not your keys, not your crypto".

I think the right solution would have been renHIVE, REN works with Multi Party Computation and dark pools where nodes don't need to know the key to use the keys, this makes it so, REN is much more trustless and permissionless than the wrapped tokens... Many inside the Etherian community are starting to see this and many are changing from wBTC to renBTC, so we should be one step ahead.

But it's a step in the right direction I guess... If the devs read this, look into REN, RenVM and renBTC, much more trustless and permissionless and I bet their team would be okey with helping to connect both ecosystems.

Posted Using LeoFinance


I agree, wHIVE has the same problems as wBTC and other wrapped assets. I am working on making it more decentralized by using multisig wallet on Hive/Ethereum.

Atomic swaps could solve part of this problem if they were added to Hive:

Atomic swaps would be a good idea too. As long as the plugin didn't mess a lot with the L1 of Hive, messing with the L1 can result in drastic mistakes that can make the chain crash (like we've seen in the past)...

I suggested renHIVE was the way to go in Dan's original tweet.

The process is straightforward although maybe technically intermediate. A HIVE developer would have to make the integration using Ren's multichain repo then make a pull request.

Exactly, this would be the best! It's what REN was created for, and it's trustless and permissionless, that's what we want, and by having a renHIVE this fast would probably increase the status and reputation Hive has in the crypto community...