Today we are releasing the alpha version of our DLC wallet. This release contains all the primitives to execute arbitrary Discreet Log Contracts on the bitcoin blockchain. This wallet is self custodial which means you need to sync the chainstate against bitcoind or the lite client node we offer in bitcoin-s using neutrino filters.
Here is what an example bitcoin-s wallet looks like
If you look on the left hand side of the wallet, you can see the overall performance of my DLC wallet. In this wallet, I have a negative -0.74% rate of return and have lost 3,775 satoshis.
At the bottom of the screen, you can see the individual performance of each individual DLC I have executed. For example, the first DLC was predicated on this oracle announcement. I lost -32,640 satoshis with a rate of return of -65.28%.
You can download the wallet from this link. Specifically you can download installers for mac, linux, and windows by clicking on the appropriate link.
There are many limitations to the wallet currently. One of the biggest limitations is you need to manually pass DLC messages back and forth with your counterparty. You can find a link to the message flow from the official DLC spec here.
You need to manually pass the offer, accept, sign messages manually with your peer by either copy and pasting the messages back and forth or sharing files with your counterparty. In future releases, we are looking at ways to automate and optimize the negotiation process for DLCs.
If you are looking for someone to enter a DLC with, try joining the Suredbits slack channel or the DLC telegram group.
Checkout the demo here!
Krystal Bull
Krystal Bull is a stand alone DLC oracle tool which allows anyone to be an oracle for a DLC. We are releasing version 1.2 for krystal bull today. We support installers for mac, linux and windows. You can obtain Krystal Bull here.
As you can see from the screenshot above, my oracle name is Chris_Stewart_5. You can see the oracle announcements I have created and also attested to. For instance, you can see the oracle announcement with the event name “Bitstamp BTC/USD price on 2021-03-15 @ 00:00:00 UTC” here.
As the oracle explorer shows, the bitcoin price on Bitstamp was $59,016
We now include the ability to automatically submit your oracle announcements to the Suredbits Oracle Explorer so that other DLC users can easily find your oracle announcement. You can also use the same flow to submit your attestations.
Checkout the demo here!
Whats next
We will be reworking the GUI in upcoming releases to improve the UX. The wallet is not very intuitive at the moment, we will be working hard to improve this. We will also be shipping updates on the backend to improve performance and robustness of the wallet and node software.
One feature we have written about in the past is multi oracle DLCs. The idea is to eliminate single points of failure when executing a DLC. Currently our wallet GUI does not intuitively support multi oracle flows, this will be changing in future releases. We want to give users options to make their DLC as censorship resistant as possible.
Another feature we are extremely excited about is disjoint union DLCs. This gives you the ability to execute a DLC based on announcements that are entirely independent of each other. For example, if team X wins the super bowl or the bitcoin price is below threshold Y. With disjoint union DLCs, you can execute the DLC based on which event happens first. This allows for extremely complex DLCs to be constructed to suit your use case.
Finally now that taproot is scheduled for activation, we are beginning to work with Lightning implementations to integrate DLCs into their Lightning implementations. We first wrote about DLCs on lightning over 1 year ago now. We firmly believe in developing the DLC protocol to be compatible with Lightning so that lower value DLCs are feasible along with a more streamlined user experience (no confirmations). This will take some time to implement, but we believe this is a very valuable use case that will accelerate DLC and Lightning adoption together.