Forgive me freaks, your Uncle Marty has sinned. He's waited more than two months to write about Jeremy Rubin's POWSWAP; a smart contract on bitcoin that allows individuals to trade hashrate derivates with each other. Actually it's probably good that I waited until today to write about this topic because it is a great follow up topic to yesterday's issue.
Truly smart contracts and DeFi brought to Bitcoin. Done correctly with minimalist design that doesn't rely on a 3rd party oracle. Bitcoin is the oracle. The haters are in disbelief!
Right now, POWSWAP is in the early engineering phases and could use some help (help with dev skillz or money if you can). But if it does garner enough developer and investor attention, it could come to the market as a full fledged product that competes with derivatives contracts that could potentially be offered by the CMEs of the world. All issued and settled via the Bitcoin blockchain directly between two or more consenting adults. What a time to be alive.
The hashrate derivatives products that POWSWAP wants to bring to market would allow bitcoin miners and hodlers to hedge their positions. On top of this, Jeremy believe it would help to stabilize hashrate and allow users to enter positions that essentially make their bitcoin holdings retain a stable value. Last night, I had the pleasure of sitting down and discussing POWSWAP, OP_CHECKTEMPLATEVERIFY, dev funding, and much more with Jeremy for Tales from the Crypt. Be on the lookout for that episode next week. Jeremy is able to explain this stuff much better than I can.
New Mac Miller music is a great way to start a Friday.
Enjoy your weekend, freaks.