reflectDAO

We are building a bridgeless solution for DAO governance. We use bitcoin anchored tokens which we then reflect on every chain the DAO operates on. This way we can sync the same token distribution across multiple smart chains. Every person then holds the same voting power on every chain and can participate in the DAO governance.

Bitcoin SPV on smart chains Bitcoin blockchain, using SPV (simplified payment verification) is very easy and cheap to verify, even using smart contracts on different chains. This means that you can mirror the current state of the bitcoin blockchain in a smart contract on other chains relatively cheaply, in turn creating a sort of bitcoin chain witness, able to verify that any bitcoin transaction took place. Such a solution relies purely on bitcoin's proof-of-work and requires just 1 out of N honest parties instead of an honest majority. Even in an edge-case of there being no honest party, it is prohibitively expensive to spoof a bitcoin blockheader (as it still requires the same amount of proof-of-work as if it would be a valid blockheader).

Bitcoin UTXO based tokens We can allocate tokens directly to Bitcoin UTXOs, locking script on that UTXO, then it decides who owns and can then spend the tokens. Amounts of governance tokens allocated to each Bitcoin's UTXO are stored on smart chains in the DAO contract, this has to be mirrored on every smart chain the DAO operates on.

To advance the state (make a transfer) a state transition is created, this state transition is then committed in a bitcoin transaction spending the UTXOs holding the tokens. After the bitcoin transaction is confirmed, we need to sync this latest state to the DAO smart contracts on each of the chain the DAO operates on. To do this we provide the raw state transition and prove (through on-chain SPV) that the btc transaction was really sent and confirmed, the smart contract verifies the bitcoin tx, validity of state transition and stores the new utxo allocations.