Cryptocurrency miracles: the developers have launched ERC-20 token backed by Bitcoin

New token backed by the Bitcoineve was running on the blockchain of Ethereum. A project called Wrapped BTC celebrated its release last night. The first cryptocurrency was announced back in October 2018 as a shared initiative between DEX Kyber Republic Network and Protocol. In the development of WBTC was also attended by experts from BitGo.

As stated on the project website, the purpose of WBTC — to bring “greater liquidity in the Ethereum ecosystem, including decentralized stock exchanges and financial applications”. BitGo CTO Benedict Chan described as Wrapped BTC project, which is “the stability of Bitcoin and the flexibility of Ethereum”. However, he likened tokens WBTC with the traditional bills.

How it works

Now on the blockchain Ethereum is 72,4214 WBTC, which are backed 72,4216 bitcoin, or about $ 250,000 at the current exchange rate. Using atomic swaps for holding crosscan payments, Ethereum users can request WBTC have certified outlets that have passed through the procedure of KYC and AML.

In wallpapere project traders are “third party that creates and burns the tokens pegged to Bitcoin”. According to the WBTC team now cooperate with them for eight commercial platforms. The latter included AirSwap, Dharma, ETHfinex, GOPAX, Kyber Network, Prycto, Ren and Set Protocol.

The coins are not yet traded on a major exchange. Judging by the schedule of future releases, support WBTC will soon appear in applications of Ethereum bZx, Compound, and dYdX.

Source: WBTC

The fundamental principle of operation of WBTC and contribution of all members of the community will create an important milestone in the process of creating a decentralized model of project management.

Even more promising altcoins for investment can be found in our cryptodata.


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