the Wrapped in Bitcoin, a ERC20-Token to bring the Bitcoin derivative WBTC to the Ethereum (ETH) Blockchain, announced the successful Launch. The goal is to make bitcoin liquidity for ETH-applications such as dApps. But the project already has competition.
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31. January 2019BTC$3.433,31 -0.58%part Facebook Twitter LinkedIn send xing mail
Bitcoin-maxima lists may rejoice: From now on, friends of the crypto-currency, no. 1, BTC is also a derivative of the “Aether”. Wrapped Bitcoin (WBTC), a ERC20-compliant Token, whose value is pegged to Bitcoin, has today, Thursday, may 31, In January, the operation received. This is from a press release the company published today.
Therefore to work since October last year to supply the Ethereum network, with the Bitcoins liquidity and to standardize the crypto-currency no 1 on the ERC20-Format. In order for Bitcoin users to ETH can access formats, such as dApps. In the development of companies such as BitGo, Kyber Network and Ren were involved.
DEX Trades possible
With WBTC can trade users in addition to the decentralized Exchanges (DEX), a plurality of tokens. BTC and WBTC are, according to the company in the ratio of 1:1 interchangeable. In order to done now that the launch is not equal to a period of drought follows, has issued the company already WBTC in the value of 227,000 US dollars. Investors can therefore trade in now WBTC on one of the supported Bitcoin exchanges, and therefore of the promised features.
As WBTC acts as a decentralized organization (DAO), can monitor the Community all Changes to the Protocol and have a say. So Wrapped Bitcoin promises, among other things, compliance with the 1:1-to WBTC Reserve of BTC; this you can monitor on the Ethereum Blockchain.
also Read: Ethereum vs. EOS: dApps, the programs of the future or a bridge technology?
the partners, which could pull the company to, among other things, the crypto-Portfolio-App block folio, the Stable Coin MakerDAO and the payment service OmiseGo (OMG).
Wanchains BTC-derivative already
The idea is to bring Bitcoin to the ETH Blockchain, however, is not new. Already in the Christmas season 2018 Wanchain 3.0 announced the successful Launch of a similar project. Curiously, acting both Token under the same Ticker: WBTC.
In contrast to Wrapped Bitcoin is planning to associate Wanchain BTC not only with the ETH, but also with XRP, Stellar Lumens (XLM) and EOS.
The current Wanchain course can be found on the BTC-ECHO course page.