Wrapped Bitcoin (WBTC)

Dr. Doom 268

rated:

Dr. Doom posted on June 10, 2020 08:30:04

Reasonable compromise on decentralization to operate a fully backed bitcoin token on Ethereum. Fully legit cooperation between several crypto projects. Currently custody is performed only by 1 entity; ideally this should also be increased to multiple parties in order to obtain an optimal for decentralization. This project should be reasonably reliable to transact with if for whatever reason you need Click here to see more... to transact with bitcoin on applications or smart contracts on Ethereum blockchain. Creative solution that enhances interoperability between bitcoin and ethereum. Not the type of investment that would give you an edge because it is just a 1:1 representation of the value of bitcoin.

mistergrin 102

rated:

mistergrin posted on September 27, 2019 19:24:34

WBTC is a great idea since it enables effectively using Bitcoin in and around the Ethereum ecosystem. That means Dapps, DEXs, exchanges, and wallets can all stick with Ethereum nodes but also draw from the liquidity and demand of Bitcoin. A fully verifiable and transparent process governs the minting, burning, and transfer of these WBTC ERC20 tokens for BTC.

This is a community-led Click here to see more... project from some of the biggest names in the DeFi space: BitGo, Kyber, Ren, Maker, and many more.

They've been in operation since early 2019 and have been running smoothly and getting quite a bit of usage so far in terms of volume (around 600 BTC in custody at time of writing).

You can get a lot more information from their website here: https://www.wbtc.network/