A new token is coming to the Ethereum: the Wrapped Bitcoin or the WBTC token!

In January, a new token is coming to the Ethereum. A new token will be launched in blockchain and the largest crypto currency will be fully supported by Bitcoin.

A new token is coming to the Ethereum: the Wrapped Bitcoin or the WBTC token!

The companies behind the initiative include the crypto money trust company BitGo, with the kriber Network and Republican protocol, the centralised crypto money exchange startups. Moreover, a series of ethereports-based projects also report that they will support the adoption of the toxin after it is published.

These projects include non-central crypto currency exchanges and finance-focused blockchain projects such as MakerDAO, Dharma, Airswap, Gnosis, IDEX, Radar Relay, Compound, DDEX, Hydro protocol, set protocol and Prycto. Aiming to move the use of bitcoin beyond being a peer-to-peer payment tool, the Wrapped bitcoin or the short name WBTC token will facilitate the use of Bitcoin for any decentralized application running on Ethereum.

Benedict Chan: “Wratched Bitcoin, the best in both worlds.”

Bitto’s CTO, Benedict Chan, describes WBTC as “the best in both worlds” as token with both Bitco’s stability and Ethereum’s flexibility. BitGo has the responsibility to reserve a Bitcoin to support all printed WBTC tokens in the circulation of Ethereum blockchain.

In addition, the WBTC tokens instead of the stablecoins, which are indexed to fiat money, will include a fully verifiable proof of reserve (proof-of-reserves) directly in the two blockchains. Benedict Chan, on the subject, says::

The best part is that all we have to do is create a web page and show all the addresses that have Bitcoins… and at the same time, people will be able to control how much WBC actually exists in the Ethereum blockchain.…

WBTC will officially commence operations in January next year

Apart from bitcoin’s trustee BitGo, there will also be registered resellers responsible for spreading WBTC tokens to all users and for translating them into cash. Currently, vendors listed as the Kyber Network and Republic Protocol are completing the transfer of the WBTC in the form of atomic swaps to Bitcoin and vice versa. Atomic swap as a background simplifies two-way cryptographic currency transactions on different Blockchain platforms without risking one side in relation to the termination of the contract.

This ensures that each transfer of the WBTC to Bitcoin (or otherwise) remains “one-to-one supported and fully verifiable” as highlighted by Chan. Loi Luu, CEO of the Kyber Network, says that WBTC will be officially operational in January of next year. The initiative of BitGo, the Kyber Network and the Republic Protocol is thought to be a community-focused effort..

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