Bitcoin-powered token on the way-WBTC
A new token will be issued on the Ethereum block chain, which will be supported in a 1: 1 ratio with the leading crypto money Bitcoin.
A new token will be issued in the Ethereum block chain in January, which will be supported with one-to-one Bitcoin.
The companies behind the initiative include the crypto-currency exchange startups Kyber Network and the Republic Protocol and the crypto-money-depository company BitGo. Moreover, a number of Ethereum-based projects have been reported to support the adoption of the token.
These projects include MakerDAO, Dharma, Airswap, Gnosis, IDEX, Radar Relay, Compound, DDEX, Hydro Protocol, Set Protocol and Prycto.
The Wrapped Bitcoin or WBTC token, which aims to extend the use of Bitcoin beyond being a peer-to-peer payment tool, will facilitate the use of Bitcoin for any decentralized application running on Ethereum.
BitGo’s CTOkensu Benedict Chan characterized WBTC as the arı best of the two worlds B and a token with the flexibility of both Bitcoin and Ethereum.
BitGo will have a Bitcoin reserve to support all circulating WBTC tokens in the Ethereum block chain.
Unlike other fixed crypto coins indexed to the original coins, the WBTC tokens will have a fully verifiable proof-of-reserve feature in the two-block chain.
In addition to the Bitcoin repository BitGo, there will be also registered vendors responsible for distributing and converting WBTC tokens to all users. Currently listed as Kyber Network and Republic Protocol, vendors complete the transfer of WBTC to Bitcoin and vice versa in the form of atomic swaps.
The CEO of the Kyber Network, Loi Luu, stressed that the WBTC will be officially launched in January of next year and that a decentralized autonomous organization will be assigned to oversee the ongoing development of the project.