WBTC (Wrapped Bitcoin) will appear on Ethicalium in January 2019 as an ERC 20 token with complete Bitcoin backing. This initiative is a bridge that connects the liquidity of Bitcoins and the ecosystem on the earmarium that enhances all distributed applications.
With WBTC, it is possible to utilize Bitcoins and new applications on the Ethernet network.
WBTC supports major distributed exchanges
WBTC is an extreme source of long-term cooperation with BitGo , KyberNetwork , and Republic Protocol . Major decentralized exchanges and financial projects such as MakerDAO , Dharma , Airswap , Gnosis , IDEX , Radar Relay, Compound , DDEX , Hydro Protocol , Set Protocol and Prycto will support adoption of WBTC and will participate as launch member .
Kober Network co-founder and CEO Loi Luu says, “This initiative will link the Bitcoin liquidity with expanding Smart Contract developers.”
“Applications on the Ethernet, such as distributed exchanges and financial protocols, can all use Bitcoins seamlessly and can make trade pairs with Bitcoins that were impossible so far. Likewise, by having many distributed use cases such as exchanges, loans, token settlements, etc., the usage of Bitcoins will expand. “
Transparency and openness
BitGo, the market leader of cryptographic currency security, will participate as a custodian at launch. The most important function of this initiative is transparency. Issuance of all WBTC will be done under backing and verification on a complete on chain.
In order to maintain a high level of transparency, the project dashboard moves with proof-of-reserve proving that all the Bitcoins in the amount corresponding to the outstanding amount of the entire WBTC are kept by the custodian I will.
WBTC casting is only possible for custodians who have obtained approval from merchants, and WBTC will be incinerated if WBTC holders redeem them for Bitcoins . All these actions can be verified on both block chains, but this is only possible for crypto currencies.
Any project can introduce WBTC to its platform without restriction and users can easily purchase at exchange service or exchange that supports WBTC. From launch, these are managed by the community and governance is done through an autonomous decentralized organization (DAO) consisting of leading projects in the crypto-currency industry .
The DAO member will publicly monitor the WBTC to confirm that the custodian’s Wallet Balance and Smart Contract are consistent and they will decide on any organization’s proposal by voting. The addition and removal of new issuers, custodians and DAO members will be done in a transparent voting process by DAO.
This initiative by the initial issuer and DAO will be launched in January 2019. Prior to launch, detailed specifications will be published on Github / Gitter, which is known to all cryptographic currency communities, and discussions and suggestions will be made to improve tokens and governance models .
At launch, Kyber and Republic Protocol issue WBTC tokens in advance from their own Bitcoin inventory to provide users with initial liquidity and prepare for atomic swap. Taiyang Zhang, Republic Protocol CEO, said, “By adding atomic swap technology to the WBTC initiative, users can safely deposit and withdraw BTC / WBTC, which will widely adopt WBTC I will tell you.
WBTC is supported by BitGO’s Enterprise Wallet, every exchange station that uses Kyber, payment, dapps, and BitGo is the initial regulated custodian .
While this initiative focuses on Bitcoins, it is possible to utilize other major coins in the same way in the same way. Benedict Chan, CTO of BitGO, “I am very pleased to tokenize the most widely adopted encryption currency on Ethernet,” “This is a wonderfully flexible and an attempt to strengthen the block chain , We will give higher ecosystems with higher interoperability and utilities “
Please see www.wbtc.network by all means for detailed information concerning this initiative .
Author: Arata – Source Post: https://crypto-times.jp/kyber-wbtc/
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