ERC-20 Wrapped Bitcoin Launches On Ethereum Network (CryptoGlobe.com)
The Wrapped Bitcoin network has gone live, and at time of writing 65 bitcoin have been “Wrapped” into Ethereum ERC-20 tokens.
WBTC is simply a method of representing bitcoin as an ERC-20 token, so that it may be more easily manipulated within the Ethereum ecosystem.
Each WBTC is backed one-to-one with an equivalent amount of bitcoin.
One of the main selling points of WBTC is that it incorporates tradeable bitcoin into Ethereum decentralized exchanges such as IDEX.How Does It Work?
Users wanting to wrap their bitcoin will have to approach “Merchants,” offering the bitcoin asset and completing KYC/AML through them.
” Custodians posses the private release keys for WBTC tokens which they issue, and only they can disburse bitcoin back to Merchants upon request.
“Third parties” will conduct quarterly audits of all WBTC to ensure the corresponding bitcoin asset are stored by the Custodians, according to the whitepaper.
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Related story: QtumX Reaches 10,000 TPS in Benchmark Tests (investinblockchain.com)
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