RATE Group | How WBTC, Wrapped Bitcoin Tokens Are Offering a New Future
47130
post-template-default,single,single-post,postid-47130,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

How WBTC, Wrapped Bitcoin Tokens Are Offering a New Future

29 Oct How WBTC, Wrapped Bitcoin Tokens Are Offering a New Future

Posted at 08:44h in Bitcoin News by

[ad_1]

Set to be released in January 2019, Wrapped Bitcoin Tokens are creating waves in the crypto community.

Known as WBTC, this exciting development sets out to integrate Bitcoin into the Ethereum blockchain.

Aren’t Ethereum and Bitcoin meant to be separate?

It’s an exciting time for the crypto space, as a new Bitcoin token is on the horizon. Known as the Wrapped Bitcoin Token or WBTC, this new technology will allow Bitcoin technology to be compatible with the Ethereum network. WBTC involves creating a token that is backed by the value of Bitcoin. This can then be traded across other networks.

A project by blockchain company BitGo, token network Kyber and the exchange Republic Protocol, the token’s whitepaper details how this innovation will operate:

What that means is that for each WBTC minted into existence, there is an equivalent amount of Bitcoin held in custody in a 1:1 ratio — it is fully backed.

For some, this may seem a strange and almost contradictory…

[ad_2]

Source link

Tags:
, , , , ,