WBTC = BTC + ETH : a BTC-backed ERC20 token.steemCreated with Sketch.

in #bitcoin2 years ago (edited)

WBTC = BTC + ETH : a BTC-backed ERC20 token.

Wrapped BTC (WBTC) is a cross-network initiative able to use both the liquidity and public awareness of BTC and the developer ecosystem of ETH to its advantage, according to Taiyang Zhang, Republic Protocol CEO.

for each WBTC created, an equal amount of BTC will be held in custody to back it at a 1:1 ratio. WBTC remains in circulation until the BTC backing it is withdrawn and the equivalent WBTC is burnt. all WBTC custodian funds are verifiable on-chain. a DAO will regularly verify that every WBTC is backed 1:1 by BTC.

dapps on ETH will be able to use BTC seamlessly, creating BTC trading pairs. the usage of BTC will be expanded by having more decentralized use cases, according to Loi Luu, Kyber Network cofounder.


many Silicon Valley engineers are leaving tech giants like Apple, Facebook, and Google for blockchain start-ups, according to Forbes.

Maximilian Wang quit his job at Facebook and work on building Bgogo, a cryptocurrency exchange with supernode listing authority. he believes that cryptocurrency exchanges would become the banks of the future. not only are engineers looking for better opportunities, but investors look for talent from the big tech giants. having big names adds credibility to start-ups, according to Yang Liu, a partner at Spark Digital Capital.



ERC20 tokens reached 60 % of ETH’s market capitalization.


students are paying in BTC to study blockchain in Paris.


Ripple sold $ 163 million in XRP in Q3 2018, up from $ 76 million in the second quarter.


decentralized exchanges dominate ETH smart contracts.


London bar BrewDog dumped cash payments for BTC.


21 crypto trading websites got blacklisted by Belgium.


Block One is yet to release audit report clearing them of EOS wash trading.


Metal Pay, Pundi X, and BillPay are three clever projects which will bring cryptocurrency to everyday life.


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