THELOGICALINDIAN - Theres a new Simple Ledger Protocol SLP based badge alleged BTC2 thats backed 11 with BTC People can access the BTC2 badge appliance cryptocurrency swapping appliance Sideshiftai With BTC2 you can about transact with BTC but advance the aforementioned arrangement fee beneath than a penny as bitcoin banknote transactions
Also read: Meet the Developer Who Added Schnorr Signatures to Bcash
Introducing BTC2: Where Store of Value meets Medium of Exchange
In January, news.Bitcoin.com reported on the barrage of Sideshift.ai, an appliance that allows users to bandy cryptocurrencies amid chains. Sideshift AI was created by Andreas Brekken, the CEO of analysis armpit Shitcoin.com, and the notorious individual who already captivated $220,000 account of BTC on the Lightning Network. Since then, Sideshift AI has bigger a abundant accord and appearance a advanced array of crypto assets to trade. One asset afresh alien is an SLP-based badge alleged BTC2. The BTC2 token (not to be abashed with the BTC angle of the aforementioned name) is basically an SLP badge congenital on Bitcoin Cash that’s backed 1:1 with BTC. Sideshift AI is the babysitter of the collateralized BTC and Brekken told news.Bitcoin.com that Sideshift.ai is to BTC2 what the close Tether is to USDT.
If addition wants to acquirement BTC2 they charge to use Sideshift AI and barter their BTC for the token. The amount of BTC2, of course, fluctuates with the amount of BTC and Sideshift AI will redeem BTC2 for BTC at any time. The new badge additionally has a website alleged Corecash.org which has a byword that says “Core Cash: Where Store-of-Value meets Medium-of-Exchange.” Core Cash (BTC2) lets you abundance and transact BTC on the Bitcoin Cash network, the website explains. This hypothesis gives BTC2 some amount as it provides individuals with the agency to transact with BTC for beneath than a penny per transaction.
Sideshift AI Is to BTC2 What Tether Is to USDT
Sideshift AI has appear a document that describes how BTC2 shares similarities with USDT. The Omni Layer-issued badge USDT is an IOU for USD area Tether holds the absolute USD in their bank. “Sideshift AI is the babysitter of the on-chain BTC and issues the BTC2 badge in return,” the affidavit notes. Speaking with news.Bitcoin.com, Brekken said he was aflame to barrage the amount banknote token.
“The cutting absorption in USDT showed us that users would like to use cryptocurrency after actuality accountable to its volatility,” Brekken remarked. “With BTC2, anyone with a Bitcoin Cash SLP wallet can accept the aegis of the best heavily mined blockchain, Bitcoin (BTC), while still actuality able to transact cheaply with the low fees of the Bitcoin Cash blockchain.” The Sideshift developer added:
The absolution of BTC2 follows the aboriginal USD stablecoin issued on the BCH alternation alleged honestcoin (USDH). The new USDH bread was listed on the cryptocurrency barter Coinex and is backed by USD on a 1:1 ratio. With BTC2, users will get the aforementioned aftereffect but with bitcoin amount in a agnate appearance to the ERC20 badge alleged wrapped bitcoin (WBTC). But actuality an SLP token, users can abundance BTC2 on SLP accordant wallets like Crescent Cash, Badger Wallet, Ifwallet, and Electron Cash. The BTC2 badge can additionally be beheld on the Simpleledger.info transaction explorer. At the time of publication, there are 100 BTC2 tokens in apportionment and Brekken has told us that minting will booty abode back added clamminess is needed.
“Sideshift AI is aflame to see Coinex barrage its USDH badge on Bitcoin Cash and is hasty to account USDH,” Brekken added.
What do you anticipate about the BTC2 badge congenital on top of the Bitcoin Cash arrangement application SLP? Let us apperceive what you anticipate about this accountable in the comments area below.
Image credits: Shutterstock, Jamie Redman, Twitter, Sideshift AI, Andreas Brekken, and Simpleledger.info.
Are you a developer attractive to body on Bitcoin Cash? Head over to our Bitcoin Developer page area you can get Bitcoin Cash developer guides and alpha application the Bitbox, SLP, and Badger Wallet SDKs.
