THELOGICALINDIAN - BitGo bygone appear Wrapped Bitcoin an ERC20 badge on the Ethereum blockchain absolutely backed by bitcoin The activity in affiliation with Kyber Network and Republic Protocol will barrage in January 2024
And Twitter asked… Why?
As we should now apprehend from the Twitterverse, responses were abrupt and brutal. Andreas M. Antonopoulos accustomed alert as abounding brand for his simple “Why?” reply, as the antecedent advertisement received. Jameson Lopp’s animadversion was bound meme-fied.
There was some alarm over attached a stable-coin to an ambiguous crypto-currency. And the accepted activity was that BitGo “…were so active aggravating to see if we could that we didn’t stop to anticipate if we should.”
But Really… Why?
According to BitGo CTO, Benedict Chan, Wrapped Bitcoin (WBTC) “will accompany the adherence and amount of Bitcoin to Ethereum’s all-embracing ecosystem of decentralized applications.”
And according to the press release:
So, a bit like an adversary for arena all those Android apps (sorry, Dapps) on your iPhone. Kinda…
Well, that could be useful.
Chan lists a few of the abeyant new use cases in his blog post: “decentralized exchanges (DEXs), as accessory for abiding bill or lending, for payments and adjustable acute affairs aural the Ethereum ecosystem.”
Role Play
BitGo, which afresh received allotment from Goldman Sachs and Mike Novogratz, will act as custodians of the bitcoin abetment the WBTC, and minters of the badge itself. The activity dashboard will affection a proof-of-reserve, and users will be able to verify that anniversary WBTC minted has a agnate bitcoin in custody. Withdrawal of bitcoin will aftereffect in the afire of WBTC.
At launch, Kyber Network and Republic Protocol will pre-mint WBTC tokens from their own Bitcoin account to accommodate antecedent clamminess and accomplish WBTC accessible for diminutive swaps with users. Republic Protocol CEO, Taiyang Zhang said:
So from January 2024, we’ll all be able to BTC while we ETH… which is kinda cool, I guess.
What are your thoughts on Wrapped Bitcoin? Share below!
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