Bitcoin on the Ethereum Blockchain: Introducing WBTC

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A combined effort by Kyber Network, Republic, Protocol, and BitGo, will soon be releasing a “wrapped Bitcoin” token with the symbol WBTC on the Ethereum blockchain which is directly tied to the value of Bitcoin. This token will have two very important effects on the digital currency.

First, it will allow Bitcoin to participate in Ethereum Smart contracts, which have previously been undertaken by coins like QTUM, which runs on the Ethereum virtual machine within the Bitcoin network. Another token by the name of Rootstock, mirrors features of Ethereum for Bitcoin which remains the dominant mode for smart contracts.

Second, it will allow the value of Bitcoin to be directly impacted on the Ethereum blockchain. Tokens will be backed by BitGo reserves while investors will be made aware of exactly what they are holding, for example, if one were to hold 1WBTC, this would be the equivalent value of 1BTC.

The Kyber Network intends on providing liquidity for WBTC tokens so that it can be exchange like any other supported ERC20 token. Together with Republic Protocol, these networks will ensure that KYC’d users can atomically swap between WBTC and BTC tokens.

The entire premise behind the project is to allow a seamless transition between Ethereum and Bitcoin. If the user is holding Bitcoin this will allow them to easily access the Ethereum network as a WBTC token. Users of the token can further cash back out to Bitcoin at any given time.

Several exchanges have already committed to the token listing. An interesting aspect, from a traders perspective, is whether the token will allow for arbitrage opportunities between WBTC and BTC or if WBTC prices will be locked into the BTC prices.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

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