WBTC (Wrapped Bitcoin) brings the power of Bitcoin with the flexibility of an ERC20 token. It is the first ERC20 token, backed 1: 1 by bitcoin that is completely transparent and 100% verifiable.
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Description of WBTC
WBTC provides more liquidity to the Ethereum ecosystem, including decentralized exchanges (DEXs) and financial applications.
The company is standardizing Bitcoin to ERC20 format by creating smart contracts for Bitcoin. This makes it easier to write smart contracts that integrate translations. Maintaining different nodes and managing transaction types to support multiple currencies can be cumbersome. Exchanges, wallets and payment apps only need to process the Ethereum node now. Benefits:
| Wrapped DAO Tokens | Adding and removing vendors and custodians will be an open process, controlled by a multi-signature contract. The institutions will hold the keys to the multi-signature contract as part of the DAO. |
| Merchants | Merchants fill key roles for the WBTC community as administrators who initiate the process of minting newly wrapped tokens and burning wrapped tokens. |
| Keepers | The Guardian provides robust institutional grade safety for your WBTC. |
To get game tokens, the user requests them from the seller. The merchant follows the required KYC or AML procedures and verifies the user's identity then. Afterwards, the user and the seller complete their exchange, with the bitcoins from the user to the seller, and the coins from the seller to the user. Minting refers to the process of creating new wrapped tokens. Coinage in the wrapped framework is initiated by the merchant and carried out by the custodian.
The processing of multiple cryptocurrencies between different nodes and transaction formats is no longer a problem for users of decentralized applications such as exchanges, wallets and payment services. This project combines the advantages of Ethereum and Bitcoin, making it easy to process the wrapped currency with just an Ethereum node.
Additional Information
You will get the answers at your questions here:
- White Paper on the platform itself;
- Twitter.
Tech support can help you to solve any problem and WP can help you to learn more about the project itself and check out the roadmap.
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