Ethereum-Based ‘Wrapped’ Token Backed by Bitcoin Launches
Imagen destacada por florin / stock.adobe.com By Aaron Wood Wrapped Bitcoin (WBTC), an Ethereum ( ETH )-based token backed by Bitcoin ( BTC ), has launched today, Jan. 31, according to a press release on the network’s website . The currency is a joint initiative by blockchain security firm BitGo , Kyber Network liquidity protocol and others. BitGo announced the development of the coin backed 1:1 with Bitcoin in October 2018. A statement by the firm then said that Wrapped Bitcoin will provide users with a “wide variety of new decentralized use cases including on decentralized exchanges ( DEXs ), as collateral for stablecoins or lending, for payments and flexible smart contracts within the Ethereum ecosystem.” WBTC is an ERC-20 token, which are tokens designed and used solely on the Ethereum platform that make the streamline the creation of new tokens. ERC-20 tokens provide a sort of template by which developers can build a new token, spari...