Topic: Bitcoin on the Ethereum Blockchain? - page 2. (Read 344 times)
the idea seems interesting to me, wrapping BTC on ETH Blockchain, lets see how it starts.
We all know what BTC, BCC, and ETH are. But new to the reader may be symbol WBTC – short for “wrapped Bitcoin,” which will essentially be a token on the Ethereum blockchain tied directly to the value of Bitcoin. A combined effort of Kyber Network, Republic Protocol and BitGo, the token will have two important effects on cryptocurrency.
First, it will enable Bitcoin to participate in Ethereum smart contracts natively on the Ethereum blockchain. While multiple efforts to initiate smart contracts on Bitcoin’s own chain have historically been undertaken, including QTUM, which runs the Ethereum Virtual Machine on the Bitcoin network, and Rootstock, which mirrors the features of Ethereum for Bitcoin, Ethereum remains the dominant mode in terms of smart contracts. Nevertheless, the prospects of Ethereum decentralized applications have been called into question recently.
Second, it will enable the value of Bitcoin to directly impact a token on the Ethereum blockchain. The tokens will be backed by the reserves of BitGo and the other participants in the project, and transparent inititatives are in progress to ensure that investors are clear about what they are holding. Accordingly, if one holds 1 WBTC, one has the equivalent value of 1 BTC.
Source: https://www.ccn.com/bitcoin-on-the-ethereum-blockchain-welcome-to-2019/amp/
Is this for real?
First, it will enable Bitcoin to participate in Ethereum smart contracts natively on the Ethereum blockchain. While multiple efforts to initiate smart contracts on Bitcoin’s own chain have historically been undertaken, including QTUM, which runs the Ethereum Virtual Machine on the Bitcoin network, and Rootstock, which mirrors the features of Ethereum for Bitcoin, Ethereum remains the dominant mode in terms of smart contracts. Nevertheless, the prospects of Ethereum decentralized applications have been called into question recently.
Second, it will enable the value of Bitcoin to directly impact a token on the Ethereum blockchain. The tokens will be backed by the reserves of BitGo and the other participants in the project, and transparent inititatives are in progress to ensure that investors are clear about what they are holding. Accordingly, if one holds 1 WBTC, one has the equivalent value of 1 BTC.
Source: https://www.ccn.com/bitcoin-on-the-ethereum-blockchain-welcome-to-2019/amp/
Is this for real?
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