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RapTarX

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Quote from: Gibbar on January 08, 2020, 01:15:34 PM

Maybe this could create an alternative for those making small transactions quicker.

How much quick transaction you are looking for? You must have heard about Lightning Network. It's possible to send/receive BTC with LN within seconds. The fee is very low, transaction is very faster, it has accepatance (a currency can be created by anyone but as long as it has no acceptance, it can't be called as currency. PS- can't remember the author of this quote).
With LN, it's possible to pay couple of satoshi, well, let's get back to real life. You can pay $1 for $0.00001 or less fee, even within seconds. I guess we don't need more faster transactions, of course, we don't need bitcoin pegged coin.

pooya87

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Quote from: Gibbar on January 08, 2020, 01:15:34 PM

Is it possible to create a token pegged to Bitcoin the way tether is to USD? Maybe this could create an alternative for those making small transactions quicker.

well if you don't want to use bitcoin and are OK with using a centralized payment system then there is no reason to use a pegged altcoin such as Tether or a token pegged to bitcoin because they both are centralized and inferior to other centralized alternatives such as Visa and Paypal and a hundred others.

Pffrt

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Who would accept that token that is the question? Bitcoin is very volatile and you can never make a stable token pegged against bitcoin because of its volatility. There are off-chain transactions happening with a lower fee and faster transaction by the lightning network. Some exchanges have started accepting payments with lightning networks as well. I think what you are saying is not necessary anymore.

jcb01

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L-BTC is a sidechain to bitcoin https://blockstream.com/liquid/
It's a cryptographically secure IOU for BTC on the liquid network. As long you "trust" the consortium of partners of liquid network, you get a fast,more private than btc network.

libert19

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There are actually, for example eosbet casino uses BTC pegged token on EOS to make betting available with BTC.

mk4

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Though I refuse to use it, we already have Wrapped BTC(WBTC) on the Ethereum network. With that said, why rely on a separate token on a separate network? There's a reason why second layer solutions like the Lightning Network are being developed. If you think it's too difficult to use, I challenge you to try using Lightning right now, probably using the Zap[1] or Breez[2] wallet. Though I don't think it's really ready for the masses, the UI/UX is definitely getting better and better.

[1] https://zap.jackmallers.com/
[2] https://breez.technology/

guigui371

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Quote from: hatshepsut93 on January 08, 2020, 09:44:41 PM

Yes, there already is such token, it's called Wrapped Bitcoin - https://www.wbtc.network/

It is centralized rather than being implemented purely with smart contracts, but it's managed by more than one entity. Also, only special users called Merchants can initiate the creation of this token or redeem it for BTC, regular users can only buy/sell this token.

Quote from: tsaroz on January 08, 2020, 09:45:43 PM

https://coinmarketcap.com/currencies/bitcoin-bep2/
Bitcoin BEP2 is a Bitcoin pegged BNB chain token by binance. What they did is locked an amount of bitcoin in a wallet and issued the same number of bitcoin tokens. The benefits are faster transaction and lower fees. Soon other would too replicate it and it is somehow similar to what we are trying to achieve through lightning network.

Yes those two are the one I was thinking about when i Read the OP's question.
If it doesnt exist yet, I am sure that someone will do a BTC token on TRON as well.
The same way we have USDT on OMNI (BTC), ERC, and TRON.

I've used on the past BTC wrapped on the WAVES chain as well, but I'm pretty sure that this is a very marginal use.

tsaroz

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https://coinmarketcap.com/currencies/bitcoin-bep2/
Bitcoin BEP2 is a Bitcoin pegged BNB chain token by binance. What they did is locked an amount of bitcoin in a wallet and issued the same number of bitcoin tokens. The benefits are faster transaction and lower fees. Soon other would too replicate it and it is somehow similar to what we are trying to achieve through lightning network.

hatshepsut93

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Yes, there already is such token, it's called Wrapped Bitcoin - https://www.wbtc.network/

It is centralized rather than being implemented purely with smart contracts, but it's managed by more than one entity. Also, only special users called Merchants can initiate the creation of this token or redeem it for BTC, regular users can only buy/sell this token.

Velkro

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Quote from: Gibbar on January 08, 2020, 01:15:34 PM

Is it possible to create a token pegged to Bitcoin the way tether is to USD? Maybe this could create an alternative for those making small transactions quicker.

Of course it is. Problem is rules that actually describes how its pegged to Bitcoin. It can be understood and applied differently.
Computer world is limitless, you can do everything you want, its about skills and time only.

joniboini

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If I remember correctly RIF is doing something similar. As mentioned by squatter, it is a sidechain and claimed to have faster transaction speed.

At the moment, the usage is still low. This is why a project that aims to focus on doing this face some cashflow difficulties. Participating in LN development might cost less but got more attention and progress than focusing on a new protocol/chain entirely.

squatter

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STOP SNITCHIN'

Quote from: Gibbar on January 08, 2020, 01:15:34 PM

Is it possible to create a token pegged to Bitcoin the way tether is to USD? Maybe this could create an alternative for those making small transactions quicker.

Pegged sidechains are a solution for this.

A sidechain is a protocol interoperable with Bitcoin. Locking bitcoins in a prescribed way on the mainchain "transfers" them to the sidechain where they become Bitcoin-pegged tokens.

Since the sidechain is a different protocol, it doesn't need to have the same consensus rules as Bitcoin. It could, for example, provide much more block space for cheaper transactions. This is why Peter Todd says that sidechains are effectively block size increases.

hosseinimr93

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In my opinion any token or coin which is controlled in not a cryptocurrency.
For pegging any currency to another currency, the supply and demand should be controlled. Sometimes it is needed to burn coins and sometimes it is needed to add some to the supply. So, a third party is needed. Any coin or token which is controlled by a third party is not a cryptocurrency. (As tether is not a cryptocurrency)

As far as I know there is an ERC20 token called Wrapped Bitcoin which is backed 1:1 with Bitcoin.
It has probably been created to facilitate decentralized trading of ERC20 tokens.

Note: I don't know much about this token and I haven't ever used it. So, I don't know whether it is safe and trustworthy or not. If you want to use it, do it at your own risk.

Upgrade00

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Quote from: socks435 on January 08, 2020, 01:30:56 PM

...

I believe the op was suggesting a stable coin backed by bitcoin, so it would mirror the market value of bitcoin. I believe there are such currencies around.
This is not a good idea for a couple of reasons:
Stable coins are centralized and defeat the entire purpose of the Bitcoin network. Also, it is highly volatile and would be difficult to manage and regulate.

Quote from: Gibbar on January 08, 2020, 01:15:34 PM

making small transactions quicker.

The LN was designed primarily for smaller transactions to reduce the fees involved. As suggested above it's a more appropriate solution.

socks435

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I'm looking for free spin.

Can you clarify the question below

Quote from: Gibbar on January 08, 2020, 01:15:34 PM

Is it possible to create a token pegged to Bitcoin the way tether is to USD?

Or you talking about creating a new token for bitcoin that looks like a Tether USDT?

Or you just want to create a token for BTC and use it to send bitcoin quicker or instant?

Check the lightning wallets they have the ability to pay small amount, less fee and much faster/instant than in mainnet transactions.

According your post history(just today posts) it seems that you have problem with your transaction did you experience stuck transaction that until now not confirmed?

There is a recent spikes lately due to the price increase today so it might be the cause of the stuck transaction you will need to increase the fee in order to your transaction to confirm faster.

Gibbar

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