BTC on Ethereum? Bitcoin joins the pTokens family – Provable
We’re excited to add yet another cryptocurrency to our growing pTokens catalogue, this time introducing Bitcoin to the Ethereum blockchain.
pBTC launches today on testnet, closely following our pEOS testnet launch in December.
Bitcoin was the first and most popularised cryptocurrency. Its blockchain was launched in 2008 amidst the crippling global financial crisis, sparking new ideas for alternative economic era.
Today it remains the largest cryptocurrency by market cap. It is also the cryptocurrency with the greatest liquidity.
If you haven’t learned about pTokens yet, read up on our introductory guide.
pBTC presents a new paradigm; it makes bitcoin (BTC) compatible with the Ethereum blockchain, which currently has the most advanced DeFi industry.
Put simply, pBTC is an ERC-20 token representation of bitcoin. It is pegged 1:1 so its value is intrinsically linked to that of bitcoin’s. Holders will be able to lock their BTC and instantly mint new pBTC, maintain their stake in bitcoin, while also making their coins completely useable in the Ethereum ecosystem.
This invites Bitcoin users to explore the hundreds of Ethereum DApps, platforms and tools available today. You can try out pBTC for yourself using our custom-made DApp.
pBTC also simplifies digital asset management. There are far more Ethereum wallet providers today than Bitcoin ones. By exchanging BTC into pBTC, users can store and safekeep their bitcoin in any Ethereum wallet of their choice. As every new pToken can be stored, Ethereum wallet will be a unique place for accessing and managing every crypto asset, from pEOS to pBTC.
Eventually, pTokens will connect any crypto asset with any blockchain, not just Ethereum. They will unleash liquidity throughout the entire DeFi ecosystem, a tool for enabling universal blockchain compatibility.
Are you an EOS hodler? Read up on pEOS!
From a technical standpoint, pBTC is an improvement of other current “wrapped” formats. These alternative projects have already begun to demonstrate the advantages of such a solution, though we believe we’ve hit the sweet point between composability and liquidity.
When compared to one of the most used solutions available in the market — wBTC — we have developed a token which aims to bring as much liquidity and create unparalleled market-making opportunities.
Published at Thu, 16 Jan 2020 13:49:38 +0000