Founder of Thesis and head of Keep Network Matt Luongo announced the re-release of the Bitcoin-backed tBTC token. The project relaunches after a rocky start, three audits and several months of development.
1/ Big day.
After 3 months of testing, tweaking, and auditing, we’ve launched tBTC rc.1 on mainnet. I expect it will be the final release candidate for tBTC.#bitcoin #ethereum 💏
— Matt Luongo (@mhluongo) September 22, 2020
According to the developers, tBTC offers BTC holders the safest access to the DeFi sector.
“This is about moving not only Bitcoin to Ethereum, but also its holders, with an eye to their expectations of decentralization,” Luongo noted.
tBTC is an ERC-20 token and, as Luongo says, provides a way to enhance Bitcoin’s functionality, unite the two communities, and contribute to the development of the DeFi market.
To obtain tBTC on an Ethereum wallet, users simply lock Bitcoins to an address generated by the app. The reverse operation is, according to the developers, equally straightforward.
For security, 100 tBTC will be issued in the first week. The amount will then increase, and by the ninth week it will reach 3,000 tBTC. After that, the caps will be lifted. The supply is limited to 21 million coins.
Earlier in May, the tBTC developers halted deposits due to a discovered vulnerability. At the time, Luongo acknowledged that the sidechain launch had been a rushed decision.
Earlier, the creation of a new Ethereum version of Bitcoin was supported by Uniswap, OasisDEX, Balancer, Kyber, Wyre, 1inch, and a number of other cryptocurrency projects.
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