More and more innovative technologies have introduced Bitcoin to Ethereum, and Ethereum has accelerated the expansion of the moat by virtue of the powerful suction effect of DeFi.
According to an announcement issued by Keep Network, the ERC-20 token TBTC has been launched and is ready to be used on the tbtc. network. The token allows Bitcoin holders to safely introduce Bitcoin into Ethereum and access the proceeds from the DeFi application on Ethereum.
According to the announcement, TBTC is fully supported and matched by 1 BTC in the reserve. This means that with the launch of this project, users can exchange 1 BTC for 1 TBTC on the DeFi platform.
In addition, TBTC will use random beacons to select the “signers” responsible for the deposited BTC.
By incorporating the threshold ECDSA, TBTC has also become more secure and reliable. This threshold ECDSA has been reviewed and used in Binance Exchange.
In addition, the token will increase insurance protection through Nexus Mutual.
In terms of technology, TBTC has passed three audits and completed the first security audit conducted by Consensys in March.
In the first few weeks of production testing, the tiered supply cap will start from 100 TBTC in the first week until it reaches 3000 TBTC, after which the supply cap will be cancelled.
The initial version of TBTC, named rc.0, was launched in May this year, but was quickly taken offline due to a smart contract vulnerability.
So far, Scalar Capital’s Linda Xie, Synthetix’s Kain Warwick, TokenSoft’s Mason Borda and Aragon’s Luis Cuende have all stated that they plan to use TBTC as their bridge to connect Bitcoin and Ethereum.
