Bringing Bitcoin to Ethereum, tBTC is launched again today

According to an announcement released by Keep Network today, the ERC-20 token TBTC has been launched and is ready for use on the tbtc network. The token allows Bitcoin holders to safely bring Bitcoin to Ethereum and access returns from DeFi applications on Ethereum.

According to the announcement, TBTC is fully backed 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.

Additionally, TBTC will use a random beacon to select “signers” who are responsible for the deposited BTC.

TBTC also becomes more secure and reliable by incorporating Threshold ECDSA, which has been audited and is already in use on the Binance exchange.

Additionally, the tokens will have added insurance protection through Nexus Mutual.

On the technical side, TBTC has passed three audits, having completed its first security audit by Consensys in March.

During the initial weeks of production testing, the tiered supply cap will start at 100 TBTC in the first week until it reaches 3,000 TBTC, after which the supply cap will be lifted.

The initial version of TBTC, called 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 said they plan to use TBTC as their bridge between Bitcoin and Ethereum.

Image source: TBTC

byAmy Liu

This article comes from Bitpush.News. Reprinting must indicate the source.