tBTC, the Bitcoin-backed ERC-20 token on the Ethereum Blockchain, has started its two-week launch phase.Within the next two weeks, tBTC, the Bitcoin on the Ethereum Blockchain, will carry out its technical rollout. Several projects, over 40 in total, already support tBTC. In the DeFi area in particular, there is a lot of hope for the ERC-20 token, so that MakerDAO, compound and Uniswap are also at the start. After all, DeFi is in the hands of Ethereum. With tBTC you now have an opportunity to couple the value proposition of Bitcoin with DeFi applications. Accordingly, some DeFi applications, particularly in the credit area, are likely to gain relevance.
Network data stored privately
Behind tBTC is the Keep Network and Summa. While the Keep Network enables data to be stored privately off-chain, Summa offers tools for cross-chain communication. The issuing platform is only called KEEP. This is responsible for ensuring that the issued tBTC are covered with the same number of Bitcoin. So-called “signers” are responsible for creating and controlling the smart contracts. At the beginning, 80 to 100 staking actors are supposed to act as signers. tBTC isn’t the only project trying to make Bitcoin accessible to the Ethereum ecosystem. An alternative project is, for example, the Wrapped Bitcoin (wBTC).