Review on pTokens BTC by Benaiah A. Akinlade
pBTC making synchronization of Bitcoin with other blockchains effortless
Bitcoin has over the years gathered so much popularity and fame so much that virtually all blockchains are trying to infuse bitcoin in order to make headway in the cryptospace. Ever since the development of the decentralized finance sector, DeFi has over the years been synonymous with the possibility of using Bitcoin on other blockchains, such as the Ethereum blockchain
There are numerous tokens that have been put in place by different blockchains in order to integrate Bitcoin to the platform. pBTC is one of such tokens as it is a recently launched ERC777 token of the Ethereum blockchain platform. It is currently pegged at ratio 1:1 against the bitcoin and it is also noteworthy that the pTokens do not exist only on Ethereum blockchain, it is also available on other blockchains like the EOS blockchain. pBTC is a tokenized cross chain solution of the pTokens ecosystem which is designed to move many different crypto assets into any blockchain of your choice.
The deposit transaction of pBTC goes through the enclave, a software platform that checks and validates the blockchain in order to confirm the deposit transaction. Enclave is not connected to the network so the transaction must be sent specifically so that network attacks will not affect the deposit transaction. It makes use of smart contracts to generate your tokenized asset after the verification process is complete.
pBTC has a circulating supply of 170 coins coupled with a maximum supply of 166 coins. It currently trades on 2 exchanges with 1inch being currently the most active market trading it, the top two exchange pairs of pBTC are Ethereum & Bancor.
pBTC is relatively new in the cryptospace but it is showing signs of taking Bitcoin to the next level by making it available on every crypto blockchain.
Pros
- The address that stores your cryptocurrency assets is generated upon your request.
- It facilitates the multiple support of cryptocurrencies, as well as the stability of tokens as the main function.
- Transacting pBTC on the EOS Blockchain is free of fees
- With pBTC you can transact your Bitcoin on the Ethereum blockchain
- The pBTC token is secured with Trusted Execution Environment (TEE) to protect your transactions from attacks and compromise
- pBTC transactions are completed at a higher speed in comparison to some other systems and also has no costs for the end-user
- The token is pegged at 1:1 to the Bitcoin
Cons
- None at the moment
