Review on Wrapped Bitcoin by Salih Karademir
Wrapped Bitcoin
According to a Cryptoglobe report, WBTC performance is almost lower than seen. As a result, WBTC does not have a completely free model that users can use to pack (pack) their Bitcoins; It is a simple integrated device that allows major cryptocurrencies to control tokens, including KYC (Meet Your Customers) and AML (Money Laundering).
Users who want to stock up on their bitcoins should look for “traders”. The White Paper states that KYC / AML service providers must "protect reliable user data". However, it is not the service providers who copy the tokens. Only a “service provider” can provide WBTC coins. Also, only at the request of private providers, BitGo is the only service provider at this level.
The White Paper states that “trustworthy funds are in the system” because goods can be stolen and support cannot pay 1: 1. Defendants also have private keys printed on the WBTC and send Bitcoins for sale only on request.
It can be said that the WBTC is a joint venture of DeFi. The goal of WBTC is to transfer more potential customers to the Ethereum network via Bitcoin and turn BTC into DeFi trading.
Pros
- new platform
Cons
- none
