Review on Wrapped Bitcoin by Bünyamin Sevinç
Wrapped Bitcoin
In my post today, I will talk about another project, Wrapped Bitcoin.
WBTC is a multi-agency project that aims to solve common BTC problems by creating the ERC-20 token counterpart.
The security of the WBTC network is guaranteed by the decentralized autonomous organization (DAO) status.
I can say that this coin is shaped around transaction speed and interoperability with other chains.
This crypto can be purchased on giant exchanges such as Binance, Uniswap, OKEx, Huobi, and Kyber Network.
WBTC allows Bitcoin users to access a wide variety of decentralized finance applications, including crypto credit, decentralized exchanges, and prediction markets.
WBTC is also one of the largest DeFi platforms. And the idea behind it is to make it available on blockchain that supports all DeFi protocols.
The project includes a protocol that makes trading cryptocurrencies much easier and available to regular investors.
It also has a Proof of Reserve (PoR) mechanism. Hence, this allows it to verify the BTC backed WBTC count at any given time.
With WBTC, it can perform fast transfers on the Ethereum blockchain.
Thank you to everyone who reads and those who do not.
Pros
- A secure network with (DAO) status
- High processing speed
- Can be purchased on giant exchanges
- Easy access to finance applications with WBTC
- Has PoR mechanism
- WBTC's functionality on the ETH blockchain
Cons
- Not for now.
