Review on Wrapped Bitcoin by Gabriel Medina
Bitcoin cryptocurrency in Ethereum version
Wrapped Bitcoin (WBTC) is an ERC20 token that represents Bitcoin. It is the first token backed 1:1 with Bitcoin, so one WBTC equals one BTC. Being an ERC20 token, WBTC transactions are much faster than Bitcoin, although the advantage is in the integration in Ethereum wallets, dapps and smart contracts.
For the trust of users, Wrapped Bitcoin is regulated by audit and publishes all the verifications and chain transactions of the Ethereum and Bitcoin networks.
The team needs to finish the project as it is very limited in various details, it must even improve its roadmap to solidify its platform and earn the recognition it deserves. However, it still remains a great practical and scalable promising project where many will benefit.
Pros
- It standardizes Bitcoin, to the ERC20 format to facilitate the creation of smart contracts that integrate the transfers of the world's main cryptocurrency and also transactions will have greater scalability and confirmation times would be reduced thanks to Ethereum.
- In order to give users confidence and transparency, it is regulated by an audit and all verifications and transactions are published.
- Bitcoin ERC20 token on the Ethereum blockchain. With which WBTC will have the same BTC values.
- The token is found on a variety of exchanges.
- Supported by teams of organizations with professional experience.
Cons
- It has not had the recognition it deserves.
- The platform requires more development as does your website.
- It is not available for mining.
