Victor Ugochukwu · Oct 20, 2020 . 6min read
tBTC relaunches in its bid to create a trustless Bitcoin-Ethereum bridge
tBTC is trustless, using a random beacon to select “signers” who have responsibility for the deposited Bitcoin.
By Victor Ugochukwu · Sep 23, 2020 . 7min read
tBTC, a pegged token that offers a trustless Bitcoin-Etherem bridge after an unsuccessful first attempt has finally relaunched. Keep, Summa and the Cross-chain Group announced it had relaunched the ERC20 token exchangeable with Bitcoin in 1:1. This was after helming the project back in during May when the team found “a significant issue in the redemption flow of deposit contracts identifies that put signer bonds at risk in certain situations,”.
As nobody participating in the project lost funds then, the project paused. This allowed the latest release to come with “unprecedented security measures in place and ready to be used”.
According to the announcement, “tBTC is trustless, using a random beacon to select “signers” who have responsibility for the deposited BTC”. It means any user who seeks to explore tBTC Bitcoin-Ethereum bridge can do so with no intermediary needed to sign off on the transactions.
tBTC relaunch comes with the gradual supply increase
Although wBTC is a dominant player serving especially the DeFi sector, tBTC is not in a rush.
The Bitcoin-pegged token relaunches with a release candidate model presently in its Beta stage. After the alpha stage – rc.0 was retracted after the team noticed a bug, rc.1 resolves the issue. This present version of tBTC relaunched uses the highest standard of cryptography, called threshold ECDSA. Also, it is fully audited, open-source, and protections for funds. Hence rc.1 will see supply cap placed on how users can deposit into it. Although the project has undergone three public audits, the team want to make sure user funds are not at risk.
Within the first 48 hours, there’ll be a low supply cap for tBTC. This is to ensure any risk that may surface is at least minimal for users. And after this period, the supply will gradually increase to 100 BTC. Subsequently, in the next weeks, the supply will adjust to 250 BTC every week until it reaches 1,000 BTC. The supply will continue to increase methodically until it reaches 21 million hard cap.
Matt Luongo, CEO of Thesis, the company behind KEEP Network said,
“This is an opportunity to unify our narratives. Bitcoin is hard money, but Ethereum is trying to replace retail banks. Those things go very well together, so let’s align and fight the status quo rather than each other,”Matt Luongo
Whether Bitcoin maximalists agree with him, doesn’t matter much as Bitcoin-Ethereum bridges are already getting massive attention. Quite noticeable with the nearly $1 billion wBTC. And with a cautious tBTC relaunch and huge support from popular DeFi projects head. Kain of Synthetix, Kulechov of Aave, Warwick of TokenSoft, etc., tBTC may well be on the path to huge growth as we see with top DeFi projects.
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Victor Ugochukwu · Oct 20, 2020 . 5min read