Bitcoin in Ethereum: Keep Network’s Second Version of tBTC

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KEEP Network aim is to utilize computers on the global scale for storage of private information with the block chain and smart contract technology. The Network has been working on bringing Bitcoin to the Ethereum platform. For this purpose, a tokenized and trust-minimized version of Bitcoin – tBTC – has been under works.

tBTC was launched on the main net in September and it has been a rollercoaster ride for Keep Network ever since. tBTC’s version one had some drawbacks because of which it struggled to scale. tBTC had required KEEP and ETH as collateral and the unavailability of ETH in the network proved to be a major constraint.

EvandroSaturnino, a Keep Network developer, detailed major changes that are to be incorporated into the second version of tBTC in order to tackle the issues the first version had been facing. Per the developer, tBTC v2 will only require KEEP tokens to be kept as collateral. Moreover, a safer and more efficient wallet generation system is also under works which will generate a new wallet every week.

Many entities have had numerous tries to bring Bitcoin to the Ethereum network – Bitcoin with its position in market and Ethereum being the pioneer of DeFi. However, none had been successful in completing the process in a completely decentralized way. Keep Network’s tBTC will enable BTC to be truly permission-less on the Ethereum network. The success of the project can result in to propel the value of both BTC and ETH.

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