The Ethereum blockchain network has been forked to produce an ERC20 WBTC token. This is very much like a bitcoin, but running on the Ethereum Blockchain and it runs natively within the Metamask wallet and other wallets that accept ERC20 tokens.
It is fully supported by many of the most popular Ethereum wallets.
Wrapped-bitcoin tokens are fully backed by real bitcoin, with each WBTC token being worth 1/1 bitcoin (BTC). The total supply of wrapped-bitcoin is fixed at 1 million tokens. For every one BTC coin deposited into the smart contract, a corresponding WBTC token is generated to be circulated in the Ethereum ecosystem. Redeeming your WBTC back into Bitcoin is as simple as sending your WBTC to any Ethereum wallet or exchange that supports ERC20 tokens and withdrawing it.
WBTC aims to solve several major issues within both cryptocurrency ecosystems - Bitcoin and Ethereum.
Many popular Ethereum decentralized applications (dApps) are not compatible with Bitcoin. With wrapped-bitcoin, you will be able to use these dApps while also holding your bitcoin safe in cold storage or any other wallet.
Bitcoin is an excellent store of value - having a digital currency token on the Ethereum network means that every ERC20 wallet can now hold this value. The ability to move Bitcoins into the Ethereum ecosystem democratizes access to all tokens for users who do not wish to deal with conventional exchanges and fiat currencies.
You deposit 1 BTC into our smart contract. We lock it up using smart contract code so nobody has access to it but you . It's now 1 wrapped-bitcoin.
You can now send that WBTC token to any Ethereum wallet or dApp that supports ERC20 tokens. The amount of Bitcoin locked in the smart contract is always equal to the amount of WBTC tokens created and circulating.
When you want your BTC back, you can unwrap it through our smart contract by sending it your WBTC token back to us . We give you back your real Bitcoin!
WBTC will be tradeable on exchanges in the near future, but can already be purchased through our smart contract here: https://wrappedbitcoin.com/orderform.html
Money can be reliably stored in digital form by using encryption to secure it. This part is known as "hashing". Hashing allows information to be both widely accessible and fully secure. If a transaction was successful, then that exchange is considered valid or final.
Multisig wallets are also an option for companies who want access rights to multiple signatures before being able to transfer funds out of a particular account.
