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Bitcoin has been added to the Ethereum blockchain …

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Bitcoin has been added to the Ethereum blockchain ...

Bitcoin added to the Ethereum blockchain without involving custodians
CONTENT

  • Developers have come up with a new way to support BTC on the Ethereum blockchain.

  • No more dependence on centralized custodians.

  • The spread of bitcoin to neighboring blockchains leads to the emergence of new products.

International consortium of news organizations developing transparency standards.

Bitcoin cross-platform support for various blockchains, including Ethereum, is gaining momentum in the cryptocurrency industry..

The Ethereum blockchain ecosystem supports a new project designed to bridge the gap between the Bitcoin and Ethereum blockchain.

Cryptocurrency project RenBTC aims to integrate bitcoin cryptocurrency into the Ethereum blockchain network through a network of nodes using the RenVM protocol.

Bitcoin has been added to the Ethereum blockchain ...

According to the technical documentation, the project solves the issue of the need to involve a third party in the form of centralized custodians and focuses exclusively on decentralized.

Instead of centralized custodians, the RenBTC project prefers to regulate the turnover of bitcoins to Darknodes, where control over one node will cost 100 thousand REN tokens (~ $ 8530).

“RenVM is replacing the role of a centralized custodian with a decentralized one. Such a custodian is implemented using the RZL MPC algorithm, which can generate and manage ECDSA private keys without actually using them, ”the documentation says..

Bitcoin is coming

The idea of ​​using bitcoin on third-party blockchains haunts many cryptographers who saw a gold mine in technology.

So, the editorial staff of BeInCrypto has already reported that Bitcoin based on the Ethereum network is rapidly gaining momentum..

For example, the Wrapped Bitcoin (WBTC) project expands cross-network data exchange and is a key step towards integrating Ethereum smart contracts into a secure database on the Bitcoin blockchain..

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Crypto Lark analyst wrote on his Twitter page that the capitalization of WBTC in Ethereum smart contracts has already skyrocketed to $ 7.8 million.

For comparison, the capitalization of the Bitcoin Lightning Network protocol is also $ 7.8 million, but the project was launched back in 2015.

New market

Bitcoin has been added to the Ethereum blockchain ...

The cross-platform nature of isolated virtual assets on the Ethereum blockchain allowed the implementation of new products in the field of cryptocurrency lending.

One such decentralized project is Compound, which has already entered the top 5 DeFiDecentralized finance (DeFi) is financial services built on blockchain technology that offer users access to open, efficient and … More platforms.

The service allows you to earn interest on cryptocurrency staking, and also issues loans in cross-platform bitcoins like WBTC.

However, cryptocurrency lending is far from the only way to save capital during a market crash. BeInCrypto editors have compiled 3 main ways to protect your cryptocurrency portfolio during a bearish trend.

What do you think? Will cross-platform support affect the price of bitcoin? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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