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BTC on Ethereum – Swingby Protocol – Medium

Published 1 year ago by Crypto News

BTC on Ethereum – Swingby Protocol – Medium

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Kyber Network has recently announced WBTC, their take on a Bitcoin token that works through a transparent custodian locking up 1 Bitcoin for each WBTC. Swingby’s goal is to create an ERC20 stable token for Bitcoin on Ethereum. The Swingby protocol is a decentralized mechanism where users can either earn profit by lending out BTC or can come to mint BTC Tokens.

Someone who mints BTC Tokens is actually borrowing regular Bitcoin from the lender, but is represented as a BTC Token. This being said, the borrower is only able to mint his BTC Token by providing ETH for collateral. With the Swingby protocol however, it is possible for the borrower to clear his position and receive real Bitcoin by burning his BTC Tokens.

This is how the Swingby protocol creates a 1–1 soft-peg between BTC and the BTC Token while keeping the custodian decentralized, which is the main focus of Swingby opposed to other solutions. Because in the Swingby protocol the lender is incentivised and anyone can participate it creates a situation with optimal custodian decentralization. Similar to MakerDAO, Swingby utilises governance tokens. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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