Real-time
crypto news

BTC on Ethereum – Swingby Protocol – Medium

Published 1 year ago by Crypto News

BTC on Ethereum – Swingby Protocol – Medium

Bitcoins & Altcoins via bitcoinsaltcoins.com

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

Why Did Bitcoin Drop Over $500 [Video]

Bitcoin has plummeted further after China launched a crackdown on cryptocurrencies. The currency went into freefall on Friday, after reports that China was about to ban cryptocurrency exchanges. It ha ... Read More

The promise of managing identity on the blockchain

The argument goes that if our identity were on the blockchain, it would give us more control over this information, and with proper applications allow us to present just the minimum amount of informat ... Read More

Ethereum: ETH/JPY Tests 50 Percent Fibonacci

Ethereum ETHJPY Update: Ethereum struggled last week after China and South Korea both announced crackdowns on one of the key use cases of the decentralized blockchain, the so-called “Initial Coin Offe ... Read More

best altcoins to invest in that still below 1 cent

Re: Quote from: onyebuchi81 on September 10, 2017, 02:39:36 PM what are the best or most promising altcoin to invest in that are still below a cent fro ur point of view RDD is recommended from me, bu ... Read More

Bitcoin price falls on reports that China is closing local exchanges

China’s clampdown on cryptocurrencies has reportedly taken a new direction – to close down local bitcoin exchanges. Initial reports from Chinese media that the government plans to close down domestic ... Read More