MY LEOPEDIA LESSON TODAY IS ON WRAPPED BITCOIN

over 2 years ago (Edited)

Today at Leopedia I learnt about wrapped Bitcoin, it was really my first hearing of this so I took keen interest in it. I was made to understand that wrapped Bitcoin, is just like wrapped Leo which are both Ethereum based tokens. Wrapped Bitcoin is represented by (wBTC) which shares the same market price with Bitcoin. For instance the current selling price for Bitcoin now is forty-one thousand seven hundred and seventeen dollars ($41,717) that’s the same price the wrapped Bitcoin will be selling at the same price.

The wrapped Bitcoin helps bridge the gap with the Ethereum network, Bitcoin with it’s influence in the crypto community having the largest market capitalization. Bitcoin with it’s decentralized network has been able to stand out admit other decentralized finance and crypto currency projects. Ethereum is the second largest because of its pool of project and developers most of the crypto currency and non fungible projects are built on Ethereum smart contact which has also contributed to the success as seen present day. Bridging both blockchains together, makes the utilization of Bitcoin market cap and it’s power to a flexible Ethereum protocols.

The creator Bitcoin which is the largest crypto currency, looking at the market capitalization is still anonymous to the general public. Well the wrapped Bitcoin, is quite different when it comes to the side of the development. I was made to understand, that the wrapped token DAO decentralized autonomous organization took charge in the management of the project. Which this management are shared into three(3) groups which are the decentralized autonomous organization DAO, there activities which implies the wrapper token DAO are responsible for holding the contact key, the merchant who are responsible for minting and the custodians who provided security for the wBTC protocol.

They are so many partners that fall into this category which are Airswap, Uniswap, Bit Go etc.what is token about if you don’t talk about it’s security, the security of the wrapped Bitcoin I would say from my own point of view is more robust and transparent unlike Bitcoin. I exposed to one technique, when it comes to taking a Loan in crypto currency too cause that’s something some people trading might not know. It’s possible to send your wrapper Bitcoin(wBTC) to your MarkerDAO cdp vault and take a crypto loan against DAI stable coin. To be honest until I started with the Leopedia I never knew that there was a wrapped Bitcoin or you can be able to wrap your Bitcoin.leopedia

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