The bridge between BTC and ETH: TBTC tokens are now available

More and more innovative technologies are introducing Bitcoin to Ethereum, and Ethereum has accelerated the expansion of the trench thanks to DeFi's strong suction effect.

According to an announcement issued by Keep Network today, the TBTC ERC-20 token has been launched and is ready to use on the tbtc network. The token allows Bitcoin holders to safely introduce Bitcoin into Ethereum and access the results of the DeFi application on Ethereum.

According to the announcement, TBTC is fully supported and matched against 1 BTC in reserve. This means that with the launch of this project, users can exchange 1 BTC for 1 TBTC on the DeFi platform.

In addition, TBTC will use a random beacon to select the "signer" responsible for the stored BTC.

By combining the ECDSA threshold, TBTC also becomes safer and more reliable. ECDSA thresholds have been reviewed and used on the Binance Exchange.

In addition, the token will increase insurance coverage through Nexus Mutual.

In terms of technology, TBTC has passed three audits and completed the first security audit conducted by Consensys in March.

In the first few weeks of production testing, the tiered supply limit will start from 100 TBTC in the first week up to 3000 TBTC, after which the supply limit will be canceled.

An initial version of TBTC, named rc.0, launched in May this year, but was quickly taken offline due to a smart contract vulnerability.

So far, Linda Xie from Scalar Capital, Kain Warwick from Synthetix, Mason Borda from TokenSoft, and Luis Cuende from Aragon have all stated that they plan to use TBTC as their bridge to connect Bitcoin and Ethereum.