/biz/ - Business & Finance

>>15035439
>Is it backed by actual BTC? If not, it will not have the pull of BTC and is therefore useless. Stablecoins are better.

no, so far i don't believe there's any working way to have actual BTC on ethereum. there are centralized IOU services like wBTC, but these are super centralized and even have kyc rules.

the fundamental reason is that you can't store BTC private keys on the ethereum blockchain without revealing them (obviously).

for background, 0xBitcoin is a port of Bitcoin value principles to Ethereum.

similarities to Bitcoin (probably not a complete list):

1. 0xBTC must be acquired through PoW mining (can be resold after that of course)
2. hard cap of 21,000,000 tokens
3. same emission parameters as Bitcoin
4. totally decentralized, ownerless project
5. totally finished implementation as of Feb 2018

these additions:

1. it can work natively with any Ethereum smart contract
2. you pay transfer fees in ETH, not 0xBTC itself (but you can pay the transfer fees in 0xBTC if you want via another contract called Lava)

these differences:

1. the network security is handled by Ethereum (defense against double-spend attacks)
2. transfers happen as normal ERC20 transfers, not blocks of transactions like Bitcoin
3. transaction rate can be very high with Ethereum 1.0 and will be insanely high with Ethereum 2.0, just like with other ERC20 tokens