Wrapped BTC Launches with BitGo Custody and Full Proof of Assets

Wrapped BTC Launches with BitGo Custody and Full Proof of Assets

Adding up the address balances leads to a total of 72.4216 BTC (as of Jan 30th, 2019). This matches the WBTC supply (viewed via Etherscan), and proves full 100% reserves.

Smart contract audit

All WBTC smart contracts having been audited by established firms including Solidified Technologies, ChainSecurity, Coinspect, and are publicly available.

The growing ecosystem

When we first announced WBTC, there were 12 partners on board. Today, WBTC is supported by 26 community partners including Dolomite, Dharma, Idex, Radar Relay, Blockfolio, SwitcheoNetwork, BZX, Ethfinex, dY/dX, imToken, CoinGecko, AirSwap, Compound, DDEX, Hydro, Gnosis, GOPAX, Loopring Protocol, MakerDAO, OmiseGO, Prycto, Ren, Set Protocol, The Ocean, Kyber Network, and BitGo.

The initiative is governed by a DAO committed to driving innovation for the entire ecosystem and maintaining a transparent governance structure. Working with this many partners on a single project was new, and a learning process for us. We’re pleased to have achieved community consensus and security via the DAO with multiple parties involved in minting and burning.

We thank everyone for their support in working together towards the development and prototyping of workflows, especially minting and burning. We’re excited to see the public already engaging with WBTC; our tests were discovered and shared them with the community before the official launch. You can view minting and burning via our dashboard here.

Why we’re excited about WBTC

What makes public blockchains like Ethereum so powerful is not just that many different participants can come together globally and trade, but that everyone can build emergent technology and infrastructure that is fully interoperable with an existing ecosystem.

Engaging with WBTC doesn’t require a special bridge, sidechain or additional technology. Any existing Ethereum ERC20 wallet can use it by adding the token address: 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599.

When we first announced WBTC, we expected that the token would create additional liquidity for decentralized exchanges. Since then, we’ve been thrilled to see other applications and use cases, from decentralized lending to collateralization and insurance — that can be built on top of this infrastructure even without our involvement. The diverse blockchain community identifies exciting use cases far beyond what the technology was initially designed for. This unbound potential for new development is why we’re so passionate about building in this space.

Published at Thu, 31 Jan 2019 01:16:44 +0000