WBTC Brings Bitcoin to Ethereum
Summary
“This initiative will be bringing together the liquidity of Bitcoin and the extensive smart contract developer ecosystem of Ethereum.” said Loi Luu, Co-founder and CEO of Kyber Network.To maintain the highest levels of transparency, the project dashboard will have proof-of-reserve showing that every Bitcoin stored by the custodian corresponds to the total outstanding WBTC.The effort will be community driven from launch, with governance dictated through a Decentralized Autonomous Organization (DAO) comprised of reputable projects in the cryptocurrency space.DAO members will publicly audit the WBTC tokens to make sure that the balances in the custodian wallet and the smart contract match.“We are really excited to tokenize the most widely accepted cryptocurrency on Ethereum” said Benedict Chan, CTO of BitGo, “I think this is a great application of the flexibility and power of blockchains, and it’ll drive greater interoperability and utility throughout the entire ecosystem.”