There’s a brand new Easy Ledger Protocol (SLP) primarily based token referred to as BTC2 that’s backed 1:1 with BTC. Individuals can get hold of the BTC2 token utilizing cryptocurrency swapping utility Sideshift.ai. With BTC2, you’ll be able to primarily transact with BTC, however make the most of the identical community payment (lower than a penny) as bitcoin money transactions.
Additionally learn: Meet the Developer Who Added Schnorr Signatures to Bcash
Introducing BTC2: The place Retailer of Worth meets Medium of Alternate
In January, information.Bitcoin.com reported on the launch of Sideshift.ai, an utility that permits customers to swap cryptocurrencies between chains. Sideshift AI was created by Andreas Brekken, the CEO of evaluation web site Shitcoin.com, and the infamous particular person who as soon as held $220,000 price of BTC on the Lightning Community. Since then, Sideshift AI has improved an amazing deal and options all kinds of crypto property to commerce. One asset just lately launched is an SLP-based token referred to as BTC2. The BTC2 token (not to be confused with the BTC fork of the identical identify) is principally an SLP token constructed on Bitcoin Money that’s backed 1:1 with BTC. Sideshift AI is the custodian of the collateralized BTC and Brekken instructed information.Bitcoin.com that Sideshift.ai is to BTC2 what the agency Tether is to USDT.
If somebody needs to buy BTC2 they want to use Sideshift AI and change their BTC for the token. The worth of BTC2, after all, fluctuates with the worth of BTC and Sideshift AI will redeem BTC2 for BTC at any time. The brand new token additionally has a web site referred to as Corecash.org which has a slogan that claims “Core Money: The place Retailer-of-Worth meets Medium-of-Alternate.” Core Money (BTC2) enables you to retailer and transact BTC on the Bitcoin Money community, the web site explains. This proposition provides BTC2 some worth because it gives people with the means to transact with BTC for lower than a penny per transaction.
Sideshift AI Is to BTC2 What Tether Is to USDT
Sideshift AI has launched a doc that describes how BTC2 shares similarities with USDT. The Omni Layer-issued token USDT is an IOU for USD the place Tether holds the precise USD in their financial institution. “Sideshift AI is the custodian of the on-chain BTC and points the BTC2 token in return,” the documentation notes. Talking with information.Bitcoin.com, Brekken mentioned he was excited to launch the core money token.
“The overwhelming curiosity in USDT confirmed us that customers would really like to use cryptocurrency with out being topic to its volatility,” Brekken remarked. “With BTC2, anybody with a Bitcoin Money SLP pockets can have the safety of probably the most closely mined blockchain, Bitcoin (BTC), whereas nonetheless having the ability to transact cheaply with the low charges of the Bitcoin Money blockchain.” The Sideshift developer added:
Whereas having Sideshift AI because the custodian of 1’s BTC provides a counterparty, BTC2 can even open new doorways akin to incomes curiosity on BTC2. As soon as Cashshuffle helps SLP tokens, BTC2 holders shall be in a position to retailer and transact BTC2 with higher privateness than what on-chain BTC provides as we speak.
The discharge of BTC2 follows the primary USD stablecoin issued on the BCH chain referred to as honestcoin (USDH). The brand new USDH coin was listed on the cryptocurrency change Coinex and is backed by USD on a 1:1 ratio. With BTC2, customers will get the identical impact however with bitcoin core in an analogous vogue to the ERC20 token referred to as wrapped bitcoin (WBTC). But being an SLP token, customers can retailer BTC2 on SLP suitable wallets like Crescent Money, Badger Pockets, Ifwallet, and Electron Money. The BTC2 token may also be seen on the Simpleledger.data transaction explorer. On the time of publication, there are 100 BTC2 tokens in circulation and Brekken has instructed us that minting will happen when extra liquidity is required.
“Sideshift AI is worked up to see Coinex launch its USDH token on Bitcoin Money and is dashing to listing USDH,” Brekken added.
What do you consider the BTC2 token constructed on high of the Bitcoin Money community utilizing SLP? Tell us what you consider this topic in the feedback part under.
Picture credit: Shutterstock, Jamie Redman, Twitter, Sideshift AI, Andreas Brekken, and Simpleledger.data.
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