Name: Wrapped Bitcoin
Brand: Wrapped Bitcoin
SKU: WBTC
Price: 6374380.01025 USD
Availability: InStock
Rating: 4.5 (38 reviews)

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Features good technological feasibility and diverse application scenarios, with major products already launched and either an early-stage or stable ecosystem in place. Multiple automated metrics indicate a notable level of industry attention and support, along with relatively manageable risks.

Wrapped Bitcoin

Mudrex

Market Statistics

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The Wrapped Tokens Whitepaper proposes a framework for issuing asset-backed tokens, which are tokens that reflect the price of the asset backing them. The paper focuses on wrapped tokens, which follow a centralised model but rely on a consortium of institutions performing different roles in the network. The first wrapped token launched is an ERC20 token backed by Bitcoin (BTC) called Wrapped BTC (WBTC). WBTC is fully accounted for, and proof of reserves is posted on the BTC chain. The paper discusses tokenisation's benefits, including increased transaction speed, reduced intermediaries, enhanced security, usability, and transparency. Wrapped tokens can bridge the gap between BTC and ETH, providing more liquidity on decentralised exchanges and other decentralised applications/protocols. Fiat currency-backed tokens offer a safe way for traders to keep their money in a cryptocurrency without worrying about price fluctuations. Wrapped tokens can also enforce policies on-chain, making rules more transparent and not relying on one party to implement them. The paper addresses scalability, trust, regulation, and governance challenges and proposes a multi-institutional framework for tokenising assets. The framework involves custodians, merchants, users, and WBTC DAO members. Custodians hold the keys to mint tokens, merchants initiate the minting of new wrapped tokens and burning of wrapped tokens, users can use wrapped tokens to transfer and transact, and WBTC DAO members control contract changes and addition/removal of custodians and merchants. The paper also proposes a side chain for wrapped tokens to increase transactional throughput and scalability. Atomic swaps can be used between merchants and users to exchange WBTC and BTC. The paper concludes that wrapped tokens provide a solution to make assets interchangeable and representable on the Ethereum chain, enabling Dapps to access Bitcoin easily.