There’s a new Simple Ledger Protocol (SLP) based token called BTC2 that’s backed 1:1 with BTC. People can get the BTC2 token utilizing cryptocurrency switching application Sideshift.ai. With BTC2, you can basically transact with BTC, but use the exact same network charge (less than a cent) as bitcoin money deals.
Introducing BTC2: Where Store of Value satisfies Medium of Exchange
In January, news.Bitscoins.web reported on the launch of Sideshift.ai, an application that allows users to swap cryptocurrencies in between chains. Sideshift AI was developed by Andreas Brekken, the CEO of evaluation website Shitcoin.com, and the infamous person who when held $220,000 worth of BTC on the Lightning Network. Since then, Sideshift AI has actually enhanced a good deal and includes a wide range of crypto possessions to trade. One property just recently presented is an SLP-based token called BTC2. The BTC2 token (not to be puzzled with the BTC fork of the exact same name) is generally an SLP token constructed on Bitcoin Cash that’s backed 1:1 with BTC. Sideshift AI is the custodian of the collateralized BTC and Brekken informed news.Bitscoins.web that Sideshift.ai is to BTC2 what the company Tether is to USDT.
If somebody desires to purchase BTC2 they require to usage Sideshift AI and exchange their BTC for the token. The rate of BTC2, naturally, changes with the rate of BTC and Sideshift AI will redeem BTC2 for BTC at any time. The new token also has actually a site called Corecash.org which has a motto that states “Core Cash: Where Store-of-Value satisfies Medium-of-Exchange.” Core Cash (BTC2) lets you shop and transact BTC on the Bitcoin Cash network, the site describes. This proposal offers BTC2 some worth as it supplies people with the ways to transact with BTC for less than a cent per deal.
Sideshift AI Is to BTC2 What Tether Is to USDT
Sideshift AI has actually launched a file that explains how BTC2 shares resemblances with USDT. The Omni Layer-provided token USDT is an IOU for USD where Tether holds the real USD in their bank. “Sideshift AI is the custodian of the on-chain BTC and problems the BTC2 token in return,” the documents notes. Speaking with news.Bitscoins.web, Brekken stated he was delighted to launch the core money token.
“The frustrating interest in USDT revealed us that users would like to usage cryptocurrency without being subject to its volatility,” Brekken said. “With BTC2, anybody with a Bitcoin Cash SLP wallet can have the security of the most greatly mined blockchain, Bitcoin (BTC), while still being able to transact inexpensively with the low fees of the Bitcoin Cash blockchain.” The Sideshift designer included:
While having Sideshift AI as the custodian of one’s BTC includes a counterparty, BTC2 can also open new doors such as making interest on BTC2. Once Cashshuffle supports SLP tokens, BTC2 holders will be able to shop and transact BTC2 with higher personal privacy than what on-chain BTC uses today.
The release of BTC2 follows the very first USD stablecoin provided on the BCH chain called honestcoin (USDH). The new USDH coin was noted on the cryptocurrency exchange Coinex and is backed by USD on a 1:1 ratio. With BTC2, users will get the exact same impact but with bitcoin core in a comparable style to the ERC20 token called covered bitcoin (WBTC). But being an SLP token, users can save BTC2 on SLP suitable wallets like Crescent Cash, Badger Wallet, Ifwallet, and Electron Cash. The BTC2 token can also be seen on the Simpleledger.information deal explorer. At the time of publication, there are 100 BTC2 tokens in blood circulation and Brekken has actually informed us that minting will occur when more liquidity is required.
“Sideshift AI is delighted to see Coinex launch its USDH token on Bitcoin Cash and is hurrying to list USDH,” Brekken included.
What do you think of the BTC2 token constructed on top of the Bitcoin Cash network utilizing SLP? Let us understand what you think of this topic in the comments area below.
Image credits: Shutterstock, Jamie Redman, Twitter, Sideshift AI, Andreas Brekken, and Simpleledger.information.
Are you a designer looking to construct on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash designer guides and begin utilizing the Bitbox, SLP, and Badger Wallet SDKs.
Latest posts by Bits n Coins (see all)
- Lightning Network Wiki Page Faces Removal for Lack of Notability - December 13, 2019
- 15 Million Debit Cards Exposed as Iranian Banks Fall Victim to Cyber Warfare - December 12, 2019
- Market Update: Despite Uncertainty, BTC Longs Skyrocket - December 11, 2019