Interlay will launch a "tokenized bitcoin" based on the Polkadot blockchain

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Interlay запустит «токенизированный биткоин» на базе блокчейна Polkadot

Startap Interlay, received financing from Web3 Foundation, will launch “tokenized bitcoin” Polkabtc based on the Polkadot blockchain in the first quarter 2021 of the year.

Interlay developers reported, that Polkabtc will be provided with bitcoin in the ratio 1:1. The new digital asset is created as Alternatives WBTC and TBTC tokens, functioning on the basis of the Ethereum. PolkabTC will not be controlled by the centralized body and will be resistant to censorship similarly to the bitcoin network. The BTC pachake will initially be controlled by a decentralized network of community participants, The number of which includes organizations and individual users.

As a security for Polkabtc, the internal Polkadot token tokens will be used (DOT). Any user will be able to perform the function of "storage", Bloking DOT tokens in the form of a pledge. To do this, you just need to have a bitcoin wallet and polkadot, as well as a certain amount of DOT. Users will be able to transmit PolkabTC to other persons or use it in decentralized applications based on Polkadot. For exchange for bitcoins, Polkabtc will be burned in the BTC parachain. Polkabtc may remain on the Polkadot network for an indefinite period, And you can exchange them for bitcoin at any time.

The first alpha testing Polkabtc is scheduled for November 2020 of the year, And beta testing with support for the necessary functions will be carried out in January next year. The launch of the main network is expected in the first quarter 2021 of the year. Besides, Interlay's leadership reported, that I intend to integrate Polkabtc with Equilibrium projects, Moonbeam и Polkaswap, created on the base of the blockchain Polkadot.

Recall, that in the spring of the startups Keep Network and Summa also developed “TBTC tokenized bitcoin”. It was intended to provide access to decentralized financing on the Ethereum without the need to exchange BTC for ETH. However, a few days after the start of TBTC, His issue had to be suspended due to the discovered vulnerability.

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