According to an announcement made by Keep Network today, the ERC-20 token TBTC, which allows Bitcoin (BTC) holders to securely switch to Ethereum (ETH) and access data from DeFi applications, is ready for use on tbt.newtwork.
According to the statement, users will be able to trade 1 BTC for 1 TBTC on DeFi platforms. Also, TBTC will use random tokens to select the owners of the deposited BTCs.
TBTC has been made more reliable with the addition of the regulated ECDSA threshold, which is currently in use on the Binance exchange. In addition, TBTC will have insurance protection through Nexus Mutual.
When we look at TBTC technically, it passed three security audits by ConsenSys in March. During the first weeks of the production test, the supply limit will gradually increase. Supply will continue until it reaches 3000 TBTC in the first week, then the upper supply limit will be removed.
This announcement can be seen as the continuation of rc.0, which was initially implemented in May, but was soon removed due to a smart contract error.
So far, names such as Linda Xie from Scalar Capital, Kain Warwick from Synthetix, Mason Borda from TokenSoft and Luis Cuende from Aragon have announced that they are planning to use TBTC as the bridge to BTC and ETH.
As it is known, this situation was frequently discussed in the crypto money community. Cryptocurrency users argue that such a bridge will make things easier. However, will it be the token that the community has been waiting for, and whether TBTC will receive the expected attention from the cryptocurrency community, we will see all together in the coming days. The unclear issue here is that although many statements are made on security, the cryptocurrency community will over time trust the TBTC, which will be used as a bridge.