The New Era of Wrapped Bitcoin (WBTC) on Tezos Begins with tzBTC 2.0

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Bittime - tzBTC 2.0, the latest version of Wrapped Bitcoin (WBTC) on the Tezos blockchain, is scheduled to launch in late April 2024.

Building on the success of its predecessor, tzBTC 2.0 offers greater accessibility and cost-effectiveness, ushering in a new era for the intersection of Bitcoin and Tezos.

What is WBTC?

Wrapped Bitcoin is a token that represents Bitcoin on another blockchain. Wrapped Bitcoin allows users to use BTC in DeFi applications and others that are not directly compatible with Bitcoin.

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About Wrapped Bitcoin (WBTC)

What is Tezos?

Tezos is a proof-of-stake blockchain that supports smart contracts. Tezos is designed to be a secure, scalable, and upgradable platform for a variety of applications, including DeFi, tokenization, and digital identity.

tzBTC 2.0 Major Upgrades

Better Accessibility

• tzBTC 2.0 will be available on various Tezos platforms and wallets, including Dexter, Kukai, and Temple. This will make it easier for users to access and use wrapped BTC on Tezos.
• Automated Gatekeeper: tzBTC 2.0 will introduce an automated Gatekeeper that allows users to mint and burn tzBTC easily and without requiring manual approval.
• Multi-Platform Integration: tzBTC 2.0 will integrate with various DeFi platforms and dApps on Tezos, allowing users to use wrapped BTC in a variety of applications.

Better Cost Effectiveness

• New Fee Model: tzBTC 2.0 will use a more efficient fee model, which will result in lower fees for users to mint, burn, and transfer tzBTC.
• Reduced Gas Fees: Users can save gas fees by using tzBTC 2.0 compared to original BTC.

Enhanced Security

• Audited Smart Contracts: tzBTC 2.0 will use smart contracts that are audited and verified by top security firms, enhancing the security of wrapped BTC on Tezos.
• Decentralized Custody: tzBTC 2.0 will use a decentralized custodian model, meaning that no single party has control over wrapped BTC.

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Impact of tzBTC 2.0

• Increasing DeFi Adoption: tzBTC 2.0 will increase the adoption of decentralized finance (DeFi) applications on Tezos by providing easier and cheaper access to BTC.
• Increased Liquidity: tzBTC 2.0 will increase liquidity for BTC on Tezos, which will benefit traders and investors with narrower spreads and more stable prices.
• Strengthening Interoperability: tzBTC 2.0 will strengthen interoperability between Bitcoin and Tezos, opening new opportunities for both blockchains to collaborate and develop.

Conclusion

tzBTC 2.0 marks a new era for wrapped Bitcoin on Tezos. By delivering better accessibility, higher cost-effectiveness, and enhanced security, tzBTC 2.0 has the potential to drive broader DeFi adoption, increase BTC liquidity, and strengthen interoperability between Bitcoin and Tezos.

The launch of tzBTC 2.0 is an important step in the evolution of both blockchains, paving the way for more innovation and growth in the future. It is expected that tzBTC 2.0 will play an important role in connecting the Bitcoin world with the dynamic and fast-growing Tezos ecosystem.

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How to Buy Bitcoin (BTC) on Bittime

You can buy and sell  Bitcoin (BTC)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Bitcoin (BTC)  is available on Bittime with  the market pair BTC/IDR . To be able to buy  BTC IDR  at Bittime,  make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn  the complete guide on how to buy Bitcoin (BTC) on Bittime . 

Monitor price  chart movements  of Bitcoin (BTC) ,  Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime.

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What Is Phala Network (PHA): Paving the Way for Privacy and Verified Computing for Web3

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.