Wrapped BTC or WBTC is a fairly latest invention. It’s an ERC20 token that is 1:1 backed by Bitcoin (BTC). It’s clear and audited often and is group led. Basically it brings Bitcoin into the Ethereum ecosystem and may now let Bitcoin be used throughout sensible contracts, Dapps, exchanges, wallets, and extra. Some advantages consists of bringing larger liquidity to the Ethereum ecosystem reminiscent of Decentralized Exchanges, standardizes Bitcoin to the ERC20 format, and permits entities to solely handle an Ethereum node now and with the ability to do Bitcoin transactions as effectively. four main varieties of gamers on this ecosystem are the DAO members, custodians, retailers, and customers. There are some tradeoffs although in comparison with utilizing Bitcoin natively. Also lastly, if congestion or charges ever get too excessive then it’ll migrate over to a sidechain that makes use of Proof of Authority consensus mannequin.
For extra information, take a look at: https://www.wbtc.network/
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