Unlike other crypto projects, Wrapped Bitcoin is a joint creation of three organizations: BitGo, Khyber Network and Ren. As a joint mission, the Wrapped Bitcoin project was launched on January 31, 2019. As an ETH token powered by the Ethereum blockchain, Wrapped Bitcoin bears witness to the underlying asset, Bitcoin, which it exhibits and aims to be transparent while offering complete security. Wrapped Bitcoin (WBTC) is the first ERC-20 token backed 1:1 by Bitcoin.
A unique algorithm controls the bitcoin project. With its lucrative potential, the Wrapped Bitcoin concept has been conceptualized for a range of decentralized applications. Wrapped Bitcoin also guarantees fast transactions at a much lower cost. Wrapped Bitcoin can be called a rework or upgrade of the Ethereum blockchain, but with a vastly expanded set of initiatives in terms of protocol, algorithms, etc. that help support the entire crypto ecosystem in a much advanced way. Backed by smart contracts running on the blockchain, Wrapped Bitcoin has significant benefits for its holders.
Wrapped Bitcoin owners can sponsor the creation of multiple applications on this platform without the need to purchase tokens. The main attraction of Wrapped Bitcoin is that it guarantees a decentralized consensus of all transactions, taking an active part in them and even in their organization. This improves reliability while at the same time ensuring verification while storing blockchain credentials and processing fees.
Since the Wrapped Bitcoin Token is based on the PoS (Proof of Stake) algorithm, it can be extremely useful for a network that is loaded due to a large transaction flow, thereby solving accessibility issues. Blockchain blocks in Wrapped Bitcoins are created every 3 seconds. In this form of process, a certain number of tokens are selected and added to the next block to optimize performance. A high level of integrity is achieved, coupled with accuracy, to achieve majority consensus on the blocks.
While some price uptrends are visible, Wrapped Bitcoins is currently trading at around $32,864.39 with a market capitalization of $6,463,539,394. The value of the 24-hour trading volume is $110,298,100 with a circulating supply of 196,674.97 WBTC.
Since its launch, Wrapped Bitcoin has been reaping the benefits of Bitcoin’s net worth. In June 2019, Wrapped Bitcoins broke the $10,000 mark. It received widespread support from the trading community when it dropped below $8,000 in late October 2019.
However, with significant support from supporters, the coin began to move higher, pushing the price above $28,000 by December 2020. Demonstrating a positive trend, it continued throughout the first half of 2020. However, in the second half of 2020, the currency began its retreat and ended at $28,669.50 per token.