logo

Keep Network’s Bitcoin token ‘tBTC’ has been relaunched

cryptocurrency

After three months of development, trials, and auditing, one of the early (but short-lived) Bitcoin token ‘tBTC’ from Keep Network has been relaunched. The Bitcoin-to-Ethereum token was shut down a few days after its first release amid a critical bug that was reported by the developers. Having fixed that, this latest version of tBTC features more capabilities than the former.

Bitcoin token tBTC relaunches

The development was confirmed in a recent tweet by Matt Luongo, founder of Thesis, the company supporting the development of the token via Keep Network. According to Lunogo, the newest version of the token, ‘tBTC rc.1,’ has been launched on the mainnet, as of September 22. He is optimistic that this will be the final release candidate for tBTC.

While commenting on the new features users should expect with the new Bitcoin token, Lunogo added on Twitter: 

As far as I know, this release is the first permissionless, censorship-resistant Bitcoin bridge on Ethereum. Anyone can mint $tBTC by connecting to the Bitcoin and Ethereum chains, and no one can censor transactions or redemptions.

The censorship-resistant attribute ensures the token holders that no intermediary service will be required to use the token. Hence, their crypto holdings cannot be controlled by any centralized party. 

The flaw with tBTC

tBTC is designed to represent an ERC-20 tokenized version of Bitcoin, serving as a bridge between Bitcoin and Ethereum. The Bitcoin token bears the actual price of Bitcoin itself. However, tBTC was reportedly shut down on May 20, after two days of its initial launch. 

The team triggered this pause after finding a significant issue in the redemption flow of deposit contracts that put signer bonds for open deposits at risk of liquidation when certain types of bitcoin addresses were used in redemption. 

Keep Network, the developer wrote.

The relaunch is coming at the time, where demand for Bitcoin token in the decentralized finance (DeFi) is growing steadily. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

Related News

Hot Stories

MakerDAO votes 100% to remove Alameda's renBTC from Dai reserve
Uzbekistan issues licenses to 2 crypto exchange service providers
Bitcoin, Binance Coin, XRP, and Cardano Daily Price Analyses – 25 November Morning Prediction
Uniswap price analysis: Price levels down to $5.39 as bearish pressure prevails
Discover the use cases of blockchain technology in the CBD industry

Follow Us

Industry News

MicroStrategy, Micheal Saylor, and their Bitcoin Bet
Another Sign of Danger: 7-year-old 10,000 BTC moved
CZ grilled on Bloomberg TV, sets the record straight, and shows he is the boss
Bank of Japan records breakthrough in its CBDC trial
Why is the crypto market down today? November 2022 update

Add Your Heading Text Here