Avalanche introduces Bitcoin bridge as Core wallet feature (via vishal4c)
the bridge as part of its browser-based web3 wallet called Core.
Ava Labs has launched a new bridge solution allowing users to directly transfer funds between Bitcoin network andOn Wednesday, Ava Labsthe Avalanche-Bitcoin bridge as part of its new browser-based web3 wallet called Core. The bridge will tokenize the top crypto asset as an Avalanche-based token called BTC.b, allowing it to be used on Avalanche's DeFi protocols including Platypus and TraderJoe.
The bridging process works by locking up an amount of bitcoin and issuing an equivalent number of tokens on Avalanche, a process called wrapping. The team claims that the wrapping setup on the bridge is non-custodial, unlike other popular Ethereum-based tokenized bitcoin solutions, includingFor every WBTC that exists on Ethereum, there is a bitcoin that is held in a centrally controlled smart contract, which some critics believe exposes users to counter-party risk and trust issues.
"We are still wrapping BTC to BTC.b. The difference is that we are starting with native BTC , then wrapping the asset on Avalanche to BTC.b," a spokesperson from Ava Labs told The Block.the bridge relies on Intel SGX , the same technology used in Avalanche's bridge connecting with Ethereum. In the future, this bridge will also give bitcoin users access to Avalanche subnets such as DeFi Kingdoms and Swimmer, as well as other blockchain networks like Ethereum.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Vishal Chawla is a reporter who has covered the ins and outs of the tech industry for more than half a decade. Prior to joining The Block, Vishal worked for media firms like Crypto Briefing, IDG ComputerWorld and CIO.com.
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