uBTC
Universal Bitcoin ERC-20 on Hyperstate
Universal Bitcoin ERC-20 on Hyperstate
Leverage the power of Hyperstate's bitcoin precompiles to provide the most advanced and secure fungible bitcoin token.
What is uBTC?
uBTC (Universal Bitcoin) is an ERC-20 token on the Hyperstate network that is backed 1:1 with Bitcoin. It combines the programmability of Ethereum-based tokens with the security and value of native Bitcoin.
Key Features
1:1 Bitcoin Backing: Each uBTC is backed by 1 Bitcoin, ensuring full value representation.
ERC-20 Compatibility: As an ERC-20 token, uBTC can be easily integrated into existing Ethereum-based DeFi protocols and wallets. uBTC uses 8 decimals, just like Bitcoin.
Direct Bitcoin Interaction: Utilizes Hyperstate's Bitcoin precompiles for seamless interaction with the Bitcoin network.
Instant Finality: Benefit from Hyperstate's fast transaction times while maintaining Bitcoin's security.
Programmable: Can be used in smart contracts, enabling complex DeFi applications with Bitcoin.
Transparent: All Bitcoin reserves are verifiable on-chain.
How It Works
Minting: Users sign a BTC tx with their bitcoin wallet to send BTC to a designated Hyperstate-managed Bitcoin address. The Hyperstate network verifies the transaction and mints an equivalent amount of uBTC.
Usage: uBTC can be freely transferred, traded, or used in any Hyperstate-based or Ethereum-baes DeFi application.
Redemption: Users can burn uBTC to receive the equivalent amount of BTC back to their Bitcoin wallet.
Benefits
Reduced Counterparty Risk: No intermediaries or centralized custodians.
Improved Scalability: Faster and cheaper transactions compared to native Bitcoin.
Interoperability: Seamlessly use Bitcoin value across various blockchain ecosystems.
Advanced Functionality: Leverage smart contract capabilities with Bitcoin's value.
Use Cases
DeFi Integration: Use uBTC as collateral in lending protocols, liquidity pools, or yield farming.
Cross-Chain Swaps: Easily swap between Bitcoin and other cryptocurrencies.
Programmable Bitcoin Payments: Create complex payment structures using smart contracts.
Bitcoin-Backed Synthetic Assets: Use uBTC to mint synthetic assets representing real-world values.
Security
uBTC's security is ensured through:
Regular audits of the smart contract code
Multi-signature control of the Bitcoin reserves
Transparent, on-chain verification of Bitcoin backing
Getting Started
To start using uBTC:
Ensure you have a wallet compatible with the Hyperstate network.
Acquire uBTC by sending BTC to the designated Hyperstate address or by purchasing on supported exchanges.
Explore the various DeFi applications on Hyperstate that support uBTC.
For developers looking to integrate uBTC into their applications, please refer to our Developer Documentation.
Conclusion
uBTC represents a significant step forward in connecting the Bitcoin and Ethereum ecosystems. By leveraging Hyperstate's unique capabilities, uBTC offers a secure, efficient, and highly interoperable way to use Bitcoin's value in the world of decentralized finance and beyond.
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