Monday, January 22, 2018

eBTC: A TOKENIZED VERSION OF BITCOIN ON ETHEREUM

As eBTC’s total supply is limited to 21 million, it reflects the deflationary attributes of Bitcoin on a more flexible and smart Ethereum blockchain. Meaning, with sustainable increase in eBTC’s value, its purchasing power would also appreciate making it the only Bitcoin representative on the Ethereum blockchain having deflationary characteristics. Deflationary nature of eBTC further means it could serve as a sustainable and appropriate store-of-value mechanism on the Ethereum ecosystem. Ironically, ether’s total supply is currently uncapped. This signifies an interesting phenomenon: eBTC, a deflationary digital currency, would function on the decentralized blockchain with the optimized assistance of an inflationary crypto-fuel i.e. ether.

Considering the inflationary quality of ether and its relatively stable prices, eBTC would continue to sustainably experience the lower transaction costs of the Ethereum network. eBTC’s Smart Contract Capability and Ethereum’s Futuristic Developments Being an ERC20 tokenized version of Bitcoin on the Ethereum platform affords eBTC an innovative advantage of working with a diverse variety of Ethereum-enabled smart contracts, DApps and DAOs. eBTC strategically plans to coordinate with and integrate such innovative use-cases which would help in making it a truly global and highly-accessible electronic cash and payment system. With adoption and gradual evolution, eBTC may also become a strategic asset for the Ethereum ecosystem. Conclusion We have discussed the fundamental design, concept and implementation features of eBTC as a tokenized version of Bitcoin on the Ethereum blockchain serving as an efficient, robust and more flexible peer-to-peer electronic cash and payment system.

We started with the evolution of trust-less consensus mechanisms and laid down the progress of Bitcoin’s distributed consensus into Ethereum’s more flexible, diverse and interoperable abstract foundational layer. We then discussed how eBTC came into existence as a direct consequence of Bitcoin’s evolution into what later became to be known as Ethereum’s blockchain. We highlighted the prevailing concerns of slow block times, higher transaction costs, centralized mining, and ever-growing forks of Bitcoin’s ecosystem – which currently lack smart contract support, and how eBTC may solve all these issues while functioning as an ERC20 version of Bitcoin’s core ideals on Ethereum’s vastly capable and continuously-optimizing ecosystem. We also documented eBTC’s fundamentals, its technical aspects, and how the committed and diverse global community is critical for eBTC’s general awareness and mainstream adoption. We believe, with adoption and awareness, eBTC may allow such global communities to experience Bitcoin once again on a more flexible and efficient blockchain without having to go through the ideological and politically-charged debates about the ever-growing Bitcoin forks.