After the cryptocurrency exchange currency announced the launch of its anchor bitcoin BTCB , the market responded differently. There was a voice questioning that the currency was issued in counterfeit currency, and it was said that before the cross-chain technology was truly perfect, it was launched. It is wise to anchor the tokens of mainstream currencies for decentralized exchanges (DEX).
For the former voice, the author thinks that it is a bit brainless. In fact, the asset trading such as BTC that we carry out on the traditional decentralized exchange itself is not a real chain transaction, but belongs to the internal database. Operation, so the probability of a false transaction is true. The BTCB launched by the currency security, as well as other mainstream currency anchor coins that will be launched in the future, actually transfer the transactions under the chain to the chain, which largely eliminates the possibility of fraud, which is related to many people. The assertion of counterfeit currency is exactly the opposite.
Through the btc.com browser, we can see that the 3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb multi-sign address lies 9,001 BTC
Through the coin security browser, we can see that 9001 BTCB anchor coins are currently assigned to addresses in 3 BNB token formats.
Therefore, the first advantage of the BTCB that anchors BTC is that the transaction becomes more transparent, and the user can view the status of the reserve through the blockchain browser and the user's own transaction. However, it is still the fact that the exchange centralizes the custody of BTC assets, thus retaining the drawbacks of centralization.
Also, we may know that Coin's DEX is based in part on the cross-chain project Cosmos code, then we may ask why Coin Dex does not use cross-chain atomic exchange technology directly, but uses the reserve to anchor this way. So, isn't this making Cosmos's code cry in the toilet?
Then, we need to understand a background. At the end of May this year, Cosmos exposed a high-risk vulnerability . As a new blockchain project, Cosmos is likely to have unknown vulnerabilities and cross-chain technology. It is still in the early stages of development. In this context, direct large-scale application will obviously be unreasonable, which is irresponsible to users.
Of course, this does not mean that the company does not intend to adopt cross-chain atomic exchange technology. I believe this is planned, but it requires the community to constantly improve.
In addition, the author also saw an interesting brain hole from the community, saying that Bitcoin is used as a reserve fund, and then the price is stabilized by the price of the legal currency. This solves the tragedy that USDT was frozen by 850 million US dollars. happened.
It sounds like this is like Dai of makerDAO?
By mortgage bitcoin, using smart contracts to issue or destroy stable coins, it sounds very cool, but we need to understand that the currency chain is currently not supporting smart contracts. In addition, the exchange itself is responsible for creating and The idea of destroying the stable currency is not ideal. Therefore, the author believes that the possibility that the BTCB launched by the company will be used to issue stable coins is very low.
But we can't deny that the idea of using Bitcoin as a reserve for the stable currency is worth exploring.
Finally, summarize your personal views on BTCB:
- BTCB is one of the products of the centralized exchange to the real decentralized exchange (DEX). There will be more similar anchor coins in the future. This is the product that everyone needs now, but not the future;
- The issuance of BTCB is beneficial to the currency security DEX and the currency chain;
- The stable currency issued with Bitcoin as a reserve will not be the purpose of BTCB's issuance, but this direction is worth exploring;