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.
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