tBTC project manager Matt Luongo announced on twitter that the money deposit service has been suspended for 10 days.
“Tbtc lasted on mainnet for two days. AKA, it was born before it was time… we pulled the red lever, pausing the deposit for the next 10 days, and we are helping users drain the funds. we will post a full post-mortem as soon as possible… and rise again,” he said.
tBTC lasted on mainnet two days. Alas, it was born before it’s time.
Goodnight, sweet prince🌹
We’ve pulled the red lever, pausing deposits for the next 10 days, and are helping users drain funds. We’ll publish a full post-mortem when confirmed… and we will rise again.
— Matt Luongo (@mhluongo) May 18, 2020
As previously reported from Bitconio.net pages to this Link, tBTC is an ERC-20 anchored 1:1: to bitcoin.
The goal of tBTC is to create an ERC-20 token that maintains Bitcoin’s most important property: its “hard money” status.
Among the main focuses that make tBTC different from Wrapped technology solutions, there are:
* Resistance to censorship and crisis
* Equal number of BTC reserved support
* Resistance to inflation (tBTC is coined after the deposit of btc)
* Resistant to leverage
* Absence of intermediaries
Instead of relying on a single custodian as wbtc or federation of custodians as liquid, tBTC is supported by a decentralized multi-federate anchor model.
The system is built on a power model designed so that tbtc can be coined or redeemed for btc
at any time without friction from third parties
Meanwhile the value of Btc committed as liquidity on the ethereum network can be summarized in the following tweet
There is $34,142,137 worth of BTC on Ethereum.
The recent launch of TBTC has inspired me to create a dashboard to track Bitcoin’s progress on Ethereum:https://t.co/ojNSK3djhc
So far it’s tracking WBTC, HBTC, imBTC, sBTC, pBTC, renBTC, and TBTC.
— lastmjs.eth 🕸 (@lastmjs) May 16, 2020
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Independent researcher and consultant, crypto activist.