Article Summary, Automatically Generated By AI
About Bitcoin BEP2
Key Points
- Bitcoin BEP2 (BTCB) is a token on Binance Chain, 100% backed by a BTC reserve.
- 1 BTCB = 1 BTC, with a publicly available reserve address for verification.
- Founded by Changpeng Zhao (CZ), CEO of Binance.
- BTCB provides access to more trading pairs, increased liquidity, and transparency.
- Circulating supply: 73,096 BTCB, total supply: 80,501 BTCB (as of July 2021).
- Secured by a combination of delegated proof-of-stake (DPoS), practical Byzantine Fault Tolerance (pBFT
Introducing Bitcoin BEP2: A Revolutionary Cryptocurrency
Introducing Bitcoin BEP2 (BTCB): A Revolutionary Cryptocurrency
Bitcoin BEP2 (BTCB) is a token native to the Binance Chain, boasting a 1:1
parity with Bitcoin. Each BTCB is fully collateralized by a corresponding BTC
reserve, ensuring a stable price peg. Furthermore, the reserve address is
transparently available for public verification at all times, fostering trust
and accountability.
The Binance cryptocurrency exchange has taken a significant step towards transparency by publishing the reserve address of its Bitcoin BEP2 project, thereby inviting third-party scrutiny of the Bitcoin pool’s contents and facilitating a comparison with the number of BTCB tokens in circulation. This initiative is part of Binance’s broader effort to provide users of its decentralized exchange (DEX) with affordable trading opportunities, a key service supported by Binance Chain.
Since its inception on April 18, 2019, Binance Chain has made significant strides in achieving decentralization and interoperability in a remarkably short span of time. The introduction of Binance Chain Evolution Proposal 2 (BEP2) in June 2019 marked a pivotal milestone, outlining a comprehensive set of technical specifications, guidelines, and management criteria that tokens must adhere to in order to seamlessly operate within the Binance Chain ecosystem.
The Visionaries Behind Bitcoin BEP2: Unveiling the Founders
Changpeng Zhao, affectionately known as CZ within the crypto community, is the visionary founder and CEO of Binance, which remarkably ascended to become the world’s largest cryptocurrency exchange by daily traded volume in a mere 180 days. A McGill University alumnus in Montreal, he holds a degree in computer science. With a background as a skilled coder, having developed high-frequency trading systems, he has been intensely focused on blockchain technology since 2013, fully immersing himself in the realm of cryptocurrencies.
Notably, CZ also serves as the CEO of BijieTech, a company he founded in 2015. Prior to this venture, Zhao co-founded OKCoin, where he held the position of CTO, and concurrently launched his own futures platform. Additionally, he has held the role of head of the technology department at Blockchain.info. In 2017, he officially launched Binance, a milestone that would mark the beginning of a new era.
Unveiling the Uniqueness of Bitcoin BEP2 (BTCB)
While Bitcoin falls short in the realm of decentralized finance (DeFi), developers are compelled to seek creative solutions, grappling with the hurdles of exorbitant fees and the laborious process of crafting smart contracts. Bitcoin BEP2, a Bitcoin clone minted on Binance Chain, boasts a price that closely mirrors that of its underlying asset – Bitcoin – with each BTCB being backed by an actual BTC, ensuring a high degree of parity.
The pegged BTCB tokens are inherently 100% collateralized by their underlying reserve asset, Bitcoin itself. The benefits of utilizing BTCB include:
- With the introduction of BTCB, traders on Binance DEX have been able to access and trade Bitcoin, even when it’s hosted on a separate blockchain, thereby expanding the range of available trading pairs and contributing to increased trading volumes.
- The growth in available assets has been accompanied by a corresponding surge in liquidity, a development that benefits exchange users.
- Binance has established a strong reputation over the years, earning the trust of its users, who are consequently willing to store their Bitcoin on the platform to access BTCB.
- On Binance Chain, the BTC reserves are transparent and publicly accessible at all times, a testament to the project’s commitment to transparency.
- According to exchange representatives, while this approach may be more centralized than atomic swaps, it is more intuitive and easier for most traders to grasp and utilize.
- If developers wish to migrate their assets to Binance Chain, the platform actively facilitates and streamlines this process.
Associated Resources
Delve into the world of Binance Coin (BNB) and Bitcoin, and discover the intricacies of these two prominent cryptocurrencies.
Delve into the world of decentralized finance and discover the essence of a decentralized exchange (DEX) with CMC Alexandria’s comprehensive Crypto Glossary.
Delve into the intricacies of Binance Smart Chain: A Technical Exploration.
Delving into the realm of tokenization, BEP-2 stands as Binance Chain’s proprietary standard. Here’s a comprehensive overview of this innovative protocol.
Stay abreast of the latest developments in the cryptocurrency realm by visiting CoinMarketCap’s blog, your premier source for up-to-the-minute crypto news.
What Is the Circulating Supply of Bitcoin BEP2 (BTCB) Coins?
Bitcoin BEP2 is a token that leverages the BEP-2 technical standard, as outlined in Binance Chain Evolution Proposal 2, to facilitate the issuance and sale of tokens on Binance Chain. Notably, Binance Chain boasts its native token, Binance Coin, which serves as the primary medium for fee payments. Consequently, to transfer BEP2 tokens, it is essential to hold BNB tokens in your digital wallet.
Notably, BTCB holders are empowered to swap their coins for a diverse array of tokens on Binance DEX. Furthermore, token holders are also afforded the opportunity to exchange Bitcoin BEP2 for Bitcoin on the primary Binance exchange.
As of early July 2021, the currency boasts a circulating supply of 73,096 BTCB and a total supply of 80,501 BTCB.
The Security Mechanisms Underpinning the Bitcoin BEP2 Network
Bitcoin BEP2 is anchored to Binance Chain, which leverages a hybrid consensus mechanism that combines the delegated proof-of-stake (DPoS) and practical Byzantine Fault Tolerance (pBFT) algorithms. This synergy offers a significantly more environmentally friendly alternative to the energy-intensive proof-of-work (PoW) algorithm. Furthermore, the Binance blockchain is reinforced by the Tendermint byzantine fault tolerant (BFT) consensus mechanism, ensuring an additional layer of security.
Where to Acquire Bitcoin BEP2 (BTCB)?
Bitcoin BEP2 is a decentralized digital asset that defies the conventional mining paradigm, rendering it unprofitable for mining ventures. Instead, BEP2 tokens can be freely traded like other digital assets. To acquire BTCB, you’ll need to purchase it through reputable crypto exchanges, including Binance DEX, PancakeSwap (V2), MDEX, DODO BSC, Demex, SwipeSwap, JulSwap, HitBTC, Venus, BEPSwap, OpenOcean, BakerySwap, and THORChain.
New to the world of cryptocurrency? Discover how to navigate the process of purchasing Bitcoin and other digital tokens with our comprehensive guide.
Curious about the time it takes to mine a single Bitcoin? Click here to find out.