pTokens, a cross-chain token platform, announced today it had added Bitcoin to the Ethereum blockchain, with pBTC now added to its testnet. This follows EOS (pEOS), which was the first token available on the testnet launched last month.
pBTC is an ERC-20 token representation of bitcoin. It is pegged 1:1 so its value is intrinsically linked to that of bitcoin. Holders will be able to lock their BTC and instantly mint new pBTC, maintain their stake in bitcoin, while also making their coins completely useable in the Ethereum ecosystem.
“pBTC presents a new paradigm; it makes bitcoin (BTC) compatible with the Ethereum blockchain, which currently has the most advanced DeFi industry. This invites Bitcoin users to explore the 100s of Ethereum DApps, platforms and tools available today. You can try out pBTC for yourself using our custom-made DApp.”
– The pTokens Team
pTokens (such as pEOS, pBTC and many others) are:
- Portable – pTokens can teleport any token to a different blockchain, without any friction.
- Pegged. – Every pToken is transparently pegged to its respective token. It is a trustless 2-way peg.
- Provable – A decentralized process makes everything transparent. Anyone can peg-in/peg-out via the pTokens DApp.
Provable pTokens identify a token that is provable, portable and pegged. A Provable pToken is an Ethereum ERC-20 token pegged one-to-one to a non-ethereum based cryptocurrency via a TEE oracle.