Internet computing network developer Dfinity Foundation has announced that it will issue ckBTC, the “twin” of Bitcoin but with lower cost and liquidity, backed 1:1 to Bitcoin.
ckBTC is built on layer 2 of Bitcoin, enabling faster and lower-cost transactions without compromising security. Layer 2 refers to a secondary framework or protocol built on top of the existing blockchain.
ckBTC can be deployed to any decentralized finance (DeFi) application on supported networks without the need for the centralized connection services that the crypto ecosystem is now quite capable of. worry about what is A lot of centralization
“ckBTC means low transaction fees, speed, and most importantly, no bridges. This is an important milestone for Bitcoin, and we at the Dfinity Foundation are excited to see projects built on the internet computing blockchain take ckBTC and bring it to new use cases,” said Dfinity founder Dominic Williams.
Internet Computer has set a fee for Liquid Bitcoin at 0.0000001 ckBTC, which is significantly lower than the fee on the Bitcoin network.
ckBTC uses Smart Contracts to transfer assets without intermediaries or cross-chain bridges, avoiding security risks. Users can send Bitcoins in and receive the same amount of ckBTC. Users can bring back ckBTC tokens and get Bitcoin back to your address.
In February, transactions on the Bitcoin network hit their highest in two years due to the popularity of the recently deployed Ordinals protocol, which allows NFT tokens to be stored on the network.
Layer 2 Bitcoin protocols are becoming more like stacks, with STX tokens becoming one.Well profitable tokensMarch’s March Shows Greater Demand for Bitcoin’s Layer 2 Protocols
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