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Is Native $BTC on the Internet Computer?

1/6 Native BTC on the Internetcomputer is one of the most highly anticipated features. But what exactly is native BTC and why is it such a gamechanger?

There is a lot of confusion that needs to be explained around the concept of native BTC.

2/6 Native BTC on the IC uses the following symbol ckBTC.

ck refers to Chain Key. With ckBTC, a canister smart contract is responsible for minting and redeeming wrapped tokens, instead of having some centralized party handle the minting and redeeming.

3/6 Recently with soBTC (wrapped BTC on Solana), soBTC lost all it's value following the FTX failure.

With ckBTC users deposit native BTC to a canister smart contract controlled BTC address to obtain ckBTCs.

4/6 “ckBTC minter”, always remains fully backed with one native BTC for every ckBTC it issues. You can always use this canister to redeem your ckBTCs to get native BTC back. ckBTC minter would be controlled by the NNS, so it can’t suddenly stop / disappear.

5/6 What are the benefits of using native ckBTC?

Can transfer/swap/send ckBTC immediately on the IC on AMM and Dex's, use it in DeFi apps like @spnrapp for private BTC transactions.

Learn more:

Direct Integration with Bitcoin

6/6 I hope you've found this thread helpful.

Follow me @WeekInDfinity for more.

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