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Bitcoin based on the Polkadot blockchain network will appear in 2021

  • Bitcoin will appear on the new blockchain in 2021

  • Any owner of traditional bitcoin will be able to make an analogue in the Polkadot network

  • New asset price pegged 1: 1 to traditional bitcoin

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The leading digital asset by market capitalization will appear on the new blockchain network as early as next year, the developers said.

Blockchain-based Bitcoin ...

Bitcoin is planning a triumphant march beyond the Ethereum blockchain. According to the developers of another ecosystem, Polkadot, the popular cryptocurrency will appear on the new blockchain in early 2021.

Interlay will be responsible for creating an asset pegged at a price to traditional bitcoin. New Token Functioning As the use of cryptocurrencies increases, new types of tokens appear. They can represent value or something intangible like voices. Two … More called PolkaBTC will be based on the Proof of Concept method.

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The launch of bitcoin on the new parachain is planned with the support of a grant from the Web3 Foundation. The first test on the Alpha network is scheduled for November 2020, and the functional beta is scheduled for January 2021. The launch of the mainnet network itself is scheduled for February-March 2021. According to the official announcement, the Polkadot-based Bitcoin parachain will be managed by a decentralized network that will include members of the cryptocurrency community and companies..

Your own Bitcoin creator

A notable feature of Polkadot-based bitcoins is the low threshold for token creation. Any user can create their own version of Bitcoin on Polkadot, pledging Bitcoin as collateral.


Also, users will be able to convert PolkaBTC back to Bitcoin regardless of the change of ownership.

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Polkadot is a blockchain ecosystem created by Ethereum co-founder Gavin Wood. In May 2020, Wood announced that with the help of parachains and multithreading, the Polkador network will be able to process up to 1 million transactions per second. For clarity, the international payment system Visa is capable of supporting up to 24 thousand transactions per second.

At the time of this writing, the price of the native Polkadot token, DOT / USDT, is $ 3.94.

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