eBTC or eBitcoin is a version of the original Bitcoin in tokenized form but on the Ethereum blockchain. The idea behind this ERC20 coin was to solve problems related to cost of transaction, speed and scalability. It also proposes to deal with the inefficiency of the smart contract associated with the original Bitcoin blockchain. The platform will be using the more efficient and scalable Ethereum blockchain layer to achieve this. eBTC will be supported by a dynamic, diverse, and committed global community, in becoming a faster, affordable, and flexible P2P cash and payment system.
The amazingly simple design of eBTC makes it easy for the currency to address the many areas of debate associated with Bitcoin. The platform has also been designed to add smart-contract capabilities to the core ideals of Bitcoin. The developers aim to make eBTC a cost-effective, fast, and fully decentralized payment processing mechanism that’s indeed global. At the same time, it will also integrate the developments in the Ethereum layer so that eBitcoin will be a true representative of the core values of the original cryptocurrency.
There was a major error in the original implementation of eBTC. This flaw could have made it possible for the developer to create more than the decided supply of 21 million eBTC coins. Thankfully, this flaw was never misused. The Foundation decided to carry out a swap of the contract by which all existing holders of tokens would receive new error-free tokens after a pre-specified block.
The new ERC20 smart contract architecture was implemented soon after this announcement. The holders were delivered the new tokens after a process of high scrutiny of the extensively-audited new contract. The current contract can be reviewed by anyone as it is published as an open source on GitHub.
It is the belief of eBTC developers that there is a need for a dynamic community of enthusiasts who will back the cryptocurrency all the way and ensure a sustainable evolution happen for the digital currency ecosystem. The foundation for eBTC is headed by individuals inspired by the idea of eBTC. They are aware that word must be spread about the unique abilities of eBTC and how it can prove to be a game-changer of sorts for online financial dealings.
The total supply of EBTC is 21,000,000 and the coins in circulation are 18,897,126. The market cap of the currency stands at $6,995,603. The EBTC currently trades at $0.370194. The coin ranks 446 in the cryptocurrency marketplace.
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