Base Layer Episode 118 - Matt Luongo (Thesis)
Matt joins me back on Base Layer to do a thorough explanation of tBTC. The goal of TBTC is to create a trustless system for using Bitcoin on Ethereum-based systems and could be seen as critical infrastructure for the success of the broader ecosystem. The goal of tBTC is the creation an ERC-20 token that maintains the most important property of Bitcoin — its status as “hard money” … The ability to trade scrip for its backing deposit freely is what distinguishes a backed currency from fiat money. The supply of tBTC is always backed by an equal number of reserved BTC. This means for every token in circulation, 1 BTC has been removed from circulation.” This is such an interesting project - one to listen to!