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How do pBTC tokens work on EOS
How do pBTC tokens work on EOS
Defi

How do pBTC tokens work on EOS

By Alfredo de Candia - 17 May 2020

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pBTC tokens, which are 1:1 pegged to Bitcoin (BTC), have recently been introduced on the EOS blockchain, taking decentralized finance (DeFi) to the next level and with the most used asset in this sector.

These tokens were created by the company Provable Things, formerly called Oraclize.

 This guide shows how to buy pBTC tokens and how to move them from the EOS blockchain to the Bitcoin blockchain.

How to buy pBTC tokens 

This will require:

  • The Scatter wallet linked to an EOS account;
  • The BTC to convert to pBTC tokens on the EOS blockchain.

 The first operation is to launch the Scatter wallet and connect to the pTokens dashboard, under the section of pBTC on EOS. Here there will also be a sort of explorer of the system with the transactions executed and the amount of BTC that have been locked – currently just under 4.

Next, you have to click on the side menu on the left and select “Issue & Redeem”.

 At this point, if you want to buy pBTC, it will be necessary to enter an EOS account and click on the “Generate New Deposit Address” button which, as the name indicates, will generate a new address to which we will have to send the BTC.

If instead, we want to convert pBTC into bitcoin we will have to enter the amount of pBTC to convert and then enter a BTC address and click on “Redeem”.

Interestingly, from EOS to BTC the transaction takes just under 5 minutes.

The opportunity created by pTokens

The speed and ease of use of this platform, besides being an entry point for BTC and EOS into the DeFi sector with bitcoin on EOS, allows pBTC to be used also as an alternative to the Lightning Network protocol.

pTokens has also created other tokens as pLTC and they have recently landed both on the Kyber Network protocol and the Ethereum mainnet.

 

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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