This article was first published on Metal Blog
As the first cryptocurrency ever created, Bitcoin is the most dominant coin on the planet. Individuals, institutions, and everyone in between is clamoring to get their hands on BTC, and the use cases are too numerous to count.
While many people buy BTC as a store-of-value, others want to use it like actual money in various ways. However, Bitcoin has its own blockchain – integrating it into a separate blockchain ecosystem is nearly impossible unless accommodations are made. That’s where the idea of “wrapped Bitcoin” comes into play.
Imagine wrapped Bitcoin as some amount of bitcoin that has been attached at the hip to a different blockchain’s token. As a result, that portion of BTC can be used on the other blockchain’s network, making it easier to integrate into dApps and other projects. One of the more popular forms of wrapped Bitcoin is WBTC – which is bitcoin that has been wrapped in Ethereum, giving it access to the entire Ethereum ecosystem.
However, gaining access to the Ethereum ecosystem also brings the challenges posed by that same ecosystem. Long transaction times, high gas fees, and other limitations result in BTC that, while accessible to more wallets and dApps, is sometimes more expensive and costly to use than before. The current average ETH transaction fee is $9.98, and ETH transaction times can exceed 5 minutes on any given day. That means buying wrapped Bitcoin will cost you more and take you longer than you’d want to wait.
Proton does it better. The Proton blockchain is capable of up to 4,000 transactions per second, meaning users will experience virtually instant transactions when using Proton or Proton-wrapped cryptocurrencies. The Proton blockchain also charges no gas fees to end users – transactions on Proton are free. This means spending $10 in the Proton ...
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