Interlay has launched the interBTC (iBTC) on Polkadot. InterBTC, according to the developers, is an asset secured by 1 to 1 bitcoin with a network of decentralized repositories. Its main task is to ensure the operation of bitcoin in decentralized blockchains. In addition, the asset can be used to work with NFT and internetwork transfers.
No one will tell you about their work better than the authors themselves, so we suggest you study how its creators see the work of InterBTC.
InterBTC is a parachain of Polkadot. That will allow you to work in networks such as Ethereum, Cosmos, Kusama.
Today InterBTC works with the help of Acala and Moonbeam, but the developers do not plan to stop at these networks. In the future, it will work together with decentralized networks like Ethereum, Cosmos, Solana, Avalanche.
In our articles, we have repeatedly written that transparency is important for the work of any project. This increases the trust of users and positively affects the image of the company or project. We are very Interlay that Interplay says that transparency is their value and introduces us to their team.
«We live decentralization and transparency. We’re 100% remote and all our code is open source. We’re not anonymous — we stand by our product. Our projects are community-owned and backed by top-tier scientific papers. Founded by ex-Imperial College PhDs, we collaborate with leading research labs and tech companies around the world.»
The team reinforced its intentions to work honestly and openly by conducting audits together with Quarkslab, SR Labsand NCC Group even before launching its product.
Let’s hope that InterBTC will be successful, and the development team will be able to achieve all the goals they have outlined for the successful operation of the project. We will observe and share our findings with you.