💰 What is SWAP.BTC on Hive-Engine?
Introduction:
SWAP.BTC is like a ticket for Bitcoin (BTC) that you can use on a special system called Hive-Engine.
Think of it this way:
Bitcoin (BTC) is the real, famous money.
SWAP.BTC is a special token that says, "I am worth the same as 1 Bitcoin."
This token lets people use the value of Bitcoin right inside the Hive world.
The Special "Ticket" (Pegged Token)
SWAP.BTC is called a pegged token. "Pegged" means it is fixed to the value of something else—in this case, Bitcoin.
You can trade SWAP.BTC for other tokens on Hive-Engine, just like trading cards.
It lets you easily move the value of your Bitcoin into the Hive trading system.
The "Bridge" 🌉
To get SWAP.BTC, you use a Bridge:
To get it: You send your real Bitcoin (BTC) to a special safe spot (the bridge). The bridge then gives you the same amount back as SWAP.BTC tokens to use on Hive-Engine.
To cash out: When you want your real Bitcoin back, you send the SWAP.BTC tokens back to the bridge. The bridge burns (gets rid of) the SWAP.BTC tokens and sends the real Bitcoin (BTC) to your wallet.
What is Hive-Engine?
Hive-Engine is a special platform built on the Hive Blockchain.
Imagine the Hive Blockchain is a fast highway for sharing posts and comments.
Hive-Engine is like a rest stop and shopping mall built right next to that highway. It adds extra features the highway doesn't have.
It lets people create their own custom tokens (like store coupons or club membership points).
It also has a Decentralized Exchange (DEX) , which is like a public market where people trade all these tokens.
SWAP tokens (like SWAP.BTC) are the main kinds of tokens used to bring outside money into this market.
🔒 Keeping It Safe (Security)
Since someone else holds your real Bitcoin when you have SWAP.BTC, you need to know it’s safe.
The Bitcoin you send is held by the bridge team (the people who run Hive-Engine).
You have to trust that these people are holding the right amount of real Bitcoin to match all the SWAP.BTC tickets they have given out.
They use special safe wallets to make sure the value of SWAP.BTC always matches the value of the real Bitcoin they are holding.
Last Words
- That is swap.btc in a short, easy to digest essay.
- Follow
for more info on Hive and the Hive Blockchain
Signature
✍️ About the Author & The INLEO Community
🙋♂️ Author: Shortsegments
This post was written by @Shortsegments, an author who has been covering cryptocurrency, blockchain technology, decentralized finance, Bitcoin, Ethereum, and digital ledgers for seven years.
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