There’s a new Simple Ledger Protocol (SLP) based token called BTC2 that’s backed 1:1 with BTC. People can obtain the BTC2 token using cryptocurrency swapping application Sideshift.ai. With BTC2, you can essentially transact BTC, but with the same network fee (less than a penny) as bitcoin cash transactions.
Introducing BTC2: Where Store of Value meets Medium of Exchange
In January, news.Bitcoin.com reported on the launch of Sideshift.ai, an application that allows users to swap cryptocurrencies between chains. Sideshift AI was created by Andreas Brekken, the CEO of review site Shitcoin.com, and the notorious individual who once held $220,000 worth of BTC on the Lightning Network. Since then, Sideshift AI has improved a great deal and features a wide variety of crypto assets to trade. One asset recently introduced is an SLP-based token called BTC2. The BTC2 token (not to be confused with the BTC fork of the same name) is basically an SLP token built on Bitcoin Cash that’s backed 1:1 with BTC. Sideshift AI is the custodian of the collateralized BTC and Brekken told news.Bitcoin.com that Sideshift.ai is to BTC2 what the firm Tether is to USDT.