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1.- Name at least 2 Blockchains that use Wrapped BTC, excluding Ethereum, and show screenshots. Explain.
First of all, before I choose 2 blockchain that Wrapped BTC operate on, I will introduce what a wrapped token is all about since BTC has such.
A wrapped token are known to "wrapped" in the sense that the token is cloned to operates in different blockchain apart from the blockchain it is being originated from.
For an example like the wrapped Bitcoin which is found to operates in other versions of the blockchain, hence the same to other token.
Hence for a token to operate on another blockchain the token has to undergo a configuration process which is known as wrapping which enable a token to serve the same purpose it does on it's cycle (blockchain) to another blockchain, hence is known to be a Wrapped token.
Further more for this to operate effectively it requires a network which for example ERC-20 actually serves in different blockchain in order to bring the two or more token together via transaction or more.
Therefore the essence of this Wrapped token initially was for the (DApps) on Ethereum to convertedd to Ether effectively, meaning convertion of token to another within a cycle of the same network.
1.THE WRAPPED TOKEN ON BITCOIN ON BINANCE SMART CONTRACT
Hence the two blockchain that uses a wrapped BTC are as follows.
Therefore as I have explained in the previous paragragh on how wrapping of token takes place, hence on Binance smart contract has wrapped up the BEP-20 as a network which can used aside on the existing blockchain known as the Binance smart contract (BSC) to function in other blockchain for trading and other essential purposes.
Hence on Binance, the Binance bridge is in charge of the clone or wrapping of the following assets such as the (BTC,USDT,DOT,ETH,BCH,XRP etc) in other to operate under the BEP-20 network which runs on Binance smart contract (BSC).
In Binace the BTC is wrapped to be in form of Bitcoin Bep2 (BTCB) which in turn to be BEP2 token in BTC which is used in trading and many others. Below is the screenshot of this on coin and price at $57, 814.36 as of the time I took the screenshot.
Therefore the essence of token wrapping is to like it is on BEP-20 tokens is as follows
•To have an access to yield farming (DApp)
•To subsidized the gas fees
•For faster transaction
2.WRAPPED TOKEN OF BITCOIN ON SOLANA
On this platform known as the saber, this particular networking platform has a wrapped token represented as #1 coin, which can be found as Salana token.
Therefore Saber is good at swapping and farming platform, which operates and has the salana network in common, which support Wrapped token.
Bitcoin sollet (BTC sollet) as a wrapped token on saber can reviewed on the Solscan, hence at the time of this screenshot.
Therefore through solscan I was able to figure out the vital information attached to the token at time of this screenshot which as follows
•Price= $57,456
•Fully Dilluted Market Cap= $927,914,400.00
•Max Total Supply= 16,150.00
•Holders= 3,238
2.- What is the difference between the wETH of the Ethereum platform and the wETH of the TRON platform? Explain.
wETH ON ETHEREUM PLATFORM
Wrapped Ettherum is know to be written as wETH, Therefore this is known to be a token which stands in place of Ether which is the formal and original mode of Ethereum networking which operates on ERC-20 Network.
Hence at first the Ether is found not to be compatible with ERC-20 in terms of trading without the complenent of the third party. Hence trapped Ethereum is now accepting all transaction without the concept of the third party.The wrapped Ethereum token is much upgraded version which accept all transaction and can run other function independently with errors, which has proved the standard of the ERC-20 and as well to there token which be tracked showing the high level of smart contract which duel in the Ethereum blockchain.
The wETH token is made for faster and secured means for transaction purposes on different decentralized blockchain, there by subsidizing the costing and to improve the work of DApp and as well DEX in the blockchain.
wETH ON TRON PLATFORM
In the year 2020 Tron as a platform was found to have closed partnership with BitGo which has been mention over minting of wrapped token as wETH and recently they are on wBTC, Hence BitGo is now in partnership and rendering services in BTC and ETH both operating with the same network with TRC-20.
Hence the token minting are now regulated based on user that are ready to part of the DeFi on the TRON network and is being reversed which known as burning when ever is not needed any more.
THE DIFFERENCE OF wETH OF THE ETHEREUM PLATFORM AND THE wETH OF THE TRON PLATFORM
•This first and major diiference on my own side in between this two is that wETH of the Ethereum is originated from the ERC-20 standard and as well operate on the Ethereum network, while wETH of the Tron was originated from TRC-20 standard and this was initiated to allow DeFi user and part take on Tron network with there Ethereum.
•As i have mentioned in the previous paragraph above the Ethereum are not made to be converted or burn unlike the wETH of the Tron which is being burned in accordance to the BitGo survey.
•Another difference is that wrapping of Ether for wETH of the Ethereum platform is done through direct conversion of the Ethereum which has to do with the same operating network. Hence the minting of wETH token of the Tron platform has to do with partnership and as well guardianship of the original token which is under the custody of the Bitgo.
3.- Make an investment of at least $ 5 of a Wrapped token. Explain the process with screenshots. You can use the JustSwap platform.
Based on the requirement of minimum of $5 to invest it on wrapped token, I will be using Tronlink for this process of justSwap.
Hence to raid on this process I have my Tronlink already downloaded and well fixed, to Start with i open my Tronlink Application and click on the market at the bottom of the page.
I proceeded to opening the JUSTSWAP and as well open it by CLICKING.
Here I was lead to SWAP with justSwap as it is shown that my Tronlink is connected with my Tronlink balance
Next procedure was to confirm the transaction values and exchange the 111Tron to wETH tokens.
Then I open my window and verify it and CONFIRM the swapping by clicking.
And I proceeded in autheticating the transaction by clicking the CONTINUE BUTTOM
I click confirm and then i added up my Tronlink password and confirm the transaction by clicking DONE
Now I the transaction was SUCCESSFULLY I went back to my Tronlink home page and it is shown on the screenshot, it has reflected on the wETH.
4.- Explain in detail the Wrapped token of the TRON Blockchain. Show screenshot.
Tron as a blockchain has involved them self intermittently on a decentralised finance which has shown a lot of development in the order of developing DeFi, hence in the recent year which happened to be on 18-August -2020, the decentralised exchange which is known as DEX was subjected to function, where by the purpose was to exchange crypto currencies with help of the Dex known as the JustSwap with the coverage TRC-20 as network.
Hence the JustSwap was put in place to help users to acquire their own personal minted token which are not the native token of Tron network.
Hence to acquire this it has to be traded, therefore this also give pace of wrapped token which came as result of merging of the Tronblockchain and the Bitgo crytographic platform which has reached agreement on having custody over the Tron blockchain and the wrapped currencies.
Hence the Bitgo coin are synthetic which are in line to run on TRC-20 network which run with the help of the JustSwap for exchange for any token under the operation of TRC-20.
In conclusion on this, is that the Bitgo crytogragh are in charge of the custody of the Tron blochain over the minting and storing of the token, hence the wrapped token is set to be burned in order of the network maintainance.
As regards to the question requirement over screenshot on the wrapped token on the Tron plateform are as follows WBTC, WETH, WBTT, WTRX and as well in the screenshot below.
5.- What is to mint a Wrapped token? What is burning a Wrapped token? What is your function? Create an example explaining the process.
To start with, we all know that when ever mint is mentioned we are referring to a new thing, hence on these aspect of minting of a wrapped token means creating or manufacturing of new token which have the same characteristic of the previous one.
Minting a wrapped token simply means creating a new wrapped token of that same token.
Therefore the minting of the wrapped token actually has a process attached to it, hence the first to negotiate this action is known as the MERCHANT, while those having coverage or regulating the token are known as the custodian, The custodian work is to generate the keys being used in the minting of the token, therefore the custodian can't do it alone without the help of the merchant which is known for distribution of the token.
For more integraion on how this work between the merchant and the custodian over the minting of the wrapped token.
For an example if a merchant wanted to buy 25 BTC the process are as follows.
•First of all the merchant is expected to figure out the minting process.
•secondly the merchant is expected to send the BTC to the custodian.
•Here the custodian mint the wrapped Bitcoin (wBTC) with the keys he has control over, and as well forward it as a contract.
•The custodian receives the twrapped Bitcoin (wBTC).
BURNING OF THE WRAPPED TOKEN
On this aspect when ever we talk about burn mean to change and convert the form of a thing hence burning of wrapped tokens involves the process of converting minted wrapped Bitcoin (wBTC) to the of Bitcoin (BTC) with the help of the merchant.
To show how this work, as I said before a merchant is in need for 25 BTC from wBTC, he started burning the wrapped token while the custodian confirms the deals, with deduction of the wrapped token applicable, which gave him the 25BTC.
Conclusion
In conclusion the rappid innovation surrounding the blockchain has created deep impact over some our daily living.
With how the the blockchain world is configured has made alot easy to our comfort.
Hence as regards to the wrapped token as mention on this topic, the improvement has shown the use of BTC and other assets over the interconnection problem between one blockchain and the other which operates in the same network has being resolved making transaction of all kind so easy and fast.
But with all this in place, there are minor issue behind wrapped token and like wETH and wBTC which are under the custody of the BitGo company as a centralised system in it's making, meanwhile this should be decentralised due to the level of technology we are operating on.
Therefore the use of the wrapped token has made a great interconnection of of the blockchains which fasten the network system in term of converting of token.