Preston Byrne, a partner at Byrne & Storm, P.C., a firm that advises cryptocurrency companies, criticized Ethereum co-founder, Vitalik Buterin for his tweet praising the wrapped Bitcoin on Ethereum (WBTC) project. Byrne said that the solution is inelegant because it requires users to send their BTC to a random address, simply to gain exposure to ETH. Furthermore, the solution requires users to trust the third-party’s claim that each token is worth exactly 1 BTC. WBTC was launched in January 2019 as an ERC-20 standard compliant token on the Ethereum network and is supposedly pegged 1:1 to the value of Bitcoin. WBTC ... (full story)