Interlay is set to come up with Wrapped Bitcoin PolkaBTC in 2021. This is expected to be a crucial step leading to a truly interoperable ecosystem.
It is important to recollect that Interlay has released a detailed technical specification for a working POC implementation. Having been successful in the previous pilot project, Interlay are speeding up on their efforts to come up with better results.
Interlay are speeding up in their efforts to complete the BTC Parachain in Q1 2021. This project is funded by a Web3 Foundation Grant. A feature ready beta is due in January 2021. There is a special sign up access for those who are willing to get early access and testnet PolkaBTC in action.
When PolkaBTC will be deployed, users are going to be able to mint 1:1 Bitcoin-backed assets onto Polkadot.
PolkaBTC is hailed to be worthy because it is unique and it is strictly trustless and open. The good thing is, there is a guarantee that it is always possible to redeem PolkaBTC for BTC or it can be reimbursed in the collateral currency for a beneficial rate. When a vault misbehaves, the users will be reimbursed from the Vault’s collateral. This will eventually lead to making a very profitable trade between BTC and DOT.
At the time of the launch of PolkaBTC, the collateral will be put down in DOT and it will further be extended to stable coins or token sets to improve stability.
In this regard, Sydney Ifergan, the crypto expert tweeted: “I like the way Polkadot (DOT) states that to trust the PolkaBTC Bridge one needs to Trust that the Bitcoin is secure and also should Trust that Polkadot is Secure.”
There was a recent discussion in the Polkadot community about the maximum number of validators in the active set as having increased by 1 each era for 44 eras, leading to a new maximum of 296.`
It was also stated that in the near future, in preparation for parachains, all validators will have to rotate their session keys to add approval assignment and approval vote keys.
It was also pointed to that more than 2.5 million weighted DOT have voted “Aye” for Referendum 12 in the last 24 hours, apparently due to linking the referendum with information on the proposal yesterday.
Also,barring any last-minute surprises, it appears that Proposal 7 will be the next Referendum. In summary, new keys are coming to Polkadot to support parachains.