{"id":1367,"date":"2017-10-10T18:57:57","date_gmt":"2017-10-10T18:57:57","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=1367"},"modified":"2017-11-07T09:48:37","modified_gmt":"2017-11-07T09:48:37","slug":"ebtc-not-bitcoin-on-ethereum-just-an-erc-20-token-with-a-related-name","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2017\/10\/10\/ebtc-not-bitcoin-on-ethereum-just-an-erc-20-token-with-a-related-name\/","title":{"rendered":"eBTC: not “Bitcoin on Ethereum,” just an ERC-20 token with a related name"},"content":{"rendered":"

\"\"<\/p>\n

eBTC<\/a> puts itself forward as “a tokenized version of Bitcoin on the Ethereum blockchain.” This is not a full-history “dividend fork” of Bitcoin in the manner of Bitcoin Cash<\/a> or Bitcoin Gold<\/a> \u2014 it’s just an ERC-20 token<\/a> that has “BTC” in the name and considers itself a “Bitcoin related asset”, even though there’s no actual relation.<\/p>\n

The Bitcoinlike feature of eBTC is that there are 21 million tokens, divisible to 8 decimal places. And an anonymous creator who styles themselves “Satoshi21.” It does not have mining \u2014 all 21 million tokens exist; the creator gave 97.9% away<\/a> to interested parties in an “airdrop”<\/a> on 30 September 2017, and kept the rest aside for the developers.<\/p>\n

(There is a problem where a bug in the eBTC smart contract<\/a> means the creator could create unlimited tokens<\/a>. They haven’t used this bug and promise they won’t, while the developers work on a fixed version<\/a>.)<\/p>\n

Functionally, this is just an altcoin implemented as a token. You can trade it on Mercatox<\/a>, and (like any ERC-20 token<\/a>) on EtherDelta<\/a>. The price is currently about 12 cents per eBTC on Mercatox, while Ethereum transaction fees<\/a> are around 35 cents.<\/p>\n

\"Become<\/a>

Your subscriptions keep this site going. Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"

But there’s 21 million of them, and the creator uses the name “Satoshi21”!<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[140,141],"class_list":["post-1367","post","type-post","status-publish","format-standard","hentry","category-uncategorised","tag-ebtc","tag-satoshi21"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/1367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=1367"}],"version-history":[{"count":8,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/1367\/revisions"}],"predecessor-version":[{"id":1968,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/1367\/revisions\/1968"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=1367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=1367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=1367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}