So Bitcoin on Eth to be used for DeFi.
The first and biggest bitcoin peg on eth is Wbtc but that is just one key holder and one company controlling it.
So people been working on more "trustless" pegs such as tbtc and renbtc and pbtc?
Tbtc=is like having a token backed by $1 worth of bitcoin and $1.5 worth of eth. So if the people controlling the key do take the bitcoin, the eth is safe and given to the holder. It can be taught as type of shorting/longing bitcoin/eth.
Renbtc=is like a trustless bitgo i.e masternodes owning the key instead of one company. Risky but less work needed than tbtc
Pbtc: technically one company pegging it but bitcoin secured by HSM which allow even a rogue actor not able to steal the bitcoin this is used by Rsk and Liquid.
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