This project brings Bitcoin to the Cardano ecosystem

October 3, 2022 Editor Bitcoin 0

  • AnetaBTC introduces an updated roadmap on bringing Bitcoin to the Cardano network.
  • The roadmap reveals that the full integration of the BTC wrapping protocol on the AnetaBTC site will happen by Q2 2023.

AnetaBTC (a decentralized protocol) has updated its roadmap on bringing BTC to the Cardano network. The firm’s mission statement states that its primary objective is to become a completely decentralized Bitcoin wrapper protocol. While AnetaBTC’s cNeta token is built on Cardano, the protocol has no direct affiliation with any blockchain.

The project focuses mainly on Ergo and Cardano since they are the most secure blockchains. AnetaBTC wants to accomplish some big plans in the fourth quarter of 2022. It wants to start a bug bounty program and start BTC wrapping on its main network. Also, the firm plans to conduct its first governance voting this quarter.

However, the project plans to update its website. Then, release its white paper before the end of the first quarter of 2023. By the beginning of the second quarter of 2023, AnetaBTC hopes to have launched BTC wrapping on Cardano’s main network. It also hopes to have completed the launch on a test network before launching on the main network. Within the same period, AnetaBTC also plans to have its bug bounty available for the Cardano network within the same time.

The roadmap to full integration

According to the roadmap, the completion of the integration for the BTC wrapping protocol on AnetaBTC’s website should happen by the second half of next year. The project plans to expand on other networks, notably Algorand and Ethereum. Then, launch its token-backed stablecoin alongside these other projects.

There are currently no Bitcoin solutions on Ergo and Cardano networks, even though several crutches are available. AnetaBTC’s Q4 2022 roadmap also revealed that AnetaBTC would launch its cNeta staking before the end of this week once the cancel staking functionality becomes available.

The project plans to launch its wrap testnet on the Ergo network before the end of this quarter, while it will launch its bug bounty program on Ergo in the next few weeks. It also plans to open source its smart contracts to financially motivate community developers to contribute to its wrapping protocol through testing and finding bugs. However, this open sourcing initiative will happen after its final smart contracts’ completion and internal testing.

The AnetaBTC team believes it can accomplish its vision of becoming a fully decentralized project once it achieves the above core steps. A fully decentralized protocol means that the community determines all the project intends to achieve. It emphasizes that there might be changes to this roadmap as events occur.

However, the community will receive updates regarding any of these changes. According to the blog post, AnetaBTC is cautious with its development approach to guarantee an enjoyable user experience, security, and correctness. AnetaBTC token is down 9.71 percent in the last 24 hours and currently trades at $0.067, according to Coinmarketcap data.