tBITC is Live on Ethereum!
By collaborating with Tornomy, transformed BitCash (tBITC) is now LIVE!
tBITC is the Ethereum network version of BitCash. tBITC has the same supply as the traditional BitCash and can be swapped at a 1:1 ratio at any time. This custodial swap is executed via Tornomy where users can swap BITC → tBITC and tBITC → BITC in a few simple steps.
Here is the contract address for tBITC: https://etherscan.io/token/0x8F1A949cC6378DDB34c959d3d70d2Cd5D80f41DB
The mission of ERC20 BitCash is to combine all the unique and exciting features of the BitCash blockchain with the flexibility of an ERC20 token. Some benefits of tBITC include:
- Increased exposure to the Ethereum and ERC20 ecosystem and dApps
- Increased exposure to DeFi
- Increased liquidity (more information in January)
- Use of various ERC-20 compatible hardware and software wallets
- Increase the possibility of being listed on more (decentralized) exchanges
- Potential BITC/tBITC arbitrage opportunities (which further adds to liquidity)
Tornomy ERC20 Wrapping and Unwrapping Guide
1) Go to https://tornomy.com/swap-coin/bitc or navigate to the “COIN WRAPPING” tab on the Tornomy homepage. You do not need to be registered or logged in to use Tornomy’s wrapping service.
2) Choose between Metamask and MyEtherWallet, connect your Ethereum address with Tornomy and press “Connect”. In this example we will use Metamask.
3) Upon connecting your Metamask with Tornomy, you will get a Metamask message requesting you to sign the wallet address with Tornomy. This step costs no gas for the user.
4) After you have signed in, you will be taken to the main wrapping page. For this example, we will use DOGE so our key step is to mint a DOGE ERC20 token (tDOGE). Thereafter, we show you how to release tDOGE and receive our original DOGE coin. Choose DOGE from the dropdown menu.
Once you have selected DOGE, enter the amount of DOGE you want to mint and press “Next”.
In our example, we start with 5,000 DOGE which we want to mint. On this page, you can also see the tDOGE contract address, Tornomy wrapping contract, as well as your destination Ethereum address (this is the address you have connect with from your Metamask or MEW)
5) Now we are taken to the confirmation page where you can once again see and confirm all the minting details and fees. If everything is correct, please click the “Confirm” button. IMPORTANT NOTE: Make sure that you are sending the exact amount of coins to the deposit address. In particular, make sure that you take any related blockchain fees and/or exchange withdrawal fees into account.
6) Once you have clicked “Confirm”, a popup window will appear, containing the Ethereum deposit address (click on it to copy) and the amount of DOGE. In this example, you should send 5,000 DOGE coins in a single transaction to the provided DOGE address.
Tip 1: While waiting for the transaction to arrive, you can freely minimize and reopen the DOGE deposit popup window by clicking on the top-right notification window. Also, by clicking on the notification window, you are able to check the TXID and confirmation progress while the transaction is still pending.
Tip 2: By clicking on your ETH address in the top right corner, you can find your transaction history.
7) Once the DOGE transaction is complete (deposited), you will get another popup window prompting you to “Submit to Ethereum”. Just click on it.
8) Once you clicked on it, it will open your Metamask where you now have to confirm the transaction to receive tDOGE (ERC20 DOGE).
9) Once that transaction is confirmed on the Ethereum network, you will immediately find tDOGE in your Metamask wallet. In case you don’t see your tDOGE in your Metamask wallet, make sure to add the token contract address by clicking the “Add token” button under “Assets” tab in Metamask and pasting the tDOGE contract address under “Custom Token”. That’s it, your DOGE is now on the Ethereum network.
Tornomy ERC20 Releasing (unwrapping) Guide
Our next guide is to show how to easily release tDOGE and get your native DOGE coins back.
1) Navigate to the “Release” tab and choose tDOGE from the dropdown menu. Input the number of tDOGE you want to convert to native DOGE and input your DOGE destination address. Once done, click “Next”.
2) Once again you will be taken to the confirmation page where you can see the contract addresses, your desired destination DOGE address, and related fees. If everything is correct, just click “Confirm”.
Note: If this is your first time converting tDOGE to DOGE, you will have to grant permission to Tornomy for tDOGE withdrawal. You do this by confirming the Approval via a transaction in your Metamask. This step is comparable to when you want to sell a coin on Uniswap for the first time and need to approve Uniswap to do so.
3) After the approval, another Metamask window will popup, this time asking you to Confirm the tDOGE transaction, which will burn your tDOGE and automatically trigger a the transaction which will send DOGE to your desired destination DOGE address.
4) Once that transaction is confirmed on the Ethereum blockchain, press “Submit to Tornomy”. This transaction can be seen in your Metamask with the label “Burn”.
5) After you submit to Tornomy, you will get a popup saying “Waiting to receive your DOGE”. Please wait a few minutes.
6) Once completed, you will get a notification with a pop-up saying the transaction has been completed and giving you links to the corresponding transactions on Ethereum and DOGE blockchains.
7) Finally, check your destination DOGE address where you should find your DOGE. Congratulations! You have learned how to Wrap and Unwrap altcoins to ERC-20 tokens via Tornomy’s WaaS feature!
Tornomy is an EU-based blockchain software house which actively develops resources for the adoption of digital currencies and enables access to a better financial system. Tornomy is ennobling utilities of cryptocurrencies and underlying technologies aimed at helping the development and growth of the whole space. Tornomy’s latest product offers transformation of any virtual asset into ERC20 tokens on Ethereum via their in-house developed wrapping service by simply connecting your Metamask or MEW. Besides that, Tornomy offers B2B and B2C blockchain software solutions (whitelabel or SaaS) including trading engines, portfolio automation, flexible multisig and thresholdsig wallets, backend payment solutions, security advisory, and others.
BitCash is not affiliated with this third-party service. We offer no guarantees on the third-party service. It is always important to do your own research and use at your own risk.
BitCash Official Links:
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Twitter — https://twitter.com/ChooseBitCash
Bitcointalk ANN — https://bitcointalk.org/index.php?topic=5106123.0