This project brings Bitcoin to the Cardano ecosystem
- AnetaBTC introduces an updated roadmap to bring Bitcoin to the Cardano network.
- The roadmap reveals that full integration of the BTC wrapper protocol on the AnetaBTC website will happen by Q2 2023.
AnetaBTC (a decentralized protocol) has updated the roadmap to bring BTC to the Cardano network. The firm’s mission statement states that its primary goal is to become a fully decentralized Bitcoin wrapper protocol. While AnetaBTC’s cNeta token is built on Cardano, the protocol has no direct connection to any blockchain.
The project mainly focuses on Ergo and Cardano since they are the most secure blockchains. AnetaBTC wants to implement some big plans in the fourth quarter of 2022. They want to start a bug bounty program and start BTC wrapping on their mainnet. The company also plans to conduct its first governance vote this quarter.
We’re excited to announce that our updated roadmap is now live! 👼
Details below 😇👇
1/6 pic.twitter.com/DQ211ZhF81
— anetaBTC 👼 Packed BTC on Ergo and Cardano (@anetaBTC) 2 October 2022
However, the project plans to update its website. Then release the 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 wrapper on Cardano’s main network. It also hopes to have completed the launch on a test network before the launch on the main network. Within the same period, AnetaBTC also plans to have its bug bounty available to the Cardano network within the same time.
The road map to full integration
According to the roadmap, the completion of the integration for the BTC wrapper protocol on AnetaBTC’s website should happen by the second half of next year. The project plans to expand on other networks, especially Algorand and Ethereum. Then launch its token-backed stablecoin alongside these other projects.
There are currently no Bitcoin solutions on the Ergo and Cardano networks, although several crutches are available. AnetaBTC’s fourth quarter 2022 roadmap also revealed that AnetaBTC would launch its cNeta venture before the end of this week when the staking cancellation feature 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 coming weeks. It also plans to open source its smart contracts to financially incentivize community developers to contribute to the wrapper protocol through testing and finding bugs. However, this open source initiative will occur after the completion of the final smart contracts and internal testing.
The AnetaBTC team believes it can achieve its vision of becoming a fully decentralized project when it achieves the above core steps. A fully decentralized protocol means that the community decides everything the project intends to achieve. It emphasizes that there may be changes to this roadmap as events occur.
However, the community will receive updates regarding some of these changes. According to the blog post, AnetaBTC is careful with its development approach to guarantee a pleasant user experience, security and correctness. The AnetaBTC token is down 9.71 percent in the last 24 hours and is currently trading at $0.067, according to Coinmarketcap data.
