(x-post from Altcoins)
The value of Bitcoin with the speed and power of Ethereum.
Introducing: Deluge Network
What we are:Deluge Network is the first service to allow users to directly contribute Bitcoin to an ICO without an exchange. Transaction times and fees will be minimal, and the transaction will be as simple as identifying an ICO's address and sending Bitcoin using Deluge wallet software. Users can also receive Deluge Bitcoin Token (DBTC) directly back to their wallet if a simple conversion is preferred.
In essence, Deluge Network enables Bitcoin to act as if it is moving on the Ethereum blockchain.
Unlike traditional exchanges, Deluge Network will be inexpensive, direct, and extremely fast. It will give Bitcoin holders a clear, private, and easy path to contribute to ICOs or exchange Bitcoin to ERC20 without using an exchange.
How does it work?- Deluge Network will enable Bitcoin to act as if it is moving on the Ethereum blockchain by fully backing the Deluge Bitcoin Token (DBTC) with an equal amount of Bitcoin (BTC). This will allow fast and easy conversion both to and from Bitcoin.
- To use Deluge Network to turn Bitcoin into DBTC, users will send Bitcoins using Deluge wallet software. The Deluge wallet software will send a receipt to the Deluge smart contract on Ethereum. The Deluge smart contract will verify the receipt and mint DBTC into the user’s Deluge wallet.
- To contribute directly to an ICO, users will designate the ICO’s address using the Deluge wallet software so that the DBTC can be contributed once converted.
- In reverse (DBTC to BTC), the user will use the Deluge wallet software to initiate a burn of the DBTC. The Deluge smart contract will send a notification of the burn, along with some data, to a network of validators. If a sufficient number of validators confirm, a transaction for the appropriate number of Bitcoins will be executed.
Full technical details coming very soon. Join our Discord and Twitter communities to receive updates first.
Deluge Network will not hold an ICO. DBTC will be minted on demand.
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Thank you for your feedback and interest. We will continue to update this post as this discussion and our project evolves, and we invite you to join us on this journey. Give us your thoughts below.
