safety – The right way to confirm Wrapped Bitcoin (WBTC) issuance


Nonetheless, how do I do know that BitGo has the personal keys for these UTXOs?

You want to belief Bitgo that they’ve the keys.

Am I supposed to simply settle for the bonafides of BitGo and their audits, or is the a technical method to take away that belief?

These transactions and UTXOs are solely useful in transparency to some extent and preserve monitor of issues. You continue to must belief BitGo for every little thing involving WBTC token.

Additionally there could be different points with such tokens:

Anybody can create such tokens and publish some information on their web site for random transactions. Instance: I can create a token on a community which has nothing to do with Bitcoin. Use the image “PBTC” for it. Do some transactions, share some UTXOs on web site and the advertising crew promotes it as “PBTC scales Bitcoin and is best than Bitcoin”. Individuals who use this token must belief me, use the community that it was created for and picture it’s similar as BTC as a result of image “PBTC”.

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