Polkadot (DOT) Has Bitcoin (BTC) Coming to It through Interlay Bridge in 2021

Polkadot (DOT) considers the first full integrations outside the Ethereum Ecosystem between Polkadot and Kusama tokens (DOT and KSM) into their tech stack.  A lot of things has happened for Polkadot ranging from launch, re-denomination, and a wealth of great projects, which is set to be a part of the community, among several other things.

Polkadot recently celebrated their integration on Gitcoin by organizing a Hello World by Polkadot.  They are putting forward a series of challenges to help developers experience the feeling of developing on Polkadot.  Apart from helping in improving developer skills the DOT and KSM are cool swag up for grabs.

The bounties that are offered are those which are interesting to all skill levels.  The categories and prizes are “7 Beginner, 3 Intermediate, 4 Advanced and 9 Ecosystem.”  To make things easy for developers extensive resources guide people along the way.

There is also an extra prize for those who complete 18 or more challenges amounting to 150 DOT. Valid submissions are crucial for participation.

Sydney Ifergan, the crypto expert tweeted:  “It has been stated that to trust the Polkadot Bridge, users will have to trust that Bitcoin and Polkadot are secure.  Building a Trustless System with Trust!”

Polkadot (DOT) Interlay Bridge

Bill Laboon, Technical Education Lead at Web3 Foundation tweeted:  “Bitcoin is coming to Polkadot through the Interlay Bridge in early 2021.”

The BTC-Parachain is considered to be trustless and open.  Trustless, refers to the fact that the bridge does not have any central authority.  Right from the beginning, the BTC-Parachain is set to be run by a decentralized network of individuals, community members, and companies.

Open is to be considered in the spirit of permissionless systems like Bitcoin, which means anyone will be able to participate in operating the bridge as opposed to other approaches, where it will not be necessary to take permission or other additional tokens to become a maintainer to begin earning fee.

Those who hold the PolkaBTC have the guarantee to be able to redeem PolkaBTC for BTC.  Further, it can be collateralized for a beneficial rate.  In situations where the Vault misbehaves it will be possible for users to get reimbursed from the collateral of the Vault’s.  This will eventually make it possible for users to get reimbursed from the Vault’s collateral.  This a profitable trade between BTC and DOT, which will be made possible.

During the launch, the collateral will be put down in DOT.   However, in the long run the support will be extended to stable coins or tokens which are set to improve stability.

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