Over the past few years, we have seen many altcoins come and go. Throughout 2017, it became apparent that most ERC20 tokens were the new altcoins. As such, we have seen multiple attempts to seemingly combine the best of both Bitcoin and Ethereum in one package. EtherBTC is the latest such project, although it remains to be seen if there is even a chance it will succeed. The airdrop of this new token will occur next month.
EtherBTC is Another Hybrid Cryptocurrency
Even though Bitcoin and Ethereum are two very different cryptocurrencies, most people acknowledge they both have interesting features to offer. Unfortunately, there is no currency which seemingly combines the best of both worlds right now, but that can be changed relatively easily. That is what the EtherBTC team wants everyone to believe, anyway, as their new ERC20 token will have traits found in both Bitcoin and Ethereum. It’s an ambitious goal, although it’s not the first time someone has attempted to offer such a hybrid cryptocurrency.
To put this into perspective, EtherBTC is not a security, unlike most other ERC20 tokens in existence today. The team wants to position this hybrid creation as a decentralized and peer-to-peer currency similar to how Bitcoin, Ethereum, and Litecoin operate. With a maximum supply of 21 million ETHB, it also seems to follow Bitcoin’s issuance model. We have seen a few other projects slap on a few extra zeros to their supply, but none have gained any significant traction whatsoever.
As one would expect, the EtherBTC currency will make use of the Ethereum blockchain, rather than Bitcoin’s. This was a conscious decision, as the team is confident that Ethereum’s speed and affordability will trump Bitcoin’s blockchain for quite some time to come. Only time will tell if that is the case, as Ethereum’s gas prices have seen some inflation in the past few months as well. Moreover, the network can easily get congested, just like Bitcoin’s. For now, Ethereum is better than Bitcoin in this regard, but the situation could always change.
Other than that, there is very little which sets EtherBTC apart from any other ERC20 token in existence today. The developers have not revealed too much information about their future plans right now, although the project has a whitepaper which is worth checking out. We do know the currency will be partially distributed on February 14 to all Ethereum holders with a valid balance. However, there is some work involved before people will actually get their ETHB.
More specifically, users will need to submit a form, confirm their email address, and interact on social media to spread the word about EtherBTC. Although none of these tasks are very demanding, it remains to be seen if most users will go to such lengths just to get a few free coins. Until we know whether or not anyone will even attribute value to ETHB, it is doubtful there will be much interest in this airdrop.
As is usually the case with new currencies, there aren’t too many exchanges which will support this one right now. Only EtherDelta has been confirmed, mainly because it will allow any ERC20 token to be traded on its platform. It will be interesting to see how other exchanges respond to this new currency. After all, we have seen so many hard forks and airdrops recently, it is difficult for cryptocurrency exchanges to keep tabs on everything these days.