Experiment: Bringing Canonical ‘Bitcoin’ to Ethereum and Web3

canonical

adjective ca·non·i·cal \ -ni-kəl \

Conforming to a general rule or acceptable procedure, orthodox.

In 2017, a movement was set forth to bring ‘canonical wEth’ or ‘canonical tokenized ether’ to Ethereum. You will find that at address 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2 and written about here: https://blog.0xproject.com/canonical-weth-a9aa7d0279dd.

Since the wrapped Ether smart contract is open, trustless, and not controlled by any single entity (rather, controlled by the public) it is best to have only a single agreed-upon wEth contract deployed. Indeed that is true and wEth is a useful tool used by the Ethereum community.

It is 2018 and Ether is soon transitioning to Proof of Stake. Also, Bitcoin still does not work on Ethereum, Web3, or Decentralized Exchanges; instead opting to only trade on Centralized Exchanges of Web 2.0.

If we as a community want ‘Bitcoin for Ethereum and Web 3.0’ today, we have to build it ourselves but the community needs be extremely careful that it adheres to the actual ‘canonical idea’ and true philosophy of Bitcoin:

• No central owner or manager, decentralized
• Proof of Work Sha3 Mining Distribution
• Auto Adjusting Difficulty
• No Premining
• No ICO
• No specific advantages given to any human
• Transparent and auditable code
• Capped 21 million unit supply with 8 decimals
• Fungible Unit of Account and Medium of Exchange
• Stored within a blockchain and freely transactable between accounts

A working ERC20 implementation following these canon laws of Bitcoin has been developed in Solidity and deployed to the Ethereum network at https://etherscan.io/address/0xb6ed7644c69416d67b522e20bc294a9a9b405b31 as ‘canonical Bitcoin for Ethereum.’ The validated Solidity code can be viewed and audited at that Etherscan page to determine that it indeed follows these regulations and assumptions. As of 2018 Bitcoin is incompatible with Ethereum and atomic swapping therefore original transaction endpoints are not kept; this implementation resets mined supply from the beginning.

Now, similar to how canonical wEth brought Ether to the ERC20 token-compatible applications and services, canonical Bitcoin will bring the trustless and decentralized open currency with no ICO and no Premine to the same decentralized Ethereum applications and services.