Wrapped TAO (WTAO) is a tokenized representation of the native TAO token of Bittensor, designed for the Ethereum blockchain. It serves as a bridge between the Bittensor blockchain and the Ethereum blockchain, enabling interoperability and transferability of TAO tokens between these two different blockchain ecosystems.
Wrapped TAO (WTAO) is a token that represents the original TAO token on a different blockchain. It is an ERC-20 token, which means it conforms to the Ethereum blockchain's regulations and specifications. The value of WTAO remains equivalent to TAO, maintaining a 1:1 ratio. This token is used to enhance accessibility and liquidity by allowing users to interact with smart contracts on the Ethereum blockchain. It promotes interoperability among different blockchain ecosystems, enabling trading and use-cases not originally possible on the native blockchain of TAO.
To store Wrapped TAO (WTAO) tokens securely, it is recommended to use a cold wallet. There are two types of cold wallets:
Paper Wallet: This involves generating public and private keys offline and printing them on a piece of paper. The keys are in the form of QR codes, which can be scanned for future transactions. This method is considered secure as it is offline and not connected to the internet.
Hardware Cold Wallet: This is a physical device that stores your cryptocurrency. Your crypto addresses and keys are kept on a USB drive, and only the person with the USB drive can access the assets. Hardware cold wallets are preferred by many users, especially for storing large amounts of coins or tokens.
To buy Wrapped TAO (WTAO) tokens, follow these steps:
Choose a Reliable Exchange: You can buy Wrapped TAO on decentralized exchanges like Uniswap V3 (Ethereum), Uniswap V2 (Ethereum), and Kujira Fin.
Set Up a Crypto Wallet: Download and set up a crypto wallet like Trust Wallet, which supports the Ethereum network. Ensure you have a secure wallet address and keep your seed phrase safe.
Buy ETH as Base Currency: Purchase Ethereum (ETH) as your base currency on a centralized exchange like Binance. If you are new to Binance, refer to their guide on buying ETH.
Transfer ETH to Your Wallet: Send the purchased ETH from Binance to your Trust Wallet. Make sure to set the network to Ethereum and provide the correct wallet address.
Connect to a Decentralized Exchange (DEX): Connect your Trust Wallet to a DEX like 1inch, which supports your wallet. Use your wallet address to connect.
Swap ETH for Wrapped TAO: On the DEX, select ETH as the payment and Wrapped TAO as the coin you want to acquire. If Wrapped TAO does not appear, find its smart contract address on Etherscan and paste it into the DEX.
- Complete the Swap: Click the Swap button to complete the transaction. Your Wrapped TAO tokens will be transferred to your wallet.
Remember to always be cautious of scams and ensure you have the official contract address. Additionally, consider the risks involved with cryptocurrency investments and store your tokens securely in a cold wallet.