SEATTLE--(BUSINESS WIRE)--Peter Vessenes, Managing Director of New Alchemy, a leading advisory group in the blockchain and tokenization industry, today announced he and a team of engineers are developing Deluge Network, the first service to allow users to directly contribute Bitcoin to an ICO without an exchange. Currently, ICO contributors must use a two-step process: 1) send Bitcoin to an exchange to convert it to Ethereum or ERC20 token, 2) contribute. This process can take an hour or more and is prohibitively expensive for large transactions. In contrast, the Deluge process will be inexpensive, direct, and extremely fast.
Deluge Network will enable Bitcoin to act as if it is moving on the Ethereum blockchain by fully backing the Deluge Bitcoin Token (DBTC) with an equal amount of Bitcoin (BTC). This will allow fast and easy conversion both to and from Bitcoin. Transaction times and fees will be minimal, and the transaction will be as simple as identifying an ICO’s address and sending DBTC using Deluge wallet software. Users can also receive DBTC directly back to their wallet. Deluge Network will not only give Bitcoin holders a clear, direct, and safe path to contribute to ICOs, but will also open up a wide array of Ethereum blockchain payment functionality to Bitcoin.
Future plans include extending Deluge Network to other cryptocurrencies, such as Zcash, Monero, Bitcoin Cash and Bitcoin Gold.
Said Vessenes: “Converting Bitcoin into Ethereum has become increasingly difficult and costly, and with the rise in popularity of ICOs, it’s more important than ever to simplify this process. Existing exchanges and trading desks can take an hour to days to process; fees and slippage can total up to 10%. We propose something different: Deluge delivers both the value of Bitcoin as well as the smart contract features, speed, and price benefits of Ethereum. As a first benefit, any ICO participant can use Deluge to fund an ICO directly with their Bitcoin through an easy, decentralized process.”
The first ICO to use Deluge will be Bloq Inc’s Metronome, a hotly anticipated cross-chain digital asset launching in February 2018.
To learn more about Deluge Network and stay up-to-date on its progress, visit www.delugenetwork.io.
About Deluge Network
Deluge Network will allow Bitcoin, Monero, Zcash, Bitcoin Cash and other cryptocurrencies the benefits of Ethereum’s flexibility and functionality. With its patent-pending technology, Deluge will create innovative, global solutions to reduce friction and centralization in digital payment protocols. To learn more, visit www.DelugeNetwork.io.
About New Alchemy
New Alchemy is a strategy and technology advisory and investment group specializing in tokenization. New Alchemy coordinates successful ICO launches for its clients by providing them with C-level strategy, smart contract development, project management, token game theory, and marketing services. A company that truly understands the disruptive nature of blockchain technology and tokenization, New Alchemy is shaping the blockchain industry’s impact on society. Founded in 2016 by early Bitcoin innovator Peter Vessenes, New Alchemy has quickly established itself as the leading consulting group in the blockchain/tokenization space. Since launch, New Alchemy customers have created more than $1.4 billion in value through their tokenizations. To learn more, visit www.newalchemy.io.