Right from the start, the MyLugano wallet allows you to activate the new asset section, save your private phrase, and independently manage new cryptocurrencies, outside the LVGA and 3Achain ecosystem promoted by the city of Lugano. This is an advanced mode of app usage recommended only for users who already have a certain familiarity with how a cryptocurrency wallet operates.

What are ckBTCs

By activating the Asset section of your app, you get a wallet similar to Metamask where you can manage various cryptocurrencies on different chains as they get integrated. The first cryptocurrency to be integrated is ckBTC. Known as Crypto Key Bitcoin Tokens, they are an innovative form of digital asset based on the Internet Computer Protocol (ICP) technology. 

ckBTC and the ICP Blockchain

These tokens are accessible through the ICP blockchain and represent a robust combination of security and versatility within the cryptocurrency ecosystem. Users can obtain ckBTC by depositing their Bitcoin with a custodial platform that converts them into ckBTC on the ICP blockchain. 

Advantages of ICP Technology

The ICP technology offers several interesting advantages. Firstly, it allows for considerable scalability and greater efficiency compared to traditional blockchains, enabling faster and cheaper transactions. 

Use of ckBTC

Furthermore, thanks to the ability to execute smart contracts and decentralized applications, ckBTC can be used in a wide range of scenarios, including DeFi projects, yield farming, and other decentralized applications. This flexibility makes them an attractive choice for those looking to harness the potential of Bitcoin within a broader blockchain ecosystem.

Notice on ckBTC

However, please be aware that these tokens are not legal tender de facto in Lugano (unlike Bitcoin, Tether, and LVGA), and they cannot be purchased within the MyLugano app or spent at businesses affiliated with the MyLugano network. As with any digital asset, there are risks associated with using ckBTC. The custody and management of tokens should be handled with care, as it involves trust in third parties and may be subject to price fluctuations similar to those of Bitcoin. 

Accountability and Security

As the sole owner of the digital resources in your account, you bear all the risks of asset loss. MyLugano bears no responsibility for the fluctuation or loss of digital resources associated with the use of the asset section of your app. The MyLugano team cannot access your secret phrase in any way. You can transfer your digital resources to a different blockchain address at any time, but there may be charges for transferring these assets from third-party services.

In any case, ckBTC represents a promising evolution in the use of Bitcoin and blockchain technology, offering a path to integrate the king of crypto-assets into a broader world of decentralized applications.