TBTC, which allows Bitcoin holders to safely access the Ethereum DeFi application, has been launched on tbtc.network. tBTC is a project jointly developed by Keep, Summa and Cross-Chain Group, which allows users to easily and securely convert BTC 1:1 into tBTC. The latter is an ERC-20 token that can be used on the DeFi platform.
Each tBTC token is backed by at least 1 BTC. tBTC is a trust-free token that uses random beacon technology to select a group of "signers" to be responsible for keeping BTC as collateral. Whenever you need it, you can exchange TBTC for BTC, and you can withdraw without an intermediary. And the whole process is very simple: casting tBTC on tbtc.network and retrieving BTC only need to complete three simple steps.
Currently, the market value of BTC accounts for about 60% of the total market value of cryptocurrencies. If this part of liquidity can be injected into DeFi applications, it will play an important role in the long-term development of the entire cryptocurrency industry. And we must take the right approach: if we want to create a fair and transparent decentralized system based on cryptocurrency to replace the current financial system, we must build a safe and reliable bridge between Bitcoin and Ethereum.
For this reason, tBTC has adopted the highest standards in the design of security and usability. The tBTC project uses ECDSA threshold signature technology. The technology has been security audited and applied to mainstream crypto wallets and cryptocurrency exchanges, such as Binance. When it went live, Keep had already purchased insurance services through Nexus Mutual, so users can rest assured that their funds are safe.
The following is the detailed content about the tBTC launch and its infrastructure.
tBTC has been tested and audited
tBTC has undergone rigorous testing and 3 unprecedented security audits. The first security audit was in March and was completed by ConsenSys. The second time was in June and was completed by Trail of Bits. In August, we completed a new Bitcoin security audit.
Several audits so far have focused on Go clients in the network and smart contracts in the system. The audit of Trail of Bits also focused on extending and automating the integration and system testing of tBTC, and added fuzz testing and property testing for different components where appropriate.
We also turn to the community to find and solve problems for us. Therefore, once someone finds a serious vulnerability, they can participate in tBTC's bug bounty program, with a maximum reward of 1 million KEEP.
Version Candidate Mode of tBTC
tBTC adopts the candidate version release model, that is, the version released by the project "includes all functions or is nearly complete", but not necessarily the final version, depending on wider user feedback. The candidate version will start from 0 and continue to iterate to 1 and 2 until a candidate version is regarded as the final version and upgraded to a stable version. This model allows us to test and improve the system in real time on the mainnet, while still focusing on the security of the system and ensuring the security of users. This can incentivize the best talents to test the defects of the application. I think this is an opportunity to make tBTC more powerful.
After the public audit of ConsenSys Diligence, the alpha version of tBTC (ie, rc.0) was launched in May. Although there is no risk in user funds, our team found a problem and immediately suspended accepting new funds until the problem is resolved. rc.1 solved this problem and adopted unprecedented security measures. tBTC adopts ECDSA threshold signature technology that meets the highest cryptographic standards, has been fully reviewed, has open source code, and also comes with protection measures for user funds.
In the next few weeks, the rc.1 version of tBTC will be in the alpha test stage, during which time the supply of tBTC will be capped. After that, there will be a beta test version, it is estimated that it will be a long-term beta version, and continue to add features. In the next few months, we will continue to release candidate versions. We believe that through continuous testing and improvement, we can finally deliver projects that meet the highest safety and performance standards, allowing BTC to enter DeFi platforms such as Compound.
Graded supply ceiling
The rc.1 version has a hard limit on the supply of tBTC, which is 100 BTC in the first month. After each week, the contract will relax the restrictions based on the predetermined schedule.