Days in Operation:
100 pts each
On Friday, May 15, the alpha version of tBTC -- release candidate zero (rc.0) -- went live. On the morning UTC of May 18, 2020, the 10-day emergency pause of deposits allowed by the TBTC System contract was triggered. The action was taken after a significant issue in the redemption flow of deposit contracts was found that put signer bonds at risk in certain situations. In tBTC, someone with access to BTC, a depositor, can open a tBTC deposit on the Ethereum chain. This deposit is a smart contract that interacts with 3 signers in a separate network, who jointly generate and control aBitcoin wallet, such that no single signer can access the wallet. When opening the deposit, the depositor selects one of several available lot sizes, and, once the deposit has generated the wallet, sends that amount of BTC to its Bitcoin address. The depositor then submits proof to the deposit smart contract that the BTC transfer has taken place, and is able to mint the equivalent amount of TBTC, an Ethereum ERC-20 token. This allows a holder of BTC to enter the tBTC system and then use their TBTC token balance to interact with smart contracts that support it.
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