Why add Bitcoin on Blockchains
Transportation Rails for Your Bitcoin
tzBTC allows you to activate your Bitcoin on other Blockchains: decentralised, transparent and compliant. Its automation makes tzBTC the most cost-effective product available. Its regulated operators ensure security, trust and transparency. Not one entity owns tzBTC!
Usable In Smart Contracts
As an asset on Blockchains, tzBTC enables applications to use BTC with the full expressivity of smart contracts. tzBTC is implemented on Tezos.
No Single Point of Failure
The tzBTC system divides governance among a group of Keyholders. Keyholders can access via multi-signature wallets the underlying Bitcoin and oversee supply management by minting and burning the corresponding tzBTC. Gatekeepers interact directly with End-Users and ensure compliance with KYC & AML documentation.
Who is operating tzBTC
Keyholders
A distributed group of Keyholders can access via multi-signature wallets the underlying Bitcoin and manage the supply with minting and burning of the corresponding tzBTC. Keyholders and Gatekeepers typically use a standard contract.
Gatekeepers
Gatekeepers accept BTC after conducting KYC & AML checks (identity verification) and allocate tzBTC in return. There is no limit to the number of Gatekeepers allowed.
How it works
tzBTC is composed of three different processes.
Initiating involves potential end-users, whereas Minting and Burning are done by Keyholders and Gatekeepers.
Initiating
Initiating tzBTC is simple: a User requests tzBTC from a Gatekeeper who then performs the required KYC & AML checks to verify the User’s identity. The User then sends BTC to the Gatekeeper and in return receives the corresponding tzBTC tokens (after Minting by Keyholders).
Minting
Minting is the process of creating new tzBTC supply: after new tzBTC is requested by a Gatekeeper, tzBTC is minted by Keyholders using a multi-signature setup and sent to a Gatekeeper who then allocates it to a User.
Burning
Burning is the process of removing tzBTC: a Gatekeeper can request to remove tzBTC from circulation (burn) by sending them to a predefined address managed by a multi-signature wallet controlled by Keyholders. Once burned, the corresponding BTC are transferred to a Gatekeeper and then allocated back to a User.
Where to use
tzBTC is supported by wallets, block explorers, exchanges, brokers and dapps.
BTC in custody
The BTC addresses here control the BTC corresponding to the tzBTC in circulation.
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