According to the release, TBTC is trustless and is fully backed and matched by 1 BTC held in reserve. Meaning users can exchange 1 BTC for 1 TBTC on DeFi platforms, with the launch of this project. Moreover, TBTC will use a random beacon to select “signers” who have responsibility for the deposited BTC.
TBTC has also been made more secure and reliable with the incorporation of threshold ECDSA, which is audited and is already in use on the Binance exchange. Additionally, the token will have added insurance protections via Nexus Mutual.
On the technical front, tBTC has undergone three audits with the token concluding its first security audit, by ConsenSys, in March.
In the initial weeks of testing in production, a graduated supply cap- would start at 100 TBTC in the first week until it reaches 3000 after which the supply cap will be lifted.
This announcement follows the alpha launch of TBTC — known as rc.0 which initially went live in May but was soon taken down due to a smart-contract bug.
So far, Scalar Capital’s Linda Xie, Synthetix’s Kain Warwick, TokenSoft’s Mason Borda, and Aragon’s Luis Cuende have all said they plan to use TBTC as their BTC-ETH bridge.
A trustless version of tokenized bitcoin on Ethereum has been one of the areas I’ve been most excited about and now we minted our first tBTC at @scalarcapital! Each token is backed 1:1 by BTC with no intermediaries. Can’t wait to start earning yield on it in DeFi! https://t.co/nrFrVwoKef
— Linda Xie (@ljxie) September 22, 2020