tBTC, the open-source project that allows people to use Bitcoin safely in Ethereum DeFi apps, is live and ready to be used.

tBTC

whitepaper

tBTC: A Decentralized Redeemable BTC-backed ERC-20 Token

Overview

Conventions

A note on naming

Trade-offs

Centralized, Provable, Redeemable

Decentralized, Synthetic, Irredeemable

Prior Work

Design Goals

Flaws

Developing Intuition: A simple single-signer protocol

Deposit request

Making a deposit

Lots

Mistakes making a deposit

Deposit economics

Deposits

Acceptable collateral

Measuring security

Pricing currency fluctuations

A resilient price feed

Undercollateralization

Bonding

Price encoding

Future design

Price Feed

Minting the non-fungible tBTC Deposit Token

Minting fungible TBTC

Minting

Paying for security

Fee parameterization

Signer Fees

Threshold ECDSA

Improved Fault Attribution

Future Signature Schemes

Signing

Aborts / Liveness

Handling Failure

Redemption Requests

Repayment Amount

Redemption Transaction Format

Redemption proof

Validating a signature

Allowing for Bitcoin fee adjustment

Redemption

Philosophy

Governance Functions

Governance

Redemption Payment and Disbursal Scenarios

Appendix

Glossary

System Architecture: Designing a robust multi-wallet multi-signer protocol

A Decentralized Redeemable BTC-backed ERC-20 Token

tBTC Whitepaper