tzBTC allows users to activate their Bitcoins on other Blockchains, which are decentralised, transparent, and compliant. Its automation makes tzBTC the most cost-effective product available with regulated operators to ensure security, trust, and transparency. Not one entity owns tzBTC!
In the past, acquiring tzBTC was more involved. Bitcoin custody was entrusted to a group of trusted institutions called Keyholders, who managed tzBTC’s supply and maintained its 1:1 peg. Gatekeepers, authorized by Keyholders, ensured compliance by conducting KYC and AML checks for minting or burning tzBTC, creating a transparent and compliant wrapped bitcoin on Tezos.
The need for tzBTC 2.0 arose due to limitations in accessibility and cost-effectiveness. The new and improved version of tzBTC has addressed these shortcomings, making the process more accessible and user-friendly.
Acurast’s Role in tzBTC
The tzBTC bridge is built on Acurast’s confidential compute. To bridge from BTC, native Bitcoin, to tzBTC, a user sends BTC to a Bitcoin Redeem-Script governed by the Keyholders and their Acurast Processors. These Acurast Processors, the compute providers on Acurast, observe and verify this transaction on the Bitcoin network. Once confirmed, the Acurast Processors act as signers authorized to sign a minting transaction on the tzBTC contract on Tezos.
Acurast’s execution environment automates tzBTC’s security-sensitive processes. It utilizes secure elements within mobile devices to prevent interference or manipulation of the automation logic, even by the operator (the Keyholder) with physical device access.
Gatekeepers accept BTC after conducting KYC & AML checks (identity verification) and allocate tzBTC in return. Once confirmed, Acurast Processors act as signers, which are allowed to sign a minting transaction on the tzBTC contract on Tezos. The same applies to moving from tzBTC to BTC. The result of these improvements will be the most cost-effective and secure wrapped BTC available.
About Hex Trust
Hex Trust is a licensed digital asset custodian that helps protocols, foundations, financial institutions, and the Web3 ecosystem. Its goal is to make owning assets in decentralized markets easier and secure a future where anyone can participate without permission.
For more information, visit Hex Trust, follow Hex Trust on Twitter for updates, and join the announcement channel on Telegram.
About Acurast
Acurast is the serverless, decentralized cloud where anyone can become part of the cloud with their mobile phone, whether new, used, or even with a smashed screen, by providing compute power and earning rewards. It gives developers complete permissionless access to compute that are trustless, affordable, and confidential for deploying their applications.
For more information, visit Acurast, follow Acurast on X for updates, and join the community on Discord or Telegram.
