BTC RBTC conversion

Meri Herrera edited this page Oct 3, 2018 · 1 revision

Summary

This document describes the 2-way peg mechanism. This is for converting BTC to RBTC to use within the RSK Blockchain (we called it 'lock') or for transferring your RBTC balance back to the BTC network (we called it 'release').

Read about:

Locking: from BTC to RBTC

The lock process consists on sending an amount from your BTC account to RSK Federation. It would take a time and then you will see the amount you send in an RSK account.

Requirements

You must consider the following requirements:

  • From address

  • Amount

    • The minimum amount to lock is 0.01 BTC for Testnet and Mainnet.
  • To address

    • Get it by using MyCrypto (select the RSK network, the Bridge contract is one of the existing contracts) or invoking getFederationAddress method of the Bridge contract at address: 0x0000000000000000000000000000000001000006 (for testnet or mainnet.
  • Confirmation time

    • You have to wait a minimum of 100 confirmations + a minimum of 5 minutes for checking your RBTC balance

Releasing: from RBTC to BTC

The release process consists on sending an amount from your RSK account to the Bridge contract. It would take a time and then you will see the amount you send in your BTC account.

Requirements

You must consider the following requirements:

  • From address

    • It's the RSK address where you've the funds.
  • Amount

    • The minimum amount to release is 0.005 RBTC for Testnet and 0.008 RBTC for Mainnet.
  • To address

    • It's the Bridge contract address: 0x0000000000000000000000000000000001000006 (for testnet or mainnet.
  • Confirmation time

    • Wait 4000 RSK confirmations/blocks and + at least 10 more minutes for your funds to arrive to your BTC address.

Step by step instructions

You can try the peg process using your hardware wallet (if you have) or not:

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