The tBTC developers have announced the project has been officially launched on the Ethereum blockchain network.
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According to an official announcement, the project is based on threshold ECDSA, which is audited and in use on wallets and exchanges. Each TBTC token is backed and matched by at least 1 BTC held in reserve, the announcement states.
Users can convert TBTC to BTC at a rate of 1:1, and vice-versa with no intermediary needed to sign off.
Up to date, tBTC has already undergone three audits by ConsenSys, Trail of Bits and Sergei Delgado. In May 2020, iHodl reported that tBTC had to freeze deposits just one week after its official launch due to a bug:
"While the tBTC dApp was being tested over the weekend in its alpha version, a couple of community members put a few BTC into the contract before testing had concluded. Meanwhile, an issue in the dApp that was missed by our security audit was found by two of our contributors, and we decided to pause deposits for now to ensure the safety of funds. It is thanks to the strength and engagement of our community that this was identified quickly and all funds are safe."
The developers say the current live decentralized application (dApp) built atop rc.1 will still remain in alpha for a period of several weeks, during which there will be a graduated supply cap.
During the first 48 hours after going live, there is a low supply cap to allow for low-risk testing, the developers' team says. The supply cap will then increase to 100 TBTC for the remainder of the first week, then go up to 250 TBTC a week later.
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