IOVlabs is happy to unveil the new 2-way peg web app, that takes users through the process of converting BTC to RBTC using the RSK Powpeg protocol, the very first trust-minimized bridge between Bitcoin and a Bitcoin sidechain. An intuitive and interactive user interface guides the user through the entire process, making it easy to natively get RBTC, without the need of paying additional fees.
This version of the app takes advantage of the new features introduced in RSK Iris network upgrade, allowing users to select the RSK account where they want to receive the funds. Additionally, users can check the status of their peg-in transactions within the app, making it easy to have an estimate of the time remaining until the funds are credited to the RSK account.
Future versions of the 2-way peg app will include support for software wallets, user-guided peg-out transactions (to convert RBTC back to BTC), fast BTC-RBTC conversions (using the Flyover protocol), among other things.
Please be aware that this is a beta release and your feedback is welcome, you can drop a message on the RSK Open Slack.
Using the app
The great thing about this app is it’s easy enough for anyone to use. Here’s what you can expect:
You’ll need to connect a hardware wallet. Right now Ledger and Trezor are supported but more wallets support, including software wallets, is coming soon. Metamask, Nifty and Wallet Connect can be connected for your RBTC receiving address.
The app guides you through the entire peg-in process using one unified interface. Simply input the required fields when prompted.
Choose your RSK destination address. Latest enhancements to the RSK network allow you to choose any RSK address to receive RBTC, instead of requiring you to use the BTC-derived wallet address. Simply select Nifty or WalletConnect to copy your RSK address to the form, or enter the address manually.
Check the status of your transaction for the first time. Input your Bitcoin transaction ID and you’ll be able to view how many confirmations are pending before your transaction is approved, as well as the estimated waiting time.
What exactly is a peg-in?
Peg-in is the standard term for the process that transfers Bitcoins from the Bitcoin network to the RSK network.
A peg-in:
- Converts BTC to RBTC
- Locks BTC on the Bitcoin network
- Releases RBTC on the RSK network
How does the RSK PowPeg work?
A two-way peg protocol is a protocol that allows transfers of a cryptocurrency from a main blockchain to a secondary blockchain and vice versa. It requires low third party trust.
In the case of RSK, the main blockchain is Bitcoin, and the secondary blockchain is RSK. Every RBTC (or fraction of RBTC) unlocked in the RSK platform requires BTC to be locked on the Bitcoin blockchain. This mechanism ensures there is a one-to-one relationship between BTC and RBTC (1 BTC = 1 RBTC), which is guaranteed by the RSK protocol.
Powpeg uses the security features of a Hardware Security Module alongside RSK’s consensus layer, based on Bitcoin merged mining.
