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Home » Blog » BTC Proxy Defi Coin Review: Powerful Bitcoin to ERC20 and MRC20
DEFI

BTC Proxy Defi Coin Review: Powerful Bitcoin to ERC20 and MRC20

Cws Team
Last updated: 12/05/2023 10:36 AM
Cws Team
4 years ago
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Disclosure: We are not a registered broker-dealer or an investment advisor. The services and information we offer are for sophisticated investors, and do not constitute personal investment advice, which of necessity must be tailored to your particular means and needs. !
BTC Proxy Defi Coin Review: Powerful Bitcoin to ERC20 and MRC20
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About BTC Proxy

BTC Proxy is a multi-institutional protocol for the decentralized tokenization of Bitcoin on ERC20 utilizing our Proxy Protocol called the Proxy Relay. It gives Bitcoin holders a decentralized bridge to stake their Bitcoin into custody and transfer that value into an ERC20 token without the need for centralized exchanges and systems that exponentially increase the counterparty risk of theft or loss. BTC Proxy also allows for the transfer of value without price slippage and is independent of liquidity which is a factor that affects exchange prices on Centralized exchanges and Decentralized exchanges.

Contents
  • About BTC Proxy
    • Quick Fact About BTC Proxy Defi Coin
    • How it Works?
    • Elegance in Efficiency
      • Lowest Gas Fees to Mint and Redeem
    • Institutional Custody
      • Comprehensive Crime Insurance
        • Inclusions
        • Segregated Wallets
    • How do you use BTCpx?
      • Mint
      • Stake
      • Redeem
    • Features
      • Layer-2
      • Mint and Redeem
      • Institutional Safeguards
      • Disclaimer:

Quick Fact About BTC Proxy Defi Coin

Coin Basic Information
DEFI Coin Name BTC Proxy
Circulating SupplyN/A
Max SupplyN/A
ChatClick Here To Chat
Source CodeClick Here To View Source Code
ExplorersClick Here To Visit
Twitter Group Click Here To Visit Twitter Group
DocumentationClick Here To View
Official Project Website Click Here To Visit Project Website

How it Works?

Differentiating itself and improving on the design of other wrapped token protocols, BTC Proxy utilizes a side-chain to “RELAY” the confirmations of Bitcoin transactions to the ETH smart contract. The Relay side-chain is significant because it allows for further transparency and the pairing of both ETH and BTC transactions on the block for confirmation.

Importantly, this design reduces the enormous cost of verifying BTC blocks on the ETH smart contract and speeds up minting and redemption functions to real-time settlement. No intermediaries are required to execute the transaction.

To receive BTCpx for BTC, a user connects to BTCpx ethereum smart contract via Metamask. Following the smart contract connection, a bitcoin address is generated for the transaction via REST API call. This bitcoin address is unique and a new address is generated for every transaction in the platform.

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Upon successfully generating the bitcoin address, the user needs to submit the bitcoin address to the smart contract. This bitcoin address is mapped against the ethereum address of the user. The mapping of bitcoin and ethereum addresses is a paid transaction.

When the user sends bitcoins to the address, the BTCpx backend in the dark node detects the transaction. Additional processes are followed as below:

  1. The transaction is verified if it’s valid or not.
  2. Transaction hash, raw hex, block height, and block header are sent to the Smart contract in Matic Network.
  3. Transaction raw hex is decoded, and the transaction hash is extracted from the hex. Submitted hash and decoded hash from raw hex are verified.
  4. If everything matches, then the transaction hash is verified in the current block and the current block is also verified.
  5. The transaction’s raw hex is sent to the ethereum smart contract via side-chain data transfer.
  6. Inside the ethereum smart contract, the transaction raw hex is decoded.
  7. Upon decoding the transaction, transaction inputs, outputs are extracted.
  8. Outputs include amount and address script. The address script is matched with the bitcoin address entered by the user.
  9. If the address matches then corresponding tokens are ready to be claimed by the user.

Elegance in Efficiency

Lowest Gas Fees to Mint and Redeem

Confirmation of Bitcoin blocks onto an Ethereum smart contract using a Matic side chain make Proxy the cost effective choice

  • Layer-2
  • Lowest Minting and Redemption Fees
  • Confirmation in under 30 mins
  • On Chain Verifications

Institutional Custody

Comprehensive Crime Insurance

Commercial criminal insurance to further safekeep BTC Proxy client assets. The insurance coverage is arranged by Aon via a selection of international insurers.

Inclusions

The insurance is a proprietary Aon solution and covers theft of digital assets, via employee dishonesty or through third parties, held by Hex Trust on behalf of their clients.

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Segregated Wallets

DAO Member funds never mix with the general pool.

How do you use BTCpx?

Mint

Minting refers to the process of creating new BTCpx tokens. Minting is a decentralized process whereby the user interacts directly with the smart contract to verify the BTC has been sent to the custodian. The BTCpx smart contract verifies the Chainwork and Merkelroot of the Bitcoin transaction and validates that to approve the minting of new tokens. Your BTC is stored in custody so the new tokens are backed by Bitcoin at a ratio of 1:1. There are no central or manual process involved, the system is trustless and can confirm transactions at 30 min intervals. Use your newly minted BTCpx on DEFI applications or stake them for rewards.

Stake

Staking to earn ecosystem rewards by adding liquidity New pools will be added periodically. Add liquidity to the pools and stake the LP tokens to earn $PRXY.

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Redeem

Burning is the action of redeeming your BTCpx tokens for BTC. If you have BTCpx tokens and want your BTC back you simply redeem it. Interact with the app to burn the BTCpx tokens to take them out of the circulation supply and receive your BTC from the custodian.

Features

Layer-2

Utilizing the Proxy Relay to confirm BTC Proxy transactions onto the ETH smart contract makes the system efficient with the lowest minting and redeeming gas fees.

Mint and Redeem

Minting and Burning maintains a 1 : 1 BTC/BTCpx ratio verifiable on chain for transparent accounting for all backed assets.

Institutional Safeguards

An institutional solution that holds Bitcoin directly with the custodian implemented with the safest policies and limits to ensuring that any BTC deposited is out of reach.

Disclaimer:

Not All The Websites Which Listed In Top List Are 100% Safe To Use Or Investment. We Do Not Promote Any Of Those. Due Diligence Is Your Own Responsibility. You Should Never Make An Investment In An Online Program With Money You Aren’t Prepared To Lose. Make Sure To Research The Website. So Please Take Care Of Your Investments. And Be On The Safe Site And Avoid Much Losing Online.

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One of Coinworldstory's longest-tenured contributors, and now one of our editors, Verna has authored over 2600+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies. Verna Is team Members of 9 People
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