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tzBTC is a token on the Tezos blockchain that brings the liquidity and brand of Bitcoin (BTC) into the Tezos ecosystem. It enables BTC-backed use-cases on Tezos, allowing developers to create novel financial applications using tzBTC. Implemented using the FA 1.2 asset standard on Tezos, tzBTC allows Tezos-based applications to use BTC with the full expressivity of Tezos smart contracts. The governance of tzBTC is divided among a group of Keyholders who can access the underlying Bitcoin and oversee supply management by minting and burning tzBTC. Gatekeepers interact directly with end-users and ensure compliance with KYC & AML documentation.
The Bitcoin Association Switzerland acts as a third-party overseer and mediator, strengthening the integrity of the tzBTC system. A distributed group of Keyholders and Gatekeepers manage the supply of tzBTC by minting and burning the corresponding tokens. Komainu is in the integration phase as a Gatekeeper. The tzBTC system eliminates the reliance on a single point of failure and ensures the security and integrity of the process. It provides users with the ability to unleash their Bitcoin on the Tezos blockchain.
To use tzBTC, users can obtain it from Gatekeepers who conduct the required KYC & AML checks and allocate tzBTC to them in exchange for BTC. Minting and burning processes are carried out by Keyholders and Gatekeepers, respectively. Gatekeepers can request the burning of tzBTC, which removes it from circulation and transfers the corresponding BTC back to them for reallocation to users. Exchanges and Gatekeepers listed on the website provide platforms for trading tzBTC or exchanging BTC to tzBTC and vice versa.
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