What is RadixPlanet Bitcoin Bridge?

RadixPlanet Bitcoin Bridge is simply a two-way service to wrap and unwrap bitcoin from and to Bitcoin blockchain and Radix ledger.

How does it work?

We provide two addresses for the community one on Bitcoin blockchain and another one on Radix ledger, when users want to wrap Bitcoin, they follow the steps provided here to send their bitcoins to the provided address where it will be kept safe with full reserve (1:1), then a corresponding amount of the wrapped token is minted and sent to the user's radix address, same way when the users want to unwrap bitcoins, the provided amount of the wrapped token is burnt and the corrosponding amount of bitcoins are sent to the user's bitcoin address.

Is this service centralized?

Yes, like any other service on Radix today that require smart contracts to be live pre-Babylon, the community always find a way to make it available in a centralized way until Babylon, but we do have transparent policy regarding full 1:1 reserve of Bitcoin and the wrapped token.

Where are the locked bitcoins stored

We have two wallets where locked bitcoins are stored, the hot wallet bc1qwcg4xqtxul0t3er68m2wrwkk4w584496pxg8tv, and a multi-sig wallet bc1qm56aryq045jgrtcqr8j3wqs0cxukzgx2kasfumjp8jcskzdegdzqvldvl6
The hot wallet is used to handle usual wrap and unwrap requests, thus as little amount as possible is kept in the hot walle, all the remaining amount is kept in the multi-sig wallet for additional protection
Users can always check the total supply of the wrapped token on Radix and Bitcoin balance in both the hot wallet and the muti-sig wallet which should be aways equal to or slightly higher than wbtc supply because of the excess amount of collected bitcoin network fees.

What is the multi-sig wallet

The muti-sig wallet is a bitcoin wallet held by multiple reputable well-known community members which we will use as a secondary storage to hold the majority of the locked bitcoins in and only keep as little as possible of the bitcoins in the hot wallet that are just enough to process usual unwrap requests, and we will transfer to and from the multi-sig wallet when needed,
We made a 4 cosigners bitcoin wallet that require a minimum of 3 signatures for transactions to be processed, the members holding the keys of this wallet are:
- Faraz | Radstakes.com - Telegram @Radstakes - the well-known reputable community member, owner of Radstakes validator node, Radstakes coin
- Mattia - Telegram @mattiabe98 - the well-known reputable community member, owner of the community website radixtalk.com, MattiaNode validator node
- Trond - Telegram @mrtrond - the well-known reputable community member, owner of Stakenordic validator node, Vikingcoin, Vikingland NFT marketplace
- Ahmed Sedeek - Telegram @AhmedMSedeek - Owner of RadixPlanet
All 4 cosigners mentioned above are KYCd with the Radix Foundation