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1 | | -# InterBTC |
| 1 | +# InterBTC & Kintsugi Documentation |
2 | 2 |
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3 | | -## Financially Trustless Bitcoin on Polkadot |
| 3 | +## Radically Open Bitcoin for Decentralized Finance |
4 | 4 |
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5 | | -At the core, interBTC leverages the concept of cryptocurrency-back assets introduced in the XCLAIM protocol. Assets are locked on Bitcoin and unlocked on Polkadot in form of 1:1 BTC backed-assets (interBTC). interBTC can be used just like any native asset within the Polkadot ecosystem, meaning: they can be easily transferred and integrated into other Parachains and applications. Moreover, interBTC can be transferred to other ecosystems like Cosmos and Ethereum making it truly interoperable. |
| 5 | + |
| 6 | +**interBTC** is Bitcoin on any blockchain. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant. interBTC will be hosted as a Polkadot parachain and connected to Cosmos, Ethereum and other major DeFi networks. |
| 7 | + |
| 8 | +**Kintsugi** is Interlay’s canary network for interBTC, a testnet with real economic value deployed on Kusama (Polkadot’s canary network). Kintsugi and interBTC share the same code base - with the difference that Kintsugi will be 2-3 releases ahead of interBTC with more experimental features. |
6 | 9 |
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7 | 10 |  |
8 | 11 |
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9 | 12 | ### Issue, Trade, and Redeem |
10 | 13 |
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11 | 14 | The life-cycle of interBTC follows the three main protocols: |
12 | 15 |
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13 | | -- **Issue:** Users create interBTC by locking BTC with Vaults — non-trusted and collateralized intermediaries on Bitcoin. |
14 | | -- **Transfer:** Users transfer interBTC to other users or use their interBTC within the Polkadot, Ethereum, and Cosmos ecosystems, integrating with stablecoins, decentralized exchanges, and lending protocols. |
15 | | -- **Redeem:** Users burn interBTC on the interBTC bridge to receive the equivalent amount of BTC from Vaults on Bitcoin. |
16 | | - |
17 | | -interBTC can remain on Polkadot and other networks indefinitely (no expiry date) and can be redeemed at any point in time. Users who obtain interBTC on Polkadot do not need a BTC wallet, until they decide to redeem the tokens for BTC (if at all). |
| 16 | +- **Issue:** Lock your BTC with a Vault. Pick one, or run your own. Your BTC is always safe and insured by Vault collateral. |
| 17 | +- **Mint:** Get interBTC at a 1:1 ration to your locked BTC. |
| 18 | +- **BTC DeFi:** Earn on your Bitcoin. Use interBTC as collateral, for lending, yield farming and more. On Polkadot, Kusama, Cosmos, Ethereum and other major DeFi platforms. |
| 19 | +- **Redeem:** Redeem interBTC for actual BTC on Bitcoin - trustless and anytime you want. |
18 | 20 |
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19 | | -### Secure, Open, Efficient. |
| 21 | +### Radically Open & Secured by Insurance |
20 | 22 |
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21 | | -XCLAIM guarantees users can redeem interBTC tokens for the corresponding amount of BTC or be reimbursed in the DOT at any point in time. To summarize, XCLAIM is: |
| 23 | +What makes interBTC unique is the strict dedication to being trustless and decentralized. Users |
22 | 24 |
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23 | | -- **Financially Secure:** Vaults (intermediaries) pledge collateral and cryptographically prove correct behavior. Any attempt of theft is automatically punished and users are reimbursed. |
| 25 | +- **Secured by Insurance**. Vaults lock collateral on the interBTC parachain in various digital assets - in a MakerDAO-inspired multi-collateral system. If Vaults misbehave, their collateral is slashed and users reimbursed. As a user, you only trust that Bitcoin and the DeFi platform you use are secure. |
24 | 26 |
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25 | | -- **Dynamic and Permissionless:** any user can become a Vault — simply, anytime, and without asking for permission. No need to rely on someone else, or any special hardware. You can even run your own Vault for issuing interBTC. |
| 27 | +- **Radically Open**. Anyone can become a Vault and help secure interBTC, anytime. Yes, you can run your own Vault! |
26 | 28 |
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27 | | -- **Censorship Resistant:** By design, Vaults have no influence over the Issue process. That is, no Vault can prevent a user from minting or obtaining interBTC. |
28 | 29 |
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29 | | -- **Fast and Efficient:** XCLAIM is on average 95% faster than using classic HTLC atomic swaps with Bitcoin. |
30 | 30 |
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31 | 31 | ## Guides |
32 | 32 |
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33 | | -###### [1. Get a detailed overview of interBTC](start/overview.md) |
| 33 | +###### [1 Learn about Kintsugi, the canary network on Kusama - going live NOW](kintsugi/overview.md) |
| 34 | + |
| 35 | + |
| 36 | +###### [2. Get a detailed overview of interBTC](start/overview.md) |
34 | 37 |
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35 | | -###### [2. Issue your first interBTC](start/issue.md) |
| 38 | +###### [3. Issue your first interBTC](start/issue.md) |
36 | 39 |
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37 | | -###### [3. Redeem interBTC for BTC](start/redeem.md) |
| 40 | +###### [4. Redeem interBTC for BTC](start/redeem.md) |
38 | 41 |
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39 | | -###### [4. Understand how a Vault works](vault/overview.md) |
| 42 | +###### [5. Understand how a Vault works](vault/overview.md) |
40 | 43 |
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41 | | -###### [5. Operate your own Vault](vault/guide.md) |
| 44 | +###### [6. Operate your own Vault](vault/guide.md) |
42 | 45 |
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43 | | -###### [6. Build your own Dapps with interBTC](developers/integration.md) |
| 46 | +###### [7. Build your own Dapps with interBTC](developers/integration.md) |
44 | 47 |
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45 | 48 | ## Contributions |
46 | 49 |
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