What is Minting?

Defines minting.

Minting allows you to create new BTC Proxy tokens. It is completed in a decentralized form through interaction with a smart contract.

As a user or distributor, you need to connect your Ether Wallet with the Web3.js interface of btcpx.io. The Ether Wallet is the key identifier of a specific user. It can determine if that user is a distributor, for they are manually written into the smart contract to determine corresponding fees and segregated custody wallet (if any). The user will take the first step to confirm the Bitcoin address they will be sending BTC from, and the UI will display where they will be sending them to.

Note: The UI does not have to know how much is being sent as this will eventually be validated by the blockchain once a deposit is identified in the custodian address.

The user’s Bitcoin address will be mapped to their ETH address for the transaction, and the user will have 60 minutes to send the funds to the custodian; otherwise, the transaction will be canceled, and the mapped address will no longer be valid. The Proxy Relay will then confirm the transaction to the smart contract and mint the corresponding amount of BTCpx the user has been contracted for.