Burning Sequence
Explains the sequence of steps in Burning
The burning sequence in BTC Proxy is given below:
The user connects their ETH wallet to the web3.js interface at btcpx.io
The user confirms the Bitcoin wallet address the wish to receive the Bitcoin, this will map the users BTC address to their ETH wallet address for this transaction
The user confirms how much BTCpx is to be redeemed as well as the Fees
The smart contract locks up the BTCpx tokens and burns them
The Proxy Relay verifies the transaction on-chain
The custodian moves BTC from the custody wallet to the confirmed BTC wallet address of the user
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