This is a step-by-step guide for using the tBTC dApp.
To start, you need to:
- Make sure you have Metamask installed.
- Get some ETH from Coinbase or another source (to pay for gas) if you don't have any already.
- Make sure you have some ETH in your Metamask wallet.
Once the ETH is in your wallet, go to the Ropsten tBTC dApp.
Next there are 5 steps:
- Create a deposit:
- Generate a BTC wallet address (this currently requires 2 Metamask confirmations):
- Send your BTC from any wallet to that address using the QR code provided. You can also copy/paste the address yourself:
- Wait for confirmation of the deposit on the Bitcoin chain. This should take 6 confirmations or approximately one hour:
- Once the deposit is confirmed, you will be able to generate an SPV proof, which is a cryptographic proof of your deposit from the BTC chain. Provide this in order to receive your TBTC. This last step consists of two parts:
a. Provide the proof and submit it (this requires one Metamask confirmation)
b. Once qualified, mint TBTC from the Vending Machine (this requires two Metamask confirmations: one to approve the TDT-Vending Machine transfer, and one to do the actual minting).
Once you have your TBTC, you are free to use it to act on the Ethereum chain. You also get a TDT, which can be used to redeem the deposit for BTC (see the next section). You can read more about TDTs in the technical system overview.
How to Redeem TBTC for BTC
At the other end of the tBTC flow is redemption, where you exchange TBTC and receive BTC back in return.
First, go to the dapp just as you would in the first flow. Click "redeem".
For the next steps you need the following information:
- The TDT ID you received when minting the TBTC above. You can think of this like the ticket at a coat check -- you need it to get the coat back. You only get it at the end of the flow above.
- The BTC address to which you want your BTC sent.
Once you have this info you can begin the redemption process.
Begin the redemption flow by entering this information:
- The redemption flow will require four Metamask confirmations from you:
a. The first one approves the transfer of TBTC from you to retrieve the TDT from the vending machine.
b. The second one requests the TDT from the vending machine, sending it the TBTC for burning in exchange.
c. The third one requests the withdrawal of BTC from the deposit represented by the TDT. After this step, the withdrawal transaction is published to the Bitcoin network, and you must wait until the appropriate number of confirmations are observed.