The Threshold Network has announced plans for a new decentralized bitcoin bridge to Ethereum, allowing the original cryptocurrency to be used on the largest programmable blockchain.
of Threshold's token, T, who control a series of bitcoin wallets that can be used to mint tBTC on Ethereum.
A user sends their bitcoin to a wallet and indicates what Ethereum address the tBTC should be minted to. If more than 51 of 100 guardians approve the mint, then it goes to the minters to mint the tBTC that corresponds to the actual bitcoin deposited.are a small group of blue chip DAOs on the Ethereum blockchain, including Curve DAO, Yearn.Finance, Aave, Synthetix, Connext, Alchemix and Euler.
They maintain a three hour cooling off period between a mint and issuing tBTC. If nothing seems awry, they approve creating the tBTC.minters are watching for are mints that don't have matching bitcoin in the Threshold wallets. The system has been designed to prevent such a malicious mint, but they are using minters at first as a safeguard. Eventually, the plan is to retire this backstop.
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