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 can be manually written into the smart contract to determine corresponding fees and segregated custody wallet (if any). The user will take the first of generating the BTC deposit address within the UI which comes directly from the custodian which is mapped to the ETH Wallet address that has been connected to the site

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

The user’s Bitcoin address is mapped to their ETH address for the transaction, and the user will have 60 minutes to send the funds to the generated address at the custodian; otherwise, the transaction will be canceled, and the mapped address will no longer be valid. This Bitcoin deposit validation/tokenization system is termed the Proxy Relay. The Proxy relay confirms all BTC blocks onto the Matic chain to detect and validate any deposits with the mapped ETH wallet address. The confirmation of the deposit of BTC is confirmed onto the Matic Chain which instructs the smart contract to mint the corresponding amount of BTCpx onto either MRC20 or ERC20 version.

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