Burning Sequence
Explains the sequence of steps in Burning
The burning sequence in BTC Proxy is given below:
- 1.The user connects their ETH wallet to the web3.js interface at btcpx.io
- 2.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
- 3.The user confirms how much BTCpx is to be redeemed as well as the Fees
- 4.The smart contract locks up the BTCpx tokens and burns them
- 5.The Proxy Relay verifies the transaction on-chain
- 6.The custodian moves BTC from the custody wallet to the confirmed BTC wallet address of the user
Last modified 1yr ago