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Overview

In this section, we are going to learn about the 2 way peg app, how it works, its features, and the benefits of using the application.

To get started, see the prerequisites section.

The 2 way peg is a protocol that converts BTC to RBTC and vice versa. It is secured by the powpeg, which is a unique 2-way peg system that secures the locked bitcoins with the same Bitcoin hashrate that establishes consensus. See the history of the Powpeg.

The 2 way peg app is a web application that fosters the interaction between the bitcoin blockchain and the Rootstock network for easier exchange of BTC and RBTC. It provides a way to visualize the status of transactions, communicate with a user wallet (both hardware wallets and software wallets), while also providing the highest possible level of security for transactions.

How it Works

The 2 way peg app uses a REST API and a 2 way peg api as the backend, this API uses a daemon process, which is responsible for listening on blockchain transactions to update the state of peg-ins and in the future, the state of peg-outs, these state changes (tx hash, date change, last status) are stored in a mongodb database.

Currently, the 2 way peg app is available on both Rootstock Mainnet and Rootstock Testnet.

The source code is available on github, and open source:

Features

The 2 way peg app, has two primary features, they are:

  • Peg-in: A conversion from BTC to RBTC. See Glossary page for more explanation.

    • Note: The peg-in process is final and cannot be reverted.

  • Peg-out: A conversion from RBTC to BTC. This current version of the 2 way peg app. See pegout for more explanation.

Why use the 2 way peg app?

The 2 way peg application has lots of benefits, these include:

Simplified transactions

The two way peg (peg-in and pegout) are its nature is a complex process and this app makes it simpler. Using the 2 way peg app enables you to choose where to receive the converted BTC / RBTC, which is also possible without it, but with an even higher level of complexity than a legacy peg-in and peg-out.

Visualization of transactions

Enables the visualization of the status of transactions on the Rootstock network

Enables communication with a user wallet (hardware and software)

The 2 way peg app communicates directly with the following services:

  • Trezor: Directly via usb
  • Ledger: Directly via usb and integrated with the manufacturer's application
  • Liquality: Directly through the application provided by the company
  • Metamask: Through the rLogin application. Learn more about the rLogin application

Secure transactions

All transactions need to be confirmed via the device used by the customer, whether a hardware or software wallet, all transaction information and the appropriate signatures are generated through integration with the wallets.

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