Users deposit bitcoin into the vaults in exchange for iBTC. At this point, the bitcoin is locked in the vault while vault collateral is locked by the Interlay network. Users then return iBTC to the vault, thereby unlocking and releasing their bitcoin, which triggers the Interlay network to release vault collateral. If a vault fails to return bitcoin to a user, the network liquidates vault collateral and reimburses the user.
- Bitcoin
- blockchain
- blockchain compliance
- blockchain conference
- coinbase
- Coindesk
- coingenius
- Consensus
- crypto conference
- crypto mining
- cryptocurrency
- decentralized
- DeFi
- Digital Assets
- machine learning
- non fungible token
- plato
- plato ai
- Plato Data Intelligence
- Platoblockchain
- PlatoData
- platogaming
- Polygon
- proof of stake
- tech
- W3
- zephyrnet
More from Alontrus Group & CoinDesk
3 Things We Learned at Tornado Cash Dev Alexey Pertsev’s Trial
Source Node: 1762192
Time Stamp: Nov 23, 2022
Bitcoin’s 300% Surge From Early 2019 in Focus As Fed Officials Favor Rate Pause
Source Node: 1900988
Time Stamp: Oct 12, 2023
Crypto Trading Platform Provider WonderFi to Offer Equities Next Year Through Bitbuy Unit
Source Node: 1708485
Time Stamp: Sep 29, 2022
What Happened During Sam Bankman-Fried’s First Week in Court?
Source Node: 1899050
Time Stamp: Oct 6, 2023
First Mover Asia: Taipei Blockchain Week Imperiled by Government’s COVID-19 Quarantine; Bitcoin Rebounds Above $20K
Source Node: 1644268
Time Stamp: Aug 29, 2022
Tokenized Fund Adoption Grows but Brings Technology Risks: Moody’s
Source Node: 1937119
Time Stamp: Jan 15, 2024
Vitalik Buterin Discusses Ethereum's Upcoming 'Merge' and 'Surge' at EthCC in Paris
Source Node: 1587818
Time Stamp: Jul 21, 2022
Judge Approves Sale of Self-Custody Platform to Galaxy Digital in Celsius Bankruptcy
Source Node: 1771745
Time Stamp: Dec 13, 2022
Ethereum Validators Forced to Wait Days to Unstake Amid Celsius Withdraws
Source Node: 1934312
Time Stamp: Jan 5, 2024
