The Bitcorn BTCN page of Bitcoin Layers is under development.

We have not yet implemented our proof-of-reserves and therefore cannot assure you that wrappers are fully backed, 1:1, with BTC. Please use caution interacting with these wrapped BTC assets. Additionally, there may be incomplete or outdated research.

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Bitcorn BTCN

Overview

Status

Mainnet

Type

Reserve

BTC Supply

₿0

BTCN is a derivative of BTC. It is backed by other BTC derivative assets. It is also the gas token for the Corn network.

Assessment

User Risk

Users trust BTCN contract owners & the various derivative assets supporting its 1:1 peg with BTC

BTCN is a BTC derivative asset that is backed by other BTC derivative assets. wBTC and cbBTC are currently the two approved assets that back BTCN. BTCN, that is distributed to users from the Bitcorn contract on Corn, is currently backed by wBTC and cbBTC locked in respective vault contracts on Ethereum.

Users trust the owner of the BTCN contract to not implement a malicious contract upgrade. They additionally trust the owner of the Bitcorn contract on Corn to not issue more BTCN than what is locked in the vault contract on Ethereum.

Users also trust that wBTC and cbBTC maintain a 1:1 peg with BTC so BTCN can also maintain a 1:1 peg.

Supporting contracts & permissions

This is the implementation of the BTCN token contract on Ethereum.

This is the ERC20Bridge contract that escrows BTCN which is minted on Corn.

This is the implementation of the BTCN token contract on Corn.

This is the owner of the BTCN token contract. This Authority contract is controlled by a 2/4 multisig.

This is the vault contract securing wBTC that partially backs the BTCN token on Corn.

This is the vault contract securing cbBTC that partially backs the BTCN token on Corn.

Further sections to be reviewed

Aspects related to BTC custody, key management, transaction signing, and redemptions have not been reviewed. We are currently reviewing these sections.