What Is Kintsugi (KBTC)?
interBTC, Interlay’s flagship product, is Bitcoin on any blockchain. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant. Kintsugi is Interlay’s canary network, an experiment with real economic value deployed on Kusama. Kintsugi and Interlay share the same code base – with the difference that Kintsugi focusses strictly on innovation and will always.
| Coin Basic | Information |
|---|---|
| Coin Name | Kintsugi |
| Short Name | KBTC |
| Circulating Supply | N/A |
| Max Supply | N/A |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
KBTC Price Live Data
The live Kintsugi BTC price today is $20,718.58 USD with a 24-hour trading volume of $27,070.34 USD. They update KBTC to USD price in real-time. This BTC is up 1.35% in the last 24 hours. The current CoinMarketCap ranking is #4520, with a live market cap of not available. The circulating supply is not available and the max. supply is not available.
interBTC Security
What makes interBTC unique is the strict dedication to being trustless and decentralized.
- Secured by Insurance. Vaults lock collateral on the interBTC parachain in various digital assets – in a MakerDAO-inspired multi-collateral system. If Vaults misbehave, their collateral is slashed and users reimbursed. As a user, you only trust that Bitcoin and the DeFi platform you use are secure.
- Radically Open. Anyone can become a Vault and help secure interBTC, anytime. Yes, you can run your own Vault!
Network Participants
The design of interBTC has an emphasis on being open and permissionless. As such, any user can take up multiple roles at the same — but also leave the system whenever they wish. As such, to participate, you can choose from:
Vaults: collateralized intermediaries who hold BTC locked on Bitcoin. Any user can become a Vault by simply locking DOT collateral. The requirements are (1) a Bitcoin full node, (2) a Polkadot account and (3) liquidity in accepted collateral assets.
Users: there are two types of user on the BTC Parachain:
- Liquidity Providers lock BTC with Vaults to mint 1:1 backed interBTC on the Parachain. Requirement: (1) Bitcoin wallet and (2) Polkadot wallet.
- End-Users obtain interBTC from liquidity providers on Polkadot and use interBTC for payments and with applications. Requirements: Polkadot wallet.
Lock BTC to mint interBTC
A user (liquidity provider) mints new interBTC.
- A Vault locks DOT as collateral with the interBTC bridge (the Interlay BTC Parachain).
- A user creates an issue request with a collateralized Vault of his choosing. This reserves the Vault’s DOT collateral.
- The user then sends BTC to the Vault.
- The user proofs to the interBTC bridge that they sent the BTC to the vault (using a transaction inclusion proof against the BTC Relay).
- Upon successful verification of the proof, the user mints interBTC and receives the tokens to his or her account balance.
INTR Tokenomics
Interlay will be governed by its community from day 1 – via INTR, Interlay’s governance token.
Key Functions of INTR
The INTR token’s main purposes are:
- Governance. INTR holders vote on governance proposals.
- Staking. To participate in governance, holders stake INTR and earn INTR staking rewards in return.
- Utility. Interlay will support transaction fee payments in INTR.
- Outlook: INTR will be tightly integrated into the bridge, offering token holders additional security and product benefits.
Supply and Emission
INTR features an unlimited supply. The emission schedule is defined as follows:
- 1 billion (1,000,000,000) INTR emitted over the first 4 years
- 2% annual inflation afterwards, indefinitely.
Distribution
INTR will be controlled by the community:
- 70% is distributed to the community as airdrops and block rewards.
- 30% as Vault rewards;
- 10% as first crowdloan paradrop;
- 25% to the on-chain Treasury;
- 5% to stake-to-vote staking rewards.
- 20% to the Interlay team & early backers who funded the development of the protocol – subject to a 48-week cliff followed by 144 weeks of linear vesting.
- 10% to a Foundation reserve, to be used for funding ecosystem growth and future development.
Governance
Anyone can steer the development of the Kintsugi and Interlay networks. Before participating, we recommend to learn about Kintsugi’s governance.
