Elastos Insights

BTCD Community Testing Call-to-Action

  • BTCD is live on the Elastos Smart Chain (ESC) and opens a seven-day, Bitcoin-backed loan cycle to private testers.
  • A Glide liquidity pool (BTCD–ELA) will supply the BTCD you’ll need to pay interest.
  • Deposits: Recommended 0.001 with maximum of 0.1 BTC per contract (gradually rising to 1 BTC, then 10 BTC as the protocol hardens).
  • Loan term: 7 days today, 90 days after 1 Aug 2025, when BTCD also goes live on the Elastos partner, PGP chain.
  • Security audit: in progress, first report expected early August.
  • Bug-bounty: 20 / 50 / 100 ELA for small, standard, and critical findings.
  • Safety net: if you lose BTC during the test window, the team will reimburse you.
  • Next step: join the tester roster by pinging Elastos moderators in the Elastos Telegram.

Why This Matters

Bitcoin’s $2 trillion market cap sits mostly idle. BTCD converts that latent capital into programmable liquidity without surrendering full custody, a breakthrough several years in the making. By anchoring a stable asset to native BTC locked in P2WSH vaults and verified by zero-knowledge proofs, BTCD pairs Bitcoin’s security with the flexibility of EVM DeFi on Elastos Smart Chain (ESC).

Launching any BTC-native stablecoin carries two existential risks:

  1. Bridge Risk – moving BTC off-chain traditionally relies on custodians or wrapped derivatives.
  2. Smart-Contract Risk – once BTC is in play, contract failure jeopardises an irrecoverable asset.

The controlled community test is engineered to attack both vectors in the smallest safe increments:

  • Narrow loan size (0.1 BTC cap) limits blast radius.
  • Short 7-day term accelerates feedback loops.
  • Hard fork to 90 days in August gives the Elastos Foundation time to integrate lessons before scale-up on the new PGP execution layer.

 

What You’ll Be Testing

Phase What you do What the system proves
Deposit BTC Send 0.001–0.1 BTC into a BTCD vault generated by the dApp. P2WSH address control + multi-sig arbiter network.
Mint BTCD Receive BTCD at a 40–65 % collateral ratio plus ELA buffer. ZKP shows BTC is locked; ESC contract gives you BTCD.
Borrow / Repay (≤ 7 days) Use BTCD or swap for ELA; repay principal + interest in BTCD. Loan logic, interest accrual, liquidation timers.
Redemption Burn BTCD, reclaim your BTC Arbitrator override paths, time-lock refunds, UX edge cases.

 

Incentives & Safeguards

Outcome Reward / Remedy
Edge-case bug (UI glitch, minor mis-calc). 20 ELA
Functional bug (incorrect interest, stuck funds). 50 ELA
Critical bug (collateral loss, contract halt). 100 ELA + public Hall-of-Fame credit
BTC loss (any cause). 100 % reimbursement once incident is verified


How to Join

Quick-Start Checklist

    • Get whitelisted: Join Elastos telegram and ping 4HM3D or email at infinity@elastos.info
    • Fund wallets: a little BTC (Native Segwit) for collateral + ELA (ESC) for gas.
    • If on Elastos Essentials: Open dApp in Essentials → Discover dApps → URL will be provided (select ESC network).
    • Connect two wallets: your EVM wallet + your BTC wallet when prompted.
    • Borrow cycle: Create order → Take order → Lock BTC → Submit proof → Claim BTCD → Repay → Unlock BTC (step-by-step inside the app).
  • Contract: 0x571efCD9c25A57cda70Ca4172cb5A773179C9209 (BTCD on ESC).

Looking Forward

  • Early Aug 2025: Audit report drop + automatic extension of loan tenor to 90 days.
  • 1 Aug 2025: Simultaneous deployment by Greek Business Center registered in Duabi, UAE on the Elastos partner, PGP chain to tap wider liquidity and cross-community arbitrage.
  • Post-launch: Gradual lift of the per-contract ceiling—0.1 → 1 → 10 BTC—gated by real-time risk metrics and formal-verification coverage.

Your participation now shapes the safety, usability, and credibility of that future. Let’s battle-test it together—then unleash Bitcoin’s full productive power. Ready? Ping moderators, load up a sliver of sats, and break our code.

Further Reading

Disclaimer: This post is for community-testing coordination only and does not constitute financial advice. Always assess personal risk before interacting with experimental protocols.

 

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