The Technical Architecture
How to mint $zkbtc token?
Users can simply mint $zkBTC by depositing $BTC to a designated Bitcoin address manage by ZKP, then generating a proof off-chain and validating it within an Ethereum smart contract. This process ensures that the smart contract verifies the deposit transaction on the Bitcoin network before minting the corresponding $zkBTC tokens for the user, upholding the 1:1 pegging.
How to redeem $ bitcoin?
For redemption, users call the Ethereum smart contract to destroy some of their $zkBTC tokens at any time. A proof is then generated off-chain. Depending on the activation of the proposed opZKP opcode, this proof is verified either by the Bitcoin network directly or in a tamper-proof container as an interim solution, followed by UTXO expenditure.
When OP_ZKP is activated
Once OP_ZKP is activated, the proof will be verified by the Bitcoin network to authorize the final payout of some UTXOs.
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