Smart Contract Platform On Top of Bitcoin
The Powpeg is RSK’s 2-way peg protocol used to do conversions between BTC and R-BTC.
The Powpeg protects private keys stored in special purpose PowHSMs based on tamper-proof secure elements, using a layered design which is referred to as defense-in-depth.
To learn more about it, I suggest you read the article Building the Most Secure, Permissionless and Uncensorable Bitcoin Peg, from Sergio Demian Lerner and Sebastian Lindner.
I strongly recommend trying the 2-way peg on Testnet, before doing it on Mainnet.
At this moment, the minimum amount of the process is 0.008 R-BTCs on Mainnet and 0.005 tR-BTCs on Testnet, so you must be careful not to do something wrong and lose your “real” funds.
I am using the Metamask wallet to store my tR-BTCs. Nifty is also an excellent option!
Here are the instructions to use them on RSK networks:
Maybe you already have tR-BTCs because you first tried the PegIn process, but if you didn’t , you can get some tR-BTCs in the faucet.
Go to the RSK faucet
Paste your address and resolve the captcha
Wait some seconds...
Take a look on my transaction:
You will send the tR-BTC to the RSK Bridge Contract address, updating the gas limit.
In your R-BTC wallet, click on the Send / Transfer button.
The RSK Bridge Contract address is:
The minimum amount to send must be greater than 0.005 tR-BTC for Testnet
The Gas Limit of the transaction must be manually set at 100,000 gas; otherwise the transaction will fail.
Confirm the transaction
The transaction will be pending for a while
Wait the transaction be confirmed
I am using the Metamask wallet.
On the 3 dots on the left side, click on Account details
Then click on Export Private key
For example, this is the private key for my account in this tutorial
Do not show your private key to anyone!
I am showing it to you because this is a tutorial and we're using the Testnet, however I will never store real cryptos using this seed :)
The private key for your R-BTC address will be used to discover your Bitcoin private key, and use it in a wallet to get the BTC address also to transfer your BTC later.
RSK has a tool to get your BTC private key in a secure way, on your desktop, without exposing your private key on the internet. So, let’s use it!
If you already did the PegIn process, you had used this before.
Go to github.com/rsksmart/utils.
If you do not want to compile the utility, you can download the latest release. I will use it.
Go to last release page and click on build.zip to download it
I saved, unzipped it in C:\RSK and renamed to rsk-utils-build
In the build folder, open index.html in your browser
For example, my path is file:///C:/RSK/rsk-utils-build/build/index.html
Then you’ll get your BTC private key.
In my example, the BTC private key is
Remember: never share your private key!
Here I am doing a tutorial, so I can share it only for educational purposes.
I will use the Electrum wallet, which we explained how to download and installed it on the previous post, the PegIn part of How to do Conversions Between BTC and R-BTC Using the Powpeg Protocol.
For example, I had it installed in the C:\RSK\Electrum folder.
Then I run:
Choose Create new wallet
Choose a new name, if you like it.
For example, my wallet will be from_rsk
Click the Next button.
Choose Import Bitcoin addresses or private keys, then click the Next button again.
Paste your private key and click on Next button
For example, this is that I’m using in this tutorial:
Define a password, if you would like to do it, and click on Next button again.
And this is your new imported wallet from private key on Electrum!
You will see a Bitcoin Testnet address like below.
My BTC testnet address is:
You can check it out in the zoomed image:
Wait 4000 RSK block confirmations and at least 10 more minutes.
A block is confirmed on RSK Network in average, 30s, so you need to wait at least 33h20min more 10 minutes.
This is equivalent to waiting 33h30min!
Besides the Electrum, you can check your balance in Blockcypher - a block explorer for Bitcoin testnet
For example, this is my tBTC in this tutorial:
In the previous post, How to do Conversions Between BTC and R-BTC Using the Powpeg Protocol you learn the PegIn part of Powpeg.
Here I showed you how to do the PegOut: transforming your R-BTCs in BTCs. So now you know all the processes!
I hope this tutorial has been helpful and I’d appreciate your feedback.
Happy with this tutorial? Share it if you like it :)
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