Add sidechain note to abstract
Introducing this terminology early helps articulate the concept to the
Bitcoin side of the fence.
@@ -26,21 +26,21 @@ toc::[]
.Abstract
--
The tBTC system is a design for a decentralized, 1-to-1 redeemable token
-supply-pegged to BTC. The described design can be implemented on a
-smart-contract-enabled host chain that supports custom tokens and a subset of
-functionality needed to prove certain properties of Bitcoin transactions.
-This spec in particular assumes the host chain is Ethereum. The peg is
-implemented using an approach dubbed a bonded, multifederated peg, in which a
-randomly chosen subset of a larger network of signing nodes is chosen to back
-individual deposits requested by users wishing to mint TBTC tokens on the host
-chain. The chosen signers use a threshold ECDSA protocol to generate a Bitcoin
-wallet without any single signer having access to the corresponding private key,
-and bond an amount of the host chain's native token (ETH for Ethereum) that
-ensures their behavior in the system remains honest, at risk of losing their
-bond in case of dishonesty or undercollateralization. A smart contract on the
-host chain mediates the deposit's lifecycle, including opening deposits,
-collateralization, signer fraud, and redemption. Redemption allows for a deposit
-to have its held BTC withdrawn on the Bitcoin chain, and pays signers.
+supply-pegged to BTC---in other words, a sidechain. The described design can be
+implemented on a smart-contract-enabled host chain that supports custom tokens
+and a subset of functionality needed to prove certain properties of Bitcoin
+transactions. This spec in particular assumes the host chain is Ethereum. The
+peg is implemented using an approach dubbed a bonded, multifederated peg, in
+which a randomly chosen subset of a larger network of signing nodes is chosen to
+back individual deposits requested by users wishing to mint TBTC tokens on the
+host chain. The chosen signers use a threshold ECDSA protocol to generate a
+Bitcoin wallet without any single signer having access to the corresponding
+private key, and bond an amount of the host chain's native token (ETH for
+Ethereum) that ensures their behavior in the system remains honest, at risk of
+losing their bond in case of dishonesty or undercollateralization. A smart
+contract on the host chain mediates the deposit's lifecycle, including opening
+deposits, collateralization, signer fraud, and redemption. Redemption allows for
+a deposit to have its held BTC withdrawn on the Bitcoin chain, and pays signers.
Additional mechanisms are described to properly incentivize a fixed term for
deposits to ensure signer compensation and to allow signer exit in case of
impending undercollateralization.
