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What is tBTC ?

tBTC (ERC-20) is the BTC-backed token issued on Ethereum jointly by Keep, Summa and Cross-Chain Group. Unlike centralized BTC reserve solutions, tBTC (Tustless BTC) uses decentralized custodians, a group of random mult-signers to keep the BTC reserve in a rather decentralized way. Every BTC deposit is controlled by a different group of multi-signers and signers have to over-collateralize 150% worth of ETH as collateralls to ensure they don't run away with the BTC reserve. Redeemers have to pay a redemption fee to get the native BTC back. This fee is given to tBTC signers as their earnings. tBTC solution facilitates native BTC holders to act on the Ethereum blockchain and access the DeFi ecosystem. [Per tBTC‘s official site](https://tbtc.network/news/2020-05-22-an-update-on-tbtc%E2%80%99s-launch/), latest smart contracts are audited by ConsenSys Diligence and Trail of Bits but the audit reports are yet to be public.

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