Kintsugi is a decentralized network dedicated to connecting crypto-currencies like Bitcoin with DeFi platforms like Kusama. The Kintsugi network is hosted as a Kusama parachain and will be connected to Polkadot, Cosmos, Ethereum and other major DeFi networks. kBTC, Kintsugi’s flagship product, is Bitcoin on any blockchain. A 1:1 Bitcoin-backed asset, a stablecoin insured by a multi-collateral system and redeemable for BTC on Bitcoin.
What makes Kintsugi unique?
Kintsugi’s flagship product, is a 1:1 Bitcoin-backed asset on Kusama. Backed by multi-collateral insurance, it resembles an algorithmic stablecoin pegged to and redeemable 1:1 for Bitcoin (i.e. a hybrid).
What makes Kintsugi’s kBTC unique is the strict dedication to being trustless and decentralized. Secured by Insurance. Vaults lock collateral on the kBTC parachain in various digital assets in a MakerDAO-inspired multi-collateral system. If Vaults misbehave, their collateral is slashed and users reimbursed. Radically Open. Anyone can become a Vault and help secure kBTC, anytime. Hence, as a holder of kBTC, you have the following guarantee: You can always redeem kBTC for BTC, or be reimbursed in the collateral currency at a beneficial rate.In case a Vault misbehaves, you will be reimbursed from the Vault’s collateral and will end up making a profitable trade between BTC and the collateral asset(s). At launch, collateral will be put down in DOT. In the mid/long run, this may be extended to stablecoins or token-sets to improve stability.
Summarizing, to trust interBTC, you only need to: trust that Bitcoin is secure. Meaning: trust that Bitcoin blocks are final after X confirmations. The bridge will recommend a minimum of 6 confirmations, though users and apps are encouraged to set higher thresholds. Trust that Kusama or the chain you are using kBTC on is secure. This assumption is made by all applications running on top of Polkadot.
KINT is the native utility token that is used for:
- Governance votes to decide on protocol upgrades and determine how network resources are allocated,
- Fees for processing transactions.
Kintsugi network launched on October 13th, 2021. KINT has an unlimited supply, with 10 million tokens emitted over the first 4 years. Starting with year 5, there is a 2% annual inflation. Distribution is like below：
After the voting session of Kickstarter for Kintsugi concluded, users have contributed a total of 8535648.11673409 MX to vote for Kintsugi listing on MEXC! KINT /USDT started trading on January 13 in the Innovation Zone, the highest price was 15 USDT with the opening price of 32.43, up 216%.
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