Kintsugi. Interlay. BTC in Kusama

Today let me introduce Kintsugi!

In plain words Kintsugi is brother of InterBTC. Kintsugi and interBTC share the same code base — with the difference that Kintsugi will be 2–3 releases ahead of interBTC with more experimental features.

What are those?

interBTC, Interlay’s flagship project, is Bitcoin on any blockchain. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant. interBTC will be hosted as a Polkadot parachain and connected to Cosmos, Ethereum and other major DeFi networks. And Kintsugi is the one for Kusama.

“Kintsugi’s kBTC brings radically open Bitcoin to Kusama to kickstart liquidity for parachains like Karura, Shiden and Moonriver.”

Crowdloan

The Kintsugi Crowdloan is opened!

Kintsugi participates in the Kusama parachain auctions and supports a crowdloan to enable the community to vote.

By voting for Kintsugi, you vote to bring trustless Bitcoin to Kusama and help bootstrap the DeFi ecosystem!

42770 KSM Locked for Kintsugi crowdloan by Wed, 22 Sep 2021 09:19:56 GMT

Let’s bootstrap Kusama’s beautiful ecosystem! Vote for Kintsugi!

Guide on how to participate in Crowdloan: https://medium.com/interlay/kintsugi-btc-crowdloan-takes-off-86c72190bf5b

Let’s get back to education

As I told you before kBTC (Kintsugi BTC ticker) is 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant. To make you understand how it works I will explain it in details:

  1. You lock your BTC with a Vault. Pick one, or run your own. Your BTC is always safe and insured by Vault collateral.
  2. Then Mint it and Get kBTC at a 1:1 ration to your locked BTC.
  3. Earn on your Bitcoin. Use kBTC as collateral, for lending, yield farming and moreacross the DeFi ecosystem.
  4. Redeem kBTC for actual BTC on Bitcoin — trustless and anytime you want.

Pretty simple structure that allows you to spin your BTC all over DeFi with benefits and secured workflow.

kBTC is unique

What makes kBTC unique is the strict dedication to being trustless and decentralized.

There are two main aspects:

First: 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. As a user, you only trust that Bitcoin and the DeFi platform you use are secure.

Second: Anyone can become a Vault and help secure kBTC, anytime. Yes, you can run your own Vault! Isn’t it inspiring?

Governance & Tokenomics

Kintsugi will be governed by its community from day 1 — via KINT, Kintsugi’s governance token. Kintsugi will go live via a fair launch scheme.

KINT tokens will be distributed to network participants, builders and early backers asairdrops and block-rewards. There will be no public sale or ICO.

Tokenomics

The KINT token’s main purposes are:

● Governance — KINT holders vote on governance proposals and elect council members to
make operational decisions.
● Utility. Mit-term, Kintsugi will support transaction fee payments in KINT and other digital
assets, in addition to KSM

Supply and Emission

KINT features an unlimited supply. The emission schedule is defined as follows:
● 10 million KINT emitted over the first 4 years (4:3:2:1 million)
● 2% annual inflation afterwards, c.

Distribution

KINT will be controlled by the community:
● 70% is distributed to the community as airdrops and block rewards.
● 30% is airdropped to the Interlay team, and early & future investors, who funded development
of the protocol — subject to 1 year followed by 1 year linear vesting.
Starting in year 5, only the community receives new KINT from the annual inflation.

Team

Team contains Coders, researchers, makers. Early Bitcoiners and DeFi natives.

We live decentralization and transparency. We’re 100% remote and all our code is open source. We’re not anonymous — we stand by our product.

Our projects are community-owned and backed by top-tier scientific papers. Founded by ex-Imperial College PhDs, we collaborate with leading research labs and tech companies around the world.

Conclusion

With all being said Kintsugi is amazing opportunity for Bitcoin holders and cryptoheads to use their BTC and earn in DeFi sector. With secured workflow and user-friendly performance.

Social/Channels

● Twitter: https://twitter.com/interlayHQ, https://twitter.com/inter_btc , and https://twitter.com/kintsugi_btc
● Discord: https://discord.gg/wbknPNYg
● Telegram (announcements): https://t.me/interlay
● Telegram (community): https://t.me/interlay_community
● Newsletter signup: https://interlay.us4.list-manage.com/subscribe/post?u=4c3c3f21d3ec4c3ed94ea7353&id=ad217abce9

Crypto geek