The 2 way peg is a protocol that converts BTC to RBTC and vice versa. It is secured by the powpeg, which is a unique 2-way peg system that secures the locked bitcoins with the same Bitcoin hashrate that establishes consensus. See the history of the Powpeg.
The 2 way peg app is a web application that fosters the interaction between the bitcoin blockchain and the RSK network for easier exchange of BTC and RBTC. It provides a way to visualize the status of transactions, communicate with a user wallet (both hardware wallets and software wallets), while also providing the highest possible level of security for transactions.
Note: The current version (v1.1.0) of the 2 way peg app does not support peg-outs.
The 2 way peg app uses a REST API and a 2 way peg api as the backend, this API uses a daemon process, which is responsible for listening on blockchain transactions to update the state of peg-ins and in the future, the state of peg-outs, these state changes (tx hash, date change, last status) are stored in a mongodb database.
The source code is available on github, and open source:
The 2 way peg app, has two primary features, they are:
The 2 way peg application has lots of benefits, these include:
The peg-in in its nature is a complex process and this app makes it simpler. Using the 2 way peg app enables you to choose where to receive the converted BTC, which is also possible without it, but with an even higher level of complexity than a legacy peg-in.
Visualization of transactions
Enables the visualization of the status of transactions on the RSK network
Enables communication with a user wallet (hardware and software)
The 2 way peg app communicates directly with the following services:
All transactions need to be confirmed via the device used by the customer, whether a hardware or software wallet, all transaction information and the appropriate signatures are generated through integration with the wallets.
Be sure to check out our next article in this guide, on Getting Started with the 2 way peg app
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