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Glossary

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See a list of terms about/related to the PowPeg App and their meanings.

Summary

PowPeg App glossary terms for BTC ↔ rBTC transfers. Mainnet: powpeg.rootstock.io. Testnet: powpeg.testnet.rootstock.io.

Key terms

Term	Definition
PowPeg App	Web app for BTC and rBTC exchange between Bitcoin and Rootstock
Peg-in	BTC to rBTC. Final after ~100 Bitcoin block confirmations
Peg-out	rBTC to BTC. Locks rBTC on Rootstock and releases BTC on Bitcoin
Flyover transactions	Fast peg-in option via liquidity providers. See /developers/integrate/flyover/
Amount in BTC	Minimum peg-in amount: 0.005 BTC
Device account address	Bitcoin address you send from
Destination Rootstock address	Rootstock address that receives rBTC
Refund Bitcoin address	Bitcoin address for refunds
Legacy address	Original BTC address format. Higher transaction fees
SegWit address	Newer format with lower fees. Segregates witness data
Native SegWit address	Bech32 format. Lower fees when supported
Hardware wallet	Physical device (Ledger, Trezor) for key storage
Software wallet	App on computer or phone that stores private keys
BIP39 passphrase	Optional 25th word extending a hardware wallet seed
Mainnet	Production network. Assets have real value
Testnet	Development network. Use tRBTC from faucet.rootstock.io
Network fee	Fee paid to the blockchain network for a transfer
Transaction fee	Fee shown in BTC and USD
Transaction total	BTC amount plus selected transaction fee
PowPeg Protocol	2-way peg secured by Bitcoin merge-mining hash rate

• The PowPeg App is a web application that fosters the interaction between the bitcoin blockchain and the Rootstock network for faster exchange of BTC and RBTC. See the github repo.

• The amount a user is sending. Not less than 0.005 BTC.

• The account address the user is sending from in BTC.

• The account address to receive the RBTC.

• A hardware wallet is a special-purpose device configured to accept supported cryptocurrencies and tokens. Hardware wallets usually take the form of a physical device. Examples of hardware wallets are Ledger and Trezor.

• An optional word or phrase that extends a hardware wallet seed. It is sometimes called the 25th word. It is not the device PIN and it is not the password that encrypts an Electrum wallet file on your computer. A different passphrase derives a different set of addresses. See Trezor passphrase in Electrum.

• Legacy address is the original BTC address. It is the most expensive address type because it uses the most amount of space inside a transaction.

• Assets on mainnet have real value and should be used only in Production.

• The SegWit native transaction is Bech32, and crypto wallets that support SegWit generally incur lower fees.

• A Network Fee, as the name implies, is a fee you pay to a blockchain network for transferring a digital asset on that network.

• A conversion from BTC to RBTC. In the peg-in process, the customer sends some BTC and gets the equivalent amount in RBTC inside the Rootstock Blockchain network. The peg-in process is final and cannot be reverted, it requires 100 Bitcoin block confirmation which is approximately 200 Rootstock Blocks.

• A conversion from RBTC to BTC. This locks RBTC on the Rootstock network and releases BTC on the Bitcoin network.

• The bitcoin address to be refunded.

• The powpeg protocol is a unique 2-way peg system that secures the locked bitcoins with the same Bitcoin hashrate that establishes consensus. Read more about the Powpeg.

• Segwit, short for Segregated Witness, is an upgrade to the Bitcoin protocol, it separates the digital signature (also known as “the witness”) from the transaction, it is a newer address format with lower fees. It makes Bitcoin transaction sizes smaller, which allows Bitcoin to handle more transactions at once (scalability). Watch the video: What is Segwit? Explained.

• A software wallet is an application that is installed on a computer or smartphone. The private keys are stored on the computer or smartphone.

• This is a testing network used for testing and development purposes, assets on the Testnet have zero value, funds used in this network are called Test tokens (tRBTC), they can be gotten through a faucet that dispenses tokens. These tokens are utility tokens that are required to operate certain dApps. Developers of those dApps also need to test them on the Testnet, and hence these are provided as a convenience for them. The Rootstock network provides a cryptocurrency faucet. The tRBTC faucet provides the cryptocurrency required to pay for gas fees on the Rootstock Testnet. See how to get tRBTC using the Rootstock Faucet. Additional faucet options include; Thirdweb and Blast Faucets.

• The transaction fee, its equivalent, is specified in BTC and USD.

• This comprises of the BTC amount + transaction fee selected.

• Click here to know more about flyover transactions.

• Click here to open PowPeg on Testnet.