Overview
In this section, we are going to learn about the PowPeg App, how it works, its features, and the benefits of using the application.
Effective September 03rd, 2024, the 2 Way Peg App has been officially renamed to PowPeg App, this name change reflects Rootstock's commitment to providing a more intuitive and engaging experience for users.
Note that the previous address still works, redirecting users to the new one.
The app is available at https://powpeg.rootstock.io/
If you have any questions or concerns, please don't hesitate to contact support.
To get started, see the prerequisites section.
The PowPeg App converts BTC to RBTC and vice versa. It is secured by the PowPeg protocol, which is a unique protocol that secures the locked bitcoins with the same Bitcoin hashrate that establishes consensus.
It is a web application that fosters the interaction between the bitcoin blockchain and the Rootstock network for easier exchange of BTC and RBTC. It also 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.
How it Works​
The PowPeg App uses a REST API and a PowPeg 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:
Features​
The PowPeg App, has two primary features, they are:
-
Peg-in: A conversion from BTC to RBTC. See pegin for more explanation.
- Note: The peg-in process is final and cannot be reverted.
- Native pegin transaction has 17 hours estimated time to completion.
- Flyover pegin transaction time to completion, deppends on the Liquidity Provider conditions.
- See Glossary page for more explanation.
-
Peg-out: A conversion from RBTC to BTC. This current version of the PowPeg. See pegout for more explanation.
- Native pegout transaction has 34 hours estimated time to completion.
- Flyover pegout transaction time to completion, deppends on the Liquidity Provider conditions.
- See Glossary page for more explanation.
Why use the PowPeg App?​
The PowPeg App has lots of benefits, these include:
- Simplified transactions
The PowPeg App (peg-in and peg-out) are its nature is a complex process and this app makes it simpler. Using the PowPeg App enables you to choose where to receive the converted BTC / RBTC, which is also possible without it, but with an even higher level of complexity than a legacy peg-in and peg-out.
- Visualization of transactions
Enables the visualization of the status of transactions on the Rootstock network
- Enables communication with a user wallet (hardware and software)
The PowPeg App communicates directly with the following services:
- Trezor: Directly via USB
- Ledger: Directly via USB and integrated with the manufacturer's application
- Metamask: Through the rLogin application. Learn more about the rLogin application
- Secure transactions
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.
Next​
- Convert BTC to RBTC using the PowPeg App.
- Convert RBTC to BTC using the PowPeg App.
- View Advanced Operations
- Comparing PowPeg and Flyover.