tBTC is a decentralized wrapped Bitcoin designed to unlock the value of Bitcoin for various financial activities, including borrowing, lending, minting stablecoins, and providing liquidity. It is uniquely structured to be 1:1 backed by Bitcoin on the main network, differentiating itself from existing solutions that require users to send their Bitcoin to intermediaries for conversion into Ethereum tokens. This traditional model introduces trust issues and the risk of censorship, undermining Bitcoin's decentralization principles. tBTC addresses these challenges by utilizing a decentralized approach, where a randomly chosen group of operators on the Threshold Network manages the secure handling of deposited Bitcoin using threshold cryptography. The protocol ensures that any action involving your Bitcoin requires a consensus from a majority of these operators, thereby enhancing security and minimizing the risk of collusion. To further protect users, tBTC rotates the selection of operators weekly and incorporates an insurance backstop, providing an emergency fallback should any wallet be compromised. The Threshold Network, which supports tBTC, is born from the merger of NuCypher and Keep networks, offering a range of threshold cryptography services for web3 applications. Governed by a decentralized autonomous organization (DAO), the network’s key services include secure encrypted communication and tBTC v2, the only decentralized bridge for Bitcoin to Ethereum. With tBTC, users can confidently engage in the DeFi ecosystem while retaining the security and decentralization that Bitcoin promises.