BTC-Relay

in btc •  4 years ago 

BTC-Relay itself is a smart contract of Ethereum. The function of this contract is to verify certain transactions on Bitcoin and provide verification information to other DApp users on Ethereum. Relayer is a group of users who obtain block header data from Bitcoin and has an account address on the Ethereum network. The Relayer who submits block header data to the BTC-Relay contract as soon as possible can receive Ethereum transaction fee rewards. After the BTC-Relay smart contract obtains the block header data, it can verify a transaction based on the principle of SPV proof. When a transaction in the Bitcoin network does occur, it can trigger a specific transaction or smart contract execution on the Ethereum network.

Examples of BTC-Relay usage scenarios

  1. Alice and Bob agree to use the BTCSwap contract to conduct transactions. Alice wants to buy Bob's eth, and Bob sends his eth to the BTCSwap contract
  2. Alice sends bitcoin to Bob, she hopes that the BTCSwap contract can know this so that the BTCSwap contract can release Bob’s previous eth
  3. Alice calls btcrelay.relayTx() through the bitcoin transaction information and the BTCSwap contract address. After btcrelay verifies that the transaction is passed, it triggers the processTransaction method in the BTCSwap contract
  4. The BTCSwap contract confirms that the btcrelay address is a legal address after being triggered, and then releases Bob's eth before
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