rBTC-SYNTH Smart Contract Specification

ReserveBTC's smart contract enables on-chain issuance and automatic burn of non-transferable, BTC-backed synthetic tokens (rBTC-SYNTH).

📌 Core Principles

• Minimalism: Strictly essential logic only.
• Autonomous: Fully automatic, no manual control.
• Immutable: No upgrades, no owner, no central keys.
• DAO-Ready: Future-proof for governance handover.

---

🪙 Minting Conditions

• Minting occurs only after BTC reserve is cryptographically verified.
• User submits a form (BTC + ETH address) via ReserveBTC.
• System assigns a unique checksum amount to verify BTC ownership.
• Once received at a unique address, 1:1 rBTC-SYNTH is minted to the ETH address.
• Example: 0.15 BTC ➔ 0.15 rBTC-SYNTH.

---

🔥 Auto-Burn Logic

• An off-chain oracle checks BTC balance every 20 seconds.

• If BTC is moved or withdrawn:

  • The corresponding rBTC-SYNTH is burned proportionally.
  • 100% BTC withdrawn ➔ 100% burn.

---

🔒 Security Design

• Soulbound Token (non-transferable, non-approvable).
• No mint, transfer, setX, or upgrade() functions.
• No delegateCall, proxy, or multisig.
• No ownership or admin role.

---

🔧 Technologies Used

Component	Purpose	Stack
Supabase	Form + address linkage	PostgreSQL
Chainlink Oracle	Verifies balance off-chain	Node + Oracle
ethers.js	Contract interactions	Hardhat
Merkle Proof	BTC→ETH mappings on-chain	Solidity

---

🔎 Verifiability

• Open source & verified on Etherscan.
• Merkle root is public.
• reportVerifiedBalance() callable only by trusted Oracle.

---

🛠️ Next:

• Minting Logic
• Burning Mechanism
• Oracle Integration
• Security Checklist

rBTC-SYNTH = Verifiable. Immutable. Non-custodial.