BoringDAO, as a bitcoin bridge, launched on Nov, 2020, BoringDAO aims to bring BTC to ethereum in oBTC (An ERC-20 Token) through a fully decentralized way.
In a simple overview, each oBTC is backed by 100% BTC and 25% ERC-20 tokens (such as BOR, ETH, DAI etc). At the same time, BoringDAO also use different insurances to protect those BTC, like COVER & Nsure.
The BTC layer is protected by P2SH multi-signature, and there are over-pledge on ETH layer (they will only be liquidated when BTC are lost in some black swan event). In other words, each oBTC has three layers of protection (multi-signature + over-pledge + insurance).
We also use OP-Return (a cool native function of Bitcoin) to help users connect their BTC & ETH address which means that we do not use any centralized server in the minting process of oBTC.