The 2-Way Peg is a method to transfer BTC into R-BTC, and vice-versa. In practice, when BTC and R-BTC are exchanged, no currency is “transferred” between blockchains.
There is no single transaction that does the job. This is because Bitcoin cannot verify the authenticity of balances on another blockchain.
When a user intends to convert BTC to R-BTC, some BTC are locked in Bitcoin Blockchain and the same amount of R-BTC is unlocked in RSK.
When R-BTC needs to be converted back into BTC, the R-BTC get locked again in RSK and the same amount of BTC are unlocked in the Bitcoin blockchain. A security protocol ensures that the same currency cannot be unlocked on both blockchains at the same time.
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