Merge remote-tracking branch 'upstream/update-sbtc-docs' into patch-2

concepts/sbtc/README.md

@@ -1,37 +1,53 @@
 ## Introduction to sBTC
 
-sBTC is a SIP-10 token on the Stacks blockchain that represents Bitcoin (BTC) in a 1:1 ratio. It enables Bitcoin holders to utilize their BTC within the Stacks ecosystem, allowing participation in DeFi applications and other smart contract functionalities while maintaining a peg to the underlying Bitcoin.
+sBTC is a SIP-010 token on the Stacks blockchain that represents Bitcoin (BTC) in a 1:1 ratio. It enables Bitcoin holders to participate in DeFi applications and other smart contract functionalities while maintaining a peg to the underlying Bitcoin.
 
 ### Purpose
 
-The primary purpose of sBTC is to bridge the Bitcoin and Stacks ecosystems, providing Bitcoin holders with access to the rich functionality of smart contracts on the Stacks blockchain without sacrificing the security and value of their BTC holdings.
-
-### Version
-
-This documentation primarily covers sBTC-v1, which is designed as a builder-first stand-in for a more decentralized version. Future versions (e.g., sBTC-v2) will introduce a more robust, open-network signer set and additional economic incentives for signers to faithfully process transactions.
+The primary purpose of sBTC is to bridge Bitcoin to DeFi via the Stacks blockchain, providing Bitcoin holders with access to the rich functionality of smart contracts without sacrificing the security and value of their BTC holdings.
 
 ### Key Benefits
 
 1. **Bitcoin Compatibility**: Allows Bitcoin holders to participate in the Stacks ecosystem without selling their BTC.
-2. **DeFi Access**: Enables BTC holders to engage with decentralized finance applications on Stacks.
+2. **DeFi Access**: Enables BTC holders to participate in DeFi.
 3. **Quick Conversions**: Facilitates rapid movement between BTC and sBTC.
 4. **Decentralized Management**: Utilizes a set of signers for maintaining the peg wallet.
 5. **Community Governance**: Involves the community in key decisions, such as selecting the initial signing set.
 
-## Table of Contents
-
-1. [Key Concepts](key-concepts.md)
-2. [Core Features](core-features.md)
-3. [sBTC Operations](operations/README.md)
-   - [Deposit](operations/deposit.md)
-   - [Withdrawal](operations/withdrawal.md)
-4. [Peg Wallet UTxO](peg-wallet-utxo.md)
-5. [Clarity Contracts](clarity-contracts.md)
-6. [Auxiliary Features](auxiliary-features/README.md)
-   - [Transaction Fee Sponsorship](auxiliary-features/fee-sponsorship.md)
-   - [Dynamic Blocklist](auxiliary-features/dynamic-blocklist.md)
-   - [Signer Wallet Rotation](auxiliary-features/signer-wallet-rotation.md)
-7. [Security Considerations](security-considerations.md)
-8. [Future Development](future-development.md)
-
-For developers and contributors, please refer to the [sBTC-v1 GitHub repository](https://github.com/stacks-network/sbtc) for the latest updates and development progress.
+## Key Concepts
+
+Understanding sBTC requires familiarity with several key concepts.
+
+### sBTC
+
+sBTC is a SIP-010 token on the Stacks Blockchain that can be converted back to BTC on the Bitcoin Blockchain. The key property of sBTC is its 1:1 peg to Bitcoin, meaning 1 sBTC is always equivalent to 1 BTC.
+
+### sBTC UTXO
+
+The sBTC UTXO is the single unspent transaction output (UTXO) on the Bitcoin blockchain that holds the entire BTC balance pegged into sBTC. This UTXO is managed and maintained by the sBTC Signers.
+
+### sBTC Signer
+
+In sBTC, the sBTC Signer is a signer entity separate from the Stacks Nakamoto signer. sBTC signer responsibilities include:
+
+- Signing sBTC operations
+- Communicating with contracts on the Stacks chain
+- Managing the sBTC UTXO
+
+### sBTC Signer Set
+
+The sBTC Signer Set is the group of all sBTC signers. This set has full democratic access to the sBTC UTXO. Key properties include:
+
+- Selected through a community vote weighted by STX holdings
+- Responsible for maintaining the security of the peg wallet
+- Ability to rotate their private keys for enhanced security
+
+### Emily API
+
+Emily is an API that helps facilitate and supervise the sBTC Bridge in addition to serving as a programmatic liaison between sBTC users and signers.
+
+### SIP-010 Token
+
+sBTC adheres to the SIP-010 standard for fungible tokens on the Stacks blockchain. This ensures compatibility with wallets and applications that support the SIP-010 standard.
+
+Understanding these concepts is crucial for grasping the overall architecture and functionality of sBTC. In the following sections, we'll explore how these concepts come together to create sBTC.

concepts/sbtc/auxiliary-features/README.md

@@ -3,7 +3,6 @@
 This section covers additional features that enhance the functionality and security of the sBTC system:
 
 1. [Transaction Fee Sponsorship](fee-sponsorship.md): Allowing sBTC transactions to be sponsored
-2. [Dynamic Blocklist](dynamic-blocklist.md): Enhancing security through a flexible blocklist system
-3. [Signer Wallet Rotation](signer-wallet-rotation.md): Enabling secure key rotation for sBTC Bootstrap Signers
+2. [Signer Wallet Rotation](signer-wallet-rotation.md): Enabling secure key rotation for sBTC Signers
 
 These auxiliary features contribute to the overall robustness and user-friendliness of the sBTC ecosystem.

concepts/sbtc/auxiliary-features/fee-sponsorship.md

@@ -1,6 +1,6 @@
 # Transaction Fee Sponsorship
 
-Transaction Fee Sponsorship is a feature in sBTC-v1 that allows users to pay for Stacks transaction fees using sBTC instead of STX.
+Transaction Fee Sponsorship is a feature in sBTC that allows users to pay for Stacks transaction fees using sBTC instead of STX.
 
 ## Overview
 
@@ -29,10 +29,3 @@ From a user's perspective:
 1. **Improved UX**: Users don't need to hold STX to use sBTC.
 2. **Lower Barrier to Entry**: New users can start using sBTC without first acquiring STX.
 3. **Flexibility**: Provides an additional option for handling transaction fees.
-
-## Future Development
-
-While sBTC-v1 includes a basic sponsorship system, future versions may implement more advanced features:
-
-- **Dynamic Transaction Fee Market**: Allow sBTC users to choose the transaction sponsor who requires the least sBTC in return.
-- **Automated Sponsorship**: Integrate sponsorship directly into wallets and dApps for a seamless experience.

concepts/sbtc/auxiliary-features/signer-wallet-rotation.md

@@ -1,10 +1,10 @@
 # Signer Wallet Rotation
 
-Signer Wallet Rotation is a crucial security feature in the sBTC system that allows sBTC Bootstrap Signers to rotate their private keys securely.
+Signer Wallet Rotation is a crucial security feature in the sBTC system that allows sBTC Signers to rotate their private keys securely.
 
 ## Overview
 
-- sBTC Bootstrap Signers have the ability to rotate their private keys.
+- sBTC Signers have the ability to rotate their private keys.
 - This feature enhances the long-term security of the sBTC system.
 - Key rotation is coordinated among signers and requires on-chain voting.