Secret Network, a blockchain with privacy-preserving wise contacts, today unveiled the testnet launch of Shinobi, its brand-new protocol for bridging Bitcoin and Secret Network.Shinobi is a direct bridge between Bitcoin and Secret Network, quickly Secret Bitcoin (sBTC) will unlock personal privacy and Secret DeFi for Bitcoin.
Shinobi Protocol is a trustless, bidirectional bridge that connects Bitcoin mainnet users directly to Secret Network. With a hash confirmation system, Shinobi Protocol avoids the traditional direct custodial design by instead being a privacy-secured trustless bridge.
With the Shinobi Protocol, it will be possible for Bitcoin users to have direct access to Secret DeFi in a manner never possible before. With Shinobi there is no intermediary, and the peg in/out actions interacting with Secret Network are not discernible from regular transactions on the Bitcoin blockchain.
Shinobi Protocol joins the list of Secret Bridges on testnet. Shinobi Protocol is the 4th Secret Bridge on testnet, signing up with the Cosmos, Terra, and Polkadot. As more bridges are contributed to mainnet, Secret DeFi users will have a variety of Secret tokens to connect with. Secret Bridges bring programmable personal privacy to properties from other ecosystems, permitting them to get in Secret Network as privacy-preserving “Secret tokens.”
An effective idea, Secret tokens are programmable like ERC-20s and functional in applications, however they remain private by default like Monero and comparable coins. Interactions with Secret token contracts are encrypted, viewable just to address owners or holders of their seeing secret.
The eventual launch of Shinobi Protocol on mainnet will allow Bitcoin to stream to and from Secret Network.
Since Bitcoin is transparent by default and not basically incorporated into a wise contract platform, the biggest instant advantage for Bitcoin users with the Shinobi Protocol bridge is that they can get accessibility to a privacy-preserving version of BTC in addition to Secret DeFi apps. Note, Secret DeFi consists of apps like SecretSwap, a front-running resistant, cross-chain, and privacy-first AMM.
One key to Shinobi Protocol is the intro of the SHINOBI token, which is the sustainability design for encouraging hash verification of cross-chain transactions between Bitcoin and Secret Network.
The more a validator or user verifies these transactions, the more SHINOBI token they will earn. A small amount of SHINOBI token is required to open the initially locked BTC in return for SBTC – – therefore producing the sustainability and value design for Shinobi Protocol and the development group.
For additional details check out the Shinobi Whitepaper.
The post Shinobi: Secret Network launches new bridge protocol to Bitcoin appeared initially on CryptoNinjas.