Shinobi: Secret Network launches new bridge protocol to Bitcoin

2021-9-17 20:09

Secret Network, a blockchain with privacy-preserving smart contacts, today unveiled the testnet launch of Shinobi, its new protocol for bridging Bitcoin and Secret Network. Shinobi is a direct bridge between Bitcoin and Secret Network, soon Secret Bitcoin (sBTC) will unlock 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 verification system, Shinobi Protocol avoids the traditional direct custodial model 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 way never possible before. With Shinobi there is no middleman, and the peg in/out actions communicating with Secret Network are not discernible from ordinary transactions on the Bitcoin blockchain.

Shinobi Protocol joins the list of Secret Bridges on testnet.

Shinobi Protocol is the fourth Secret Bridge on testnet, joining the Cosmos, Terra, and Polkadot. As more bridges are added to mainnet, Secret DeFi users will have a variety of Secret tokens to interact with. Secret Bridges bring programmable privacy to assets from other ecosystems, allowing them to enter Secret Network as privacy-preserving “Secret tokens.”

A powerful concept, Secret tokens are programmable like ERC-20s and usable in applications, but they remain private by default like Monero and similar coins. Interactions with Secret token contracts are encrypted, viewable only to address owners or holders of their viewing key.

The eventual launch of Shinobi Protocol on mainnet will allow Bitcoin to flow to and from Secret Network.

Since Bitcoin is transparent by default and not fundamentally integrated into a smart contract platform, the biggest immediate benefit for Bitcoin users with the Shinobi Protocol bridge is that they can gain accessibility to a privacy-preserving version of BTC as well as Secret DeFi apps. Note, Secret DeFi includes apps like SecretSwap, a front-running resistant, cross-chain, and privacy-first AMM.

Token

One key to Shinobi Protocol is the introduction of the SHINOBI token, which is the sustainability model for encouraging hash verification of cross-chain transactions between Bitcoin and Secret Network.

The more a validator or user confirms these transactions, the more SHINOBI token they will earn. A small amount of SHINOBI token is required to unlock the originally locked BTC in return for SBTC – thus creating the sustainability and value model for Shinobi Protocol and the development team.

For further information check out the Shinobi Whitepaper.

The post Shinobi: Secret Network launches new bridge protocol to Bitcoin appeared first on CryptoNinjas.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Secret (SCRT) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.2505
Капитализация $0 Rank 99999
Цена в час новости $ 2.081 (-100%)

secret bitcoin network shinobi protocol bridge new

secret bitcoin → Результатов: 126


Фото:

Feds Smashed Armored Vehicle Through Wall During Bitcoin Raid

Crypto Bust It’s no secret that the cryptocurrency world has a criminality problem. The technology is regularly being used to launder money, buy illegal contraband, and even demand ransom. To many however, Bitcoin and other currencies like it represent the ultimate expression of true Freedom, a hyper-libertarian dream of exchanging money and other assets without […]

2021-9-8 18:56


Фото:

Why PayPal Co-Founder Peter Thiel Believes China Could Be Weaponizing Bitcoin Against The U.S.

It’s no secret that the major nemesis of the United States, China, has been experimenting with crypto technology as it looks to render its economy free of the U.S sanctions and the USD’s hegemony. Speaking at a virtual event for the Nixon Seminar, PayPal co-founder and early investor Peter Thiel noted the lengths to which […]

2021-4-9 16:40


Фото:

Jack Dorsey’s Square Buys Into Tidal: Is Bitcoin Coming To The Streaming Service?

It is no secret that Twitter and Square CEO Jack Dorsey is a big supporter of Bitcoin and the blockchain industry. He has participated in the Lightning challenge, has publicly endorsed crypto, and CashApp has been allowing Bitcoin transactions long before many companies like PayPal and Mastercard hopped on board. In the latest move that […]

2021-3-7 21:44


Фото:

Win BTC Prizes with The 1xBit Gold Hunt Tournament

Exciting mysteries, Bitcoin treasures, and hidden secret tombs await those who are willing to embark on the 1xBit Gold Hunt Tournament. January 12th, 2021, Limassol, Cyprus – Do you fancy yourself as an explorer with a thirst for exciting adventures and collecting rewards? Do fast-flowing rivers, merciless winds, unbreakable mirage towers of sand, and unexploredRead More

2021-1-12 12:05


Win BTC Prizes with The 1xBit Gold Hunt Tournament

Bitcoin Press Release: Exciting mysteries, Bitcoin treasures, and hidden secret tombs await those who are willing to embark on the 1xBit Gold Hunt Tournament.  January 12th 2021, Limassol, Cyprus – Do you fancy yourself as an explorer with a thirst for exciting adventures and collecting rewards? Do fast-flowing rivers, merciless winds, unbreakable mirage towers of […] The post Win BTC Prizes with The 1xBit Gold Hunt Tournament appeared first on NullTX.

2021-1-13 11:00


Крупнейшая криптобиржа CША стала подрядчиком Вашингтона. Объяснения Армстронга оказались странными

Брайан Армстронг объяснил сообщение властей США о том, что крупнейшая криптобиржа Coinbase стала их подрядчиком. Речь идет о том, что в течение 2020-2024 гг. эта площадка, которая является №1 по сделкам с Bitcoin и другими известными криптовалютами в США, станет на постоянной основе предоставлять данные о криптовалютных транзакциях американской спецслужбе Secret Service. Эта структура занимается,…

2020-7-13 08:55


Фото:

The Secret of Becoming Better Than BNB And HT

By now, so many exchanges shut down and fell in the line of duty it almost makes you nervous to trust newcomers. Let’s raise a glass to our fallen comrades. Those Who Died so That we May live   The Bitcoin Market was the first-ever Bitcoin Exchange that took a hit from Paypal and heroically went […] The post The Secret of Becoming Better Than BNB And HT appeared first on NullTX.

2020-3-26 00:00


These four signs suggest retail investors want Bitcoin and crypto

It isn’t a secret that capital inflows from retail investors are what drove Bitcoin’s previous bull runs; if you were around for the 2016-2018 cycle, you likely remember the mania on mainstream media regarding cryptocurrency, the conversations with your friends and family about the blockchain flavor of the week, and so on and so forth.

2020-2-23 13:22


Ripple CEO blasts concentration of Bitcoin miners in China, but his critique misses the mark

It’s no secret that the majority of Bitcoin’s miners are located in China, with the geographical centralization of this mining power being a go-to critique for the cryptocurrency’s critics. This sentiment was recently echoed by Ripple CEO Brad Garlinghouse, who explained in a recent interview with CNN’s Julia Chatterley that the heavy concentration of miners […] The post Ripple CEO blasts concentration of Bitcoin miners in China, but his critique misses the mark appeared first on CryptoSlate.

2020-2-18 08:07