Secret Network, a blockchain Privacy-protected smart contacts, Today launched Shinobi’s testnet, a new protocol for bridging Bitcoin and secret networks. Shinobi is a direct bridge between Bitcoin and Secret Network. Soon Secret Bitcoin (sBTC) will unlock privacy and Secret DeFi for Bitcoin.
The Shinobi protocol is a trustless two-way bridge that can directly connect Bitcoin mainnet users to the Secret Network. Through the hash verification system, Shinobi Protocol avoids the traditional direct supervision model, but becomes a trustless bridge for privacy protection.
Using the Shinobi protocol, Bitcoin users will be able to directly access Secret DeFi in an unprecedented way. In Shinobi, there is no middleman, and the peg in/out operation that communicates with Secret Network is indistinguishable from ordinary transactions on the Bitcoin blockchain.
The Shinobi protocol is the fourth secret bridge on the testnet, joining Cosmos, Terra and Polkadot. As more bridges are added to the mainnet, Secret DeFi users will have a variety of Secret tokens to interact with. Secret Bridges brings programmable privacy to assets from other ecosystems, allowing them to enter the Secret Network as a privacy protection “Secret token. “
A powerful concept, Secret tokens are programmable like ERC-20 and can be used in applications, but they remain private by default like Monero and similar coins. The interaction with the Secret token contract is encrypted, and only the address owner or the holder of the viewing key can view it.
The eventual introduction of the Shinobi protocol on the mainnet will allow Bitcoin to flow in and out of the Secret Network.
Since Bitcoin is transparent by default and is not fundamentally integrated into the smart contract platform, the biggest direct benefit of Bitcoin users who use Shinobi protocol bridge is that they can get a privacy-protected version of BTC and the Secret DeFi application program.Please note that Secret DeFi includes things such as Secret exchange, An anti-leading, cross-chain and privacy-first AMM.
A key to the Shinobi protocol is the introduction of the SHINOBI token, a sustainability model used to encourage hash verification of cross-chain transactions between Bitcoin and Secret Network.
The more validators or users confirm these transactions, the more SHINOBI tokens they will get. A small amount of SHINOBI tokens are needed to unlock the initially locked BTC in exchange for SBTC-thus creating a sustainability and value model for the Shinobi protocol and development team.
For more information, please check Ninja White Paper.