Revealing Shinobi: Bridging Bitcoin to Secret Network
Announcing the testnet launch of Shinobi: a new protocol for bridging Bitcoin and Secret Network. Learn more about Shinobi and the arrival of Secret Bitcoin (sBTC)!
Greetings Secret community!
Today we are excited to announce that Shinobi Protocol has been deployed on testnet. Shinobi is a direct bridge between Bitcoin users and Secret Network, unlocking 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 advent of Shinobi Protocol, it is now possible for Bitcoin holders to have direct access to Secret DeFi in a way that has never been 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.
Come visit the Shinobi Protocol website to learn more!
Interested in learning about the full mechanics of Shinobi Protocol?
Read the full whitepaper here.
About Secret Bridges
Secret Bridges are bringing programmable privacy to assets from other ecosystems, allowing them to enter Secret Network as privacy-preserving "Secret Tokens." Secret Tokens are a powerful concept - they're 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 bitcoin as well as Secret DeFi applications. Secret DeFi includes unique applications like SecretSwap, the first front-running resistant, cross-chain and privacy-first AMM.
Shinobi Protocol is the 4th Secret Bridge currently on testnet, joining the Cosmos, Terra, and Polkadot bridges. As more bridges get added to mainnet, Secret DeFi users will have a wider array of Secret Tokens to interact with - securing Secret Network as the data privacy hub of the blockchain universe!
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.
Are you interested in contributing to the testing of the Shinobi Protocol bridge? Join their community today, and contribute to bringing this bidirectional privacy-preserving bridge to life!
Secret Network Developer Opportunities
Interested in building your own bridge to Secret Network? If so, there are a variety of options available for developers to get directly involved in building Secret Bridges (or other Secret Applications) on Secret Network!
Secret Network Developer Grants
The Secret Network Grant Program is originally funded with 20M $SCRT- currently worth ~$30,000,000. For simplicity, proposals are split into three categories: Secret Apps, for everything that is directly built on top of Secret Network; Ecosystem, for tools that expand Secret Network and improve general usability; and Network improvements, for major upgrades to the network itself.
Within the Secret Network application layer, Secret DeFi and Secret NFTs (private metadata) hold an exciting amount of use cases that have yet to be developed. Grants have already been rewarded for the development of the NFT reference implementation as well as Secret Fardels, a new kind of decentralized social media leveraging Secret NFTs.
With a list consisting of over 35+ grant ideas, get started with the grant application process today!
Are you a developer looking to develop full-time on Secret Network?
The Secret Foundation Fellow Program (Secret Fellows) is designed to involve more developers full-time in the Secret Network ecosystem. The goal of the program is to bring in talented individuals full-time to the Secret Network ecosystem for 3 months during which developers can work on Secret Network related dApp/ tooling development and receive competitive compensation.
Apply for Secret Fellows here!
For any other questions about the network and how to get started using and developing on Secret Network, join our awesome community on the Secret Chat (Discord) or Secret Forum.
Onwards & Upwards!
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