Stacks

sBTC

Bitcoin

Foundation

The Stacks Foundation has announced that security firm Asymmetric Research has joined its ecosystem as a key security contributor, reinforcing efforts around its Bitcoin Layer 2 solution.&nbsp; 
According to a press release shared with crypto.news, Asymmetric Research will support the security of sBTC, a new asset expected to be released later this year. 
SBTC will enable developers to build decentralized financial applications using Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>). 
Asymmetric Research has extensive experience securing high-profile blockchain projects, having worked with Wormhole (<a rel="" href="https://crypto.news/price/wormhole/">W</a>), Solana (<a rel="" href="https://crypto.news/price/solana/">SOL</a>), and Cosmos (<a rel="" href="https://crypto.news/price/cosmos-hub/">ATOM</a>). In its new role with Stacks (<a href="https://crypto.news/price/stacks/" target="_blank">STX</a>), Asymmetric will focus on auditing the security of sBTC and become part of the Stacks Signer Network. 
This network comprises multiple parties responsible for safeguarding the process of moving Bitcoin into and out of the sBTC ecosystem. 
 You might also like: <a rel="" href="https://crypto.news/crypto-fraud-30m-red-card-trial-begins-in-france/"> Crypto fraud: $30m ‘red card’ trial begins in France </a> 
<h2 class="wp-block-heading" id="sbtc">sBTC </h2> 
The sBTC asset will be backed 1:1 by Bitcoin, meaning every sBTC will represent one Bitcoin. This will allow users to interact with Bitcoin in decentralized applications without leaving the Bitcoin network. 
This integration will enable Bitcoin to be used in <a rel="" href="https://crypto.news/tag/DeFi">decentralized finance</a>, a financial system built on blockchain technology without the need for traditional intermediaries. Adding Asymmetric strengthens Stacks’ security efforts, involving more than 30 institutional node operators, including companies like BitGo, Blockdaemon, and Copper.&nbsp; 
The network’s decentralized nature reduces the risk of relying on a single entity, offering a more secure option for moving Bitcoin within the ecosystem. 
To further bolster security, the Stacks Foundation has launched initiatives such as a bug bounty program and ongoing audits, ensuring that sBTC will be protected at multiple levels once it goes live. 
 You might also like: <a rel="" href="https://crypto.news/heres-why-apecoin-has-suffered-a-harsh-reversal/"> Here’s why ApeCoin has suffered a harsh reversal </a>

Asymmetric Research joins Stacks as core security contributor for sBTC

Table of Contents

crypto.news

Other articles published on Oct 22, 2024

Payments Giant Stripe Acquires Stablecoin Platform Bridge in a $1.1B Deal

A Whale from the Satoshi Era Stirs the Market with a Major BTC Move: What Does This Mean?

Solana Penguin Memecoin Will Explode 13,000% Before Exchange Listing, While SHIB and Dogecoin Lag

1 Trillion Shiba Inu in 24 Hours: Why Is SHIB Price Still Down?

Last-Ditch Play in XRP-SEC Battle: Will One of These 2 Scenarios Win?

D3 launches .APE domain names for ApeCoin users

Join our free newsletter for daily crypto updates!