- Stacks Foundation partners with Asymmetric Research
- Asymmetric Research becomes a core security contributor.
- sBTC launch set for Q4 2024.
In the past months, the Bitcoin ecosystem has been rapidly expanding. Notably, layer-2 scaling solutions , have stepped up to scale its base chain, while leveraging Bitcoin Network’s security. One of these is Stacks, which will soon unveil sBTC, backed 1-1 by Bitcoin.
To secure sBTC, the Stacks Foundation has partnered with Asymmetric Research, a leading security firm. The firm will act as a “signer,” ensuring safe transactions between Bitcoin and sBTC.
Asymmetric Research to Secure sBTC Asset
The latest move by Stacks will enable Bitcoin holders to securely interact with DeFi applications. On October 22, Stacks Foundation partnered with Asymmetric Research , a leading crypto security company.
Sponsored
Asymmetric Research will play a key role in securing the upcoming sBTC. This asset, backed 1-1 by Bitcoin, will enable holders to use it in decentralized finance (DeFi) applications. sBTC will also allow developers to create decentralized applications using Bitcoin’s network.
The security firm will act as a “signer,” ensuring that Bitcoin moves safely in and out of the Stacks system. In this role, it will be one of 30 other companies, like BitGo and Blockdaemon, ensuring its security and decentralization.
Asymmetric Research to Help sBTC Launch
Previously, Asymmetric Research helped secure major blockchain networks, including Solana and Cosmos . Its experience will be instrumental in sBTC’s launch, set for Q4 of 2024.
In addition to this partnership, the Stacks Foundation recruited companies like Hypernative and launched the Immunefi bug bounty to continuously stress-test the system.
Security is key when it comes to L2 scaling solutions and wrapped assets. This is why multiple layers of security checks for sBTC, including multiple signers, audits, and bounties, help boost trust in its ecosystem.
On the Flipside
- In recent years, the Bitcoin network has gained additional functionality thanks to ordinals and inscription technology enabling BRC-20 tokens . This has created additional demand for layer-2 scaling solutions for its chain.
- In February, Justin Sun jumped on the Bitcoin Layer-2 bandwagon, promising to bring bridged Bitcoin to TRON .
Why This Matters
Asymmetric research will play an important role in sBTC, expanding Bitcoin’s use. Its ecosystem will give Bitcoin holders access to dApps, expanding their opportunities to participate in the growing DeFi ecosystem.
Read more about BRC-20 tokens:
BRC-20 Tokens: Are They the Future of Bitcoin?
Read more about the reactions to ECB’s criticism of Bitcoin:
ECB’s Bitcoin Paper Sparks Outrage, Calls For Strict Controls or Ban
