The Secret Network, a blockchain with privacy-protecting smart contacts, today unveiled Shinobi’s Testnet launch, its new protocol for shutting down Bitcoin and the Secret Network. Shinobi Hall is a direct bridge between Bitcoin and the Secret Network, soon Secret Bitcoin (SBTC) will unlock the privacy and secret definition for Bitcoin.
The Shinobi protocol is an unreliable, bi-directional bridge that connects Bitcoin mainnet users directly to the Secret Network. With a hash verification system, the Shinobi protocol avoids the privacy direct custodial model but rather a privacy-protected trustless bridge.
Through the Shinobi protocol, it will be possible for Bitcoin users to gain direct access to the secret definition that has never been possible before. Shinobi has no intermediaries, and the peg in / out actions of communicating with the secret network are not clear from the typical Bitcoin blockchain transactions.
Shinobi Protocol is the fourth secret bridge of the Testnet, which joins the Cosmos, Terra and Polcadot. As more bridges are added to the mainnet, there will be different types of secret tokens to communicate with Secret DFI users. Secret Bridges brings programmable privacy to the property from other ecosystems, allowing them to enter the Secret Network as “privacy-protecting” secret tokens.
A strong idea is that secret tokens are programmable and usable in applications like the ERC-20s, but they are as personal as Monero and similar coins by default. Interactions with secret token agreements are encrypted, visible only to address the owners or holders of their viewing keys.
The final introduction of the Shinobi protocol on the mainnet will allow Bitcoin to flow into the secret network.
Since Bitcoin is not transparent by default and basically integrated with a smart contract platform, the biggest advantage for Bitcoin users with the Shinobi Protocol Bridge is that they can use the privacy-saving version of BTC and the Secret DFI apps. Note that Secret DFI includes apps like SecretSwap, Resistor, Cross-Chain, and Privacy-First AMM.
A key to the Shinobi protocol is the introduction of Shinobi tokens, a sustainable model for encouraging hash verification of cross-chain transactions between Bitcoin and secret networks.
The more a validator or user confirms this transaction, the more Shinobi tokens they will earn. Unlocking the original locked BTC in exchange for SBTC requires a small amount of Shinobi tokens – thus creating a stability and value model for the Shinobi protocol and development team.
See the Shinobi White Paper for more information.