Key Points
- Asymmetric Research joins the Stacks Foundation to enhance security for its Bitcoin Layer 2 solution.
- sBTC, a new asset to be released later this year, will allow Bitcoin to be used in decentralized finance.
The Stacks Foundation has recently partnered with security firm Asymmetric Research. This collaboration aims to strengthen the security measures around its Bitcoin Layer 2 solution.
Asymmetric Research’s Role
Asymmetric Research will be instrumental in securing sBTC, a forthcoming asset. This new asset will give developers the ability to create decentralized finance applications using Bitcoin (BTC).
Asymmetric Research has a history of securing significant blockchain projects, including Wormhole (W), Solana (SOL), and Cosmos (ATOM). In its new role with Stacks (STX), the firm will concentrate on auditing the security of sBTC and join the Stacks Signer Network.
About sBTC
Each sBTC will be backed 1:1 by Bitcoin, allowing users to engage with Bitcoin in decentralized applications without leaving the Bitcoin network. This integration will pave the way for Bitcoin to be utilized in decentralized finance, a financial system built on blockchain technology that doesn’t require traditional intermediaries.
The addition of Asymmetric to the Stacks ecosystem enhances its security efforts, which already involve over 30 institutional node operators, such as BitGo, Blockdaemon, and Copper. The network’s decentralized nature reduces dependency on a single entity, providing a more secure method for moving Bitcoin within the ecosystem.
To further enhance security, the Stacks Foundation has launched initiatives like a bug bounty program and ongoing audits. These measures will ensure that sBTC will be protected on multiple fronts once it becomes operational.