Explore sBTC and the whitepaper 👇
Written by the sBTC working group, with contributions from Princeton computer scientists, developers of the Stacks layer, and anonymous contributors. The sBTC working group is open to the public and works on GitHub.
Building on Bitcoin: sBTC is part of a larger vision to build on Bitcoin as well as to make Bitcoin a productive asset, unlocking $300B+ of latent capital into Web3. There are several teams working on these Bitcoin layers, such as Lightning for payments. But Bitcoin needs fully expressive smart contracts to be fully programmable.
Different Bitcoin layers enable Bitcoin to have smart contracts and capabilities similar to other blockchains like Ethereum or Solana. Examples: Lightning, Rootstock, Stacks, or Liquid.
With the launch of sBTC, the Stacks layer will be the first Bitcoin layer to enable Bitcoin writes, trustless movement of BTC in and out of the layer, while securing transactions by 100% of Bitcoin hash power.
To use Bitcoin on a separate layer you must first peg-in, or move your Bitcoin to that chain. Similarly, to take Bitcoin back to the main chain you have to “Peg-out”
A weak point in the security of a Bitcoin layer is the “Peg-out” function. Holy grail problem in Bitcoin for over 10 years. Only centralized or federated solutions.
sBTC is a huge leap forward in the security of the “Peg-out” function enabling a trustless Bitcoin peg. Instead of security from multisig game theory, sBTC has security from economic game theory. With multisig peg-outs, there can be situations where multisig keys are lost, or there is malicious coordination.
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