The Stacks Foundation has unveiled that the security firm Asymmetric Research has joined its ecosystem as a vital security contributor, enhancing efforts around its Bitcoin Layer 2 solution.
As per a press release shared with crypto.news, Asymmetric Research will aid in securing sBTC, a new asset anticipated to launch later this year.
SBTC will allow developers to create decentralized financial applications utilizing Bitcoin (BTC).
Asymmetric Research possesses extensive experience in securing notable blockchain projects, having collaborated with Wormhole (W), Solana (SOL), and Cosmos (ATOM). In its new capacity with Stacks (STX), Asymmetric will primarily focus on auditing the security of sBTC and will join the Stacks Signer Network.
This network is comprised of various parties tasked with protecting the process of transferring Bitcoin into and out of the sBTC ecosystem.
sBTC
The sBTC asset will be pegged 1:1 with Bitcoin, meaning that each sBTC will correspond to one Bitcoin. This configuration will enable users to engage with Bitcoin in decentralized applications while remaining within the Bitcoin network.
This integration will allow Bitcoin to be utilized in decentralized finance, a financial system constructed on blockchain technology without the need for conventional intermediaries. The addition of Asymmetric enhances Stacks’ security initiatives, involving over 30 institutional node operators, including firms like BitGo, Blockdaemon, and Copper.
The decentralized nature of the network mitigates the risk of dependence on a single entity, providing a more secure method for transferring Bitcoin within the ecosystem.
To enhance security even further, the Stacks Foundation has initiated programs such as a bug bounty and continuous audits, ensuring that sBTC will be safeguarded at multiple levels once it becomes operational.
