Press Release
Press Release. Swingby recently announced a newly established partnership with Chainlink for Proof of Reserve. The recently announced partnership aims to secure the Swingby Skybridge that connects Bitcoin’s blockchain and allow the introduction of BTC to the Ethereum network.
Swingby develops more advanced and secure BTC bridge
Swingby is his BTC bridge ecosystem, which in addition to Bitcoin and Ethereum, has other We have plans to expand into the blockchain ecosystem. The platform is already here. In fact, advancements in platform security made possible by the partnership make Swingby the only BTC bridge of his protected against WBTC depeg events.
In Swingby’s announcement announcing the partnership, it was also revealed that the Bitcoin bridging protocol had chosen Chainlink Proof of Reserve. Provided by Chainlink Oracle Services.
Proof of Reserve provides verifiable transparency and security
Recently, the blockchain ecosystem crashed, catastrophic unpegging, and suddenly The incidence of business closures, bankruptcies, etc. is rising. Transparency and security are more important than ever in the blockchain industry.
Swingby has implemented a protocol that employsproof of reserveas a transparency measure to protect the bridge from completing transfers that do not verifiably exist in the reserves backing the token supply. Decided to equip.
Swingby’s announcement details that the combined Proof of Reserve will ensure that the number of BTC stored in the Reserve wallet matches the amount of WBTC tokens on the Ethereum network. I’m here. If there is a discrepancy in the numbers, the Proof of Reserve feature is designed to automatically shut down the bridge from user access until the problem is resolved. This measure is intended to protect user and network security.
Raising the Bar with Proof of Reserve
As mentioned above, the built-in automated security introduced by the Chainlink Proof of Reserve mechanism allows Swingby to declare It is now possible. This network is the only his BTC bridge that is protected against WBTC unpegging.
In terms of blockchain transparency and security, the recent bankruptcy filings of FTX and sister company Alameda Research have impacted the Alameda-owned REN protocol. The rapid closure and demise of the REN protocol has made Swingby one of the more recognized market leaders in the space, as well as one of the more decentralized bridges.
Swingby aims to achieve ease of use through a Proof of Stake network. Chainlink Proof of Reserve is simple and efficient through an automated process in which reliable, secure and up-to-date data is presented to a network environment powered by smart contracts via the tested Chainlink oracle network. Designed to further support UX.
How Chainlink Proof Of Reserve Is Expected To Support Swingby Skybridge
Asset Collateral Verification. This eliminates the need for manual audits and the transparent nature of blockchain makes data and information available for independent monitoring and verification by individuals.
A customizable external adapter is implemented in Chainlink Proof of Reserve. They are used to procure data from premium data providers through financial incentives. This means that data provided through Proof of Reserve promotion is deemed to be of the highest quality.
The decentralized nature of Chainlink Proof of Reserve is also mentioned as a key aspect of the design supporting the Swingby skybridge. Details provided in the announcement reveal that the oracle nodes and data sources are decentralized, thus eliminating a central point of failure in both sourcing and delivering data to Swingby.
Swingby Announcement Future Plans
Swingby CEO Senga Yusaka said in a recent statement that more can be expected from the partnership with Chainlink. clarified. Swingby’s official announcement reveals the protocol’s intentions to implement his Proof of Reserve on Avalanche, Polygon, and other blockchains via Skybridge now that the Ethereum network is complete and live. I was. The CEO provided an insight showing the importance of the role his Chainlink Proof of Reserve plays in Swingby’s Skybridge decentralized infrastructure.
“We believe Chainlink Proof of Reserve is a mission-critical decentralized infrastructure for Swingby’s Skybridge that allows users to redeem new WBTC tokens if their BTC reserves are no longer pegged. It plays an important role in preventing people from creating or exchanging WBTC tokens from the WBTC token supply.When building bridges between blockchains, security is a top priority, and Chainlink is fighting Hardened and tested over the years, the Oracle Network is the most trusted in the industry.”
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