Shinobi is a protocol for generating Secret Bitcoin (SBTC), an SNIP-20 token on Secret Network backed by bitcoin (BTC). SBTC is pegged to BTC on a 1:1 ratio. Conversion between BTC and SBTC is facilitated through Shinobi Gateway, a trustless bridge.
Non-Custodial Secure Bitcoin Bridge
You can take bitcoin on the Bitcoin blockchain and use it as an underlying asset to generate another token on a different blockchain, with the two tokens exchanged on a 1:1 ratio. This mechanism, which is also adopted by Shinobi, is often referred to as "bridge". A typical bridge would have a custodian - whether it be a human or an organization - manage the underlying asset. However, the existence of a custodian could expose the asset to a potential loss/theft due to arbitrary actions on the part of the custodian or some malicious actor.
Shinobi provides a secure solution for managing the underlying asset by leveraging a unique smart contract that protects sensitive data on Secret Network. The smart contract allows for autonomous management of the asset, with any custodian eliminated in the process.
Also Read: Next Generation Secure Bridge For Bitcoin