press release
PRESS RELEASE. Swingby has recently announced a newly established partnership with Chainlink for Proof of Reserve. The recently publicized partnership is aimed to help secure the Swingby Skybridge which connects the Bitcoin blockchain, enabling the introduction of BTC into the Ethereum network.
Swingby Develops A More Advanced And Secure BTC Bridge
Swingby is a BTC bridge ecosystem with plans to expand into other blockchain ecosystems in addition to Bitcoin and Ethereum, which the platform has already accomplished. In fact, the advance in platform security made possible from the partnership makes Swingby the only BTC bridge guarded against a WBTC depegging event.
In a Swingby announcement announcing the partnership it was also revealed that the Bitcoin bridging protocol chose the Chainlink Proof of Reserve, due to what was proclaimed in the details of the announcement to be critical features offered by Chainlink’s oracle service.
Proof Of Reserve Offers Verifiable Transparency And Security
With the recent rise in the incidence of blockchain ecosystem crashes, catastrophic depeggings, sudden closures, bankruptcies and more, this is a time when transparency and security have become of even greater importance than ever before in the blockchain industry.
Swingby made the decision to equip the protocol to employ Proof of Reserve as a transparency measure which protects the bridge from completing transfers that are not verifiably present in reserves backing token supply.
The Swingby announcement details that the integrated Proof of Reserve will check to ensure that the number of BTC held in custody in reserve wallets matches the amount of WBTC tokens on the Ethereum network. If there is a discrepancy between the figures, the Proof of Reserve function is designed to automatically shut the bridge down from user access until the issue is resolved. The measure is aimed to protect user and network security.
Raising The Standard With Proof Of Reserve
As aforementioned, the built-in automated security introduced by the Chainlink Proof of Reserve mechanism has led to Swingby being able to proclaim the network as being the only BTC bridge that is secured against the depegging of WBTC.
In the vein of blockchain transparency and security, the recent bankruptcy filing of FTX and sister company Alameda Research affected the REN Protocol which is owned by Alameda. The swift closure and demise of REN Protocol propels Swingby as one of the more…
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