Swingby Partners With Chainlink To Secure Bitcoin Bridge
Swingby Develops A More Advanced And Secure BTC Bridge
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.
Swingby aims to accomplish ease of use through its proof of stake network. The Chainlink Proof of Reserve is designed in a way which can further support a simple and efficient UX largely by the automated process that the reliable, secure, up to date data presented to the smart contract powered network environment by way of the tested Chainlink oracle network.
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