From d858bde04dcab5939b990e088e8579f5ae06efec Mon Sep 17 00:00:00 2001 From: Kenny Rogers Date: Thu, 17 Oct 2024 05:46:36 +0000 Subject: [PATCH] GITBOOK-198: Remove SIP25 references --- concepts/sbtc/sbtc-design/security-model.md | 8 +++----- 1 file changed, 3 insertions(+), 5 deletions(-) diff --git a/concepts/sbtc/sbtc-design/security-model.md b/concepts/sbtc/sbtc-design/security-model.md index c5470b26a3..0082b7c39b 100644 --- a/concepts/sbtc/sbtc-design/security-model.md +++ b/concepts/sbtc/sbtc-design/security-model.md @@ -21,12 +21,10 @@ The sBTC asset is supported by this network of “validators.” There can be up * Stacking pools (such as [Xverse](https://flight.beehiiv.net/v2/clicks/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJ1cmwiOiJodHRwczovL3Bvb2wueHZlcnNlLmFwcC8\_dXRtX3NvdXJjZT13d3cuYml0Y29pbndyaXRlcy5jb20mdXRtX21lZGl1bT1yZWZlcnJhbCZ1dG1fY2FtcGFpZ249YS1tb3JlLXNlY3VyZS1idGMtYnJpZGdlLXVuZGVyc3RhbmRpbmctc2J0Yy1zLXNlY3VyaXR5LW1vZGVsIiwicG9zdF9pZCI6ImNjN2Q2MjRiLWVjYmEtNGYwNi1hYmY2LTQxY2Q3ZDg1YTU3OCIsInB1YmxpY2F0aW9uX2lkIjoiMDRmMjY0ZTktNjI2Yi00ODhmLWJjM2EtMDk0MzQ1ZjlmY2QyIiwidmlzaXRfdG9rZW4iOiJjZWU0NWY1MS1lNWY2LTQwMDgtYmUxOC1mM2Y3YmU1NTBkZGMiLCJpYXQiOjE3MDU5NTk2MDcsImlzcyI6Im9yY2hpZCJ9.TPIBy5jzj4l7ytNVqUeIckhqdzRW2dWA-g6JdgrUxrk)) * Individual node operators -These signers lock up Stacks tokens (STX) in order to be a signer on the network, and for their work to maintain the sBTC peg, earn BTC rewards, making honest behavior the most profitable course of action. +These signers lock up Stacks tokens (STX) in order to be a signer on the network, and for their work to maintain the sBTC peg, earn BTC rewards, making honest behavior the most profitable course of action. Greater than 70% of these signers are required to approve deposit and withdrawals from the system. This means that as long as at least 30% of validators are honest, the BTC deposited in sBTC is secure. To steal the BTC deposits, malicious actors would need to convince a number of validators that represent > 70% of the stacked STX capital to collude in order to steal the BTC funds. This is highly unlikely in practice given Stacks validators are geographically dispersed entities with significant business risk for behaving maliciously. -For more technical details on the implementation and design of sBTC, please refer to the [SIP025](https://flight.beehiiv.net/v2/clicks/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJ1cmwiOiJodHRwczovL2dpdGh1Yi5jb20vc3RhY2tzZ292L3NpcHMvYmxvYi9lNmIzMjMzZTc2YzIyY2ZkNmVmMDJmMjFhZGQ2NjY5NmI5ZTRjMzE0L3NpcHMvc2lwLTAyNS9zaXAtMDI1LXNidGMubWQ\_dXRtX3NvdXJjZT13d3cuYml0Y29pbndyaXRlcy5jb20mdXRtX21lZGl1bT1yZWZlcnJhbCZ1dG1fY2FtcGFpZ249YS1tb3JlLXNlY3VyZS1idGMtYnJpZGdlLXVuZGVyc3RhbmRpbmctc2J0Yy1zLXNlY3VyaXR5LW1vZGVsIiwicG9zdF9pZCI6ImNjN2Q2MjRiLWVjYmEtNGYwNi1hYmY2LTQxY2Q3ZDg1YTU3OCIsInB1YmxpY2F0aW9uX2lkIjoiMDRmMjY0ZTktNjI2Yi00ODhmLWJjM2EtMDk0MzQ1ZjlmY2QyIiwidmlzaXRfdG9rZW4iOiJjZWU0NWY1MS1lNWY2LTQwMDgtYmUxOC1mM2Y3YmU1NTBkZGMiLCJpYXQiOjE3MDU5NTk2MDcsImlzcyI6Im9yY2hpZCJ9.MpRVoPOtDQKxXZt-vIS2dwloDaYT4aEUVcpR4oyGUho). The SIP is currently under community review, pending approval on a future date to be announced. - ### Inheriting Bitcoin’s Security sBTC has a number of traits that make it more secure than other Bitcoin-backed assets. @@ -47,7 +45,7 @@ Taking this one step further, the security properties of a Stacks transaction ar #### Does sBTC have a hard cap/liveness ratio? -The original white paper proposed a liveness ratio, essentially a cap on the amount of sBTC that can be minted based on the value of STX locked into the protocol. This concept came from a security model of economic incentives, in which stackers have full signing control over a Bitcoin wallet containing the locked BTC. In the original white paper this was set to 60% of locked STX (i.e. if there is $200M of STX locked, the system capacity is $120M of BTC). +The original white paper proposed a liveness ratio, essentially a cap on the amount of sBTC that can be minted based on the value of STX locked into the protocol. This concept came from a security model of economic incentives, in which stackers have full signing control over a Bitcoin wallet containing the locked BTC. In the original white paper this was set to 60% of locked STX (i.e. if there is $200M of STX locked, the system capacity is $120M of BTC). However, after further research and consideration, the sBTC working group concluded that such a cap would significantly limit potential DeFi usage and discourage large players from entering the system. Given these findings and market realities, the sBTC design no longer has this liveness ratio, and instead relies on the trust-assumption of honest institutional validators as the final security backstop. @@ -56,7 +54,7 @@ The research concluded that a hybrid system that has both (a) anonymous signers For more information on this topic, see these resources: * [Making sBTC ready for DeFi prime time](https://flight.beehiiv.net/v2/clicks/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.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.3Q8GK4GhEb8EZou9r7y1JZ\_lcRLFjpFTysv1wyZon8g) -* [sBTC Research - Cap on BTC in Peg Wallet](https://flight.beehiiv.net/v2/clicks/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJ1cmwiOiJodHRwczovL2dpdGh1Yi5jb20vc3RhY2tzLW5ldHdvcmsvc2J0Yy9kaXNjdXNzaW9ucy8zMTY\_dXRtX3NvdXJjZT13d3cuYml0Y29pbndyaXRlcy5jb20mdXRtX21lZGl1bT1yZWZlcnJhbCZ1dG1fY2FtcGFpZ249YS1tb3JlLXNlY3VyZS1idGMtYnJpZGdlLXVuZGVyc3RhbmRpbmctc2J0Yy1zLXNlY3VyaXR5LW1vZGVsIiwicG9zdF9pZCI6ImNjN2Q2MjRiLWVjYmEtNGYwNi1hYmY2LTQxY2Q3ZDg1YTU3OCIsInB1YmxpY2F0aW9uX2lkIjoiMDRmMjY0ZTktNjI2Yi00ODhmLWJjM2EtMDk0MzQ1ZjlmY2QyIiwidmlzaXRfdG9rZW4iOiJjZWU0NWY1MS1lNWY2LTQwMDgtYmUxOC1mM2Y3YmU1NTBkZGMiLCJpYXQiOjE3MDU5NTk2MDcsImlzcyI6Im9yY2hpZCJ9.YYbye-GFds4tBWFq6PL-J0-f1otxKQdGVjLVVKoo9cs)[ ](https://flight.beehiiv.net/v2/clicks/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJ1cmwiOiJodHRwczovL2dpdGh1Yi5jb20vc3RhY2tzLW5ldHdvcmsvc2J0Yy9kaXNjdXNzaW9ucy8zMTY\_dXRtX3NvdXJjZT13d3cuYml0Y29pbndyaXRlcy5jb20mdXRtX21lZGl1bT1yZWZlcnJhbCZ1dG1fY2FtcGFpZ249YS1tb3JlLXNlY3VyZS1idGMtYnJpZGdlLXVuZGVyc3RhbmRpbmctc2J0Yy1zLXNlY3VyaXR5LW1vZGVsIiwicG9zdF9pZCI6ImNjN2Q2MjRiLWVjYmEtNGYwNi1hYmY2LTQxY2Q3ZDg1YTU3OCIsInB1YmxpY2F0aW9uX2lkIjoiMDRmMjY0ZTktNjI2Yi00ODhmLWJjM2EtMDk0MzQ1ZjlmY2QyIiwidmlzaXRfdG9rZW4iOiJjZWU0NWY1MS1lNWY2LTQwMDgtYmUxOC1mM2Y3YmU1NTBkZGMiLCJpYXQiOjE3MDU5NTk2MDcsImlzcyI6Im9yY2hpZCJ9.YYbye-GFds4tBWFq6PL-J0-f1otxKQdGVjLVVKoo9cs) +* [sBTC Research - Cap on BTC in Peg Wallet](https://flight.beehiiv.net/v2/clicks/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJ1cmwiOiJodHRwczovL2dpdGh1Yi5jb20vc3RhY2tzLW5ldHdvcmsvc2J0Yy9kaXNjdXNzaW9ucy8zMTY\_dXRtX3NvdXJjZT13d3cuYml0Y29pbndyaXRlcy5jb20mdXRtX21lZGl1bT1yZWZlcnJhbCZ1dG1fY2FtcGFpZ249YS1tb3JlLXNlY3VyZS1idGMtYnJpZGdlLXVuZGVyc3RhbmRpbmctc2J0Yy1zLXNlY3VyaXR5LW1vZGVsIiwicG9zdF9pZCI6ImNjN2Q2MjRiLWVjYmEtNGYwNi1hYmY2LTQxY2Q3ZDg1YTU3OCIsInB1YmxpY2F0aW9uX2lkIjoiMDRmMjY0ZTktNjI2Yi00ODhmLWJjM2EtMDk0MzQ1ZjlmY2QyIiwidmlzaXRfdG9rZW4iOiJjZWU0NWY1MS1lNWY2LTQwMDgtYmUxOC1mM2Y3YmU1NTBkZGMiLCJpYXQiOjE3MDU5NTk2MDcsImlzcyI6Im9yY2hpZCJ9.YYbye-GFds4tBWFq6PL-J0-f1otxKQdGVjLVVKoo9cs) #### What happens if the value of STX drops in relation to Bitcoin’s price?