Shinobi Protocol

Shinobi is a protocol for generating Secret Bitcoin (SBTC), an SNIP-20 token backed by bitcoin on

the Secret Network. Bitcoin private keys are stored only in the Trusted Execution Environment (TEE)

on the Secret Network. The protocol’s governance token — the SHINOBI token (SHINOBI) — will be

used as a reward for the minters of Secret Bitcoin as well as the registerers of block headers in the Bitcoin

and Secret Networks. It will also be required as a fee when bitcoin is withdrawn from the Secret Network.

Privacy on the protocol is ensured by keeping transactions on the Bitcoin Network anonymous. This will

be implemented by configuring the unit of bitcoin deposited to (or withdrawn from) the network to a

commonly used denominator (e.g., 0.1 BTC or 1 BTC), thus obfuscating the trace of bitcoin being sent

through the protocol. Secret Bitcoin can be sent anonymously across the Secret Network.