Second brother Sui chain founder, powerfully driving up $SUI, granting countless people financial freedom.

Third brother Celestia's founder, leading the modular staking $TIA surge.

Big brother Side's founder, co-founding with Binance Labs veterans, will it make BTC great again?

Little Bear is not talking about the Three Kingdoms. These three legendary heroes all come from the same company, all co-founders. The place where the three heroes pledged brotherhood is London Chainspace, acquired by Facebook in 2019, planting seeds to change the future of the crypto world.

🌋 Currently, Celestia co-founder and CEO Mustafa, now Sui chain co-founder and chief scientist Danezis, and now @SideProtocol co-founder Dave, who was the big brother CEO of Chainspace.

Gathered as a fire, scattered as a sky full of stars, big brother starts a business, do the brothers support?

🌈 Project Introduction

The white paper of Side Protocol shocked me greatly after I read it. It is a true complete ecosystem for Bitcoin expansion. Side is the first Bitcoin on-chain bank, with deposits and loans of Bitcoin being in the users' own hands, fundamentally different in security from traditional BTC staking.

🤠 Founding Team

Co-founder and CTO, @futurechimp, former co-founder and CEO of Chainspace, a prestigious institution in the crypto circle, with extensive connections.

Co-founder, @shaneqiu, former Binance Labs researcher, a veteran who joined Binance in 2019, with rich industry resources.

🦋 Airdrop Pattern

Bitcoin L2 Side developed based on Cosmos as the underlying technology, its genesis airdrop will definitely be given to @badkidsart NFT holders.

Although building on BTC, still not forgetting the brothers of Cosmos, remembering those who dug the well while drinking water, I applaud them.

✅ Highlights of the White Paper

To build a Bitcoin bank, an ecosystem must be established, and the core of a bank is lending. Other ancient banking services, such as: settlement, payment, vaults, were all born around lending.

There are three types of original Bitcoin staking.

🔹 Centralized custody: Users trust the platform, where these companies/exchanges lend and hold Bitcoin. However, if a company collapses, it can lead to total loss, referencing previous collapsed exchanges and custody platforms.

🔹 Cross-chain bridge custody: Most current Bitcoin staking protocols are in this form. We cross BTC to Ethereum to generate WBTC, LBTC, SolvBTC, etc., and then use these token certificates to play Defi. However, users give up ownership of Bitcoin.

🔹 Over-the-counter lending: Similar to private lending, peer-to-peer self-matching trades, somewhat like P2P, with low efficiency and security.

✅ The security core of Side Protocol is: not giving up Bitcoin ownership, non-custodial secure lending.

Users borrowing and lending on Side lock Bitcoin in a multi-signature wallet jointly held with Side. Without my wallet's signature authorization, no one can withdraw, solving the biggest security risk in lending and ensuring users' control over their Bitcoin collateral.

✅ Conclusion

This article is my research post on Side Protocol, grateful for its airdrop to Bad kids.

The first Bitcoin on-chain bank, there's still a long way to go, hoping to look back in a year.

Let us verify with time.

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