Fund security is directly related to the survival of the public chain
Detailed explanation of the security of Merlin Chain, how to protect 3.5 billion funds
Merlin Chain is undoubtedly the hottest Bitcoin native second-layer network at present. The main network has reached an astonishing TVL of 3.5 billion US dollars in 30 days after its launch, attracting more than 200 projects to enter the construction. After Merlin launched the second-layer mapping assets, multiple ecological projects have successively released major updates, and hundreds of millions of US dollars of liquidity have poured in. The unprecedented popularity once caused congestion in the Bitcoin network. But if an ecosystem undertakes billions of funds, in addition to bringing prosperity to the ecology and liquidity, it also means being exposed to the dangerous dark forest of blockchain.
How Merlin Chain ensures the security of 3.5 billion funds is a problem that all users need to care about. This article will analyze the security system of Merlin Chain. As an emerging BTC L2, Merlin has taken security into consideration in every link of its own architecture design, and has cooperated with multiple security teams such as SlowMist, plus layers of plug-ins, to jointly build a solid defense line for fund security.
The architectural design is layered to ensure security and transparency
Decentralized Oracle: Resist single point failure by decentralizing power and data transparency
Merlin Chain adopts a multi-token staking Oracle node system. Sequence nodes are responsible for collecting and batch processing transactions, generating compressed transaction data, ZK state roots and proofs. These data are compiled by the Oracle network execution circuit and uploaded to the Taproot of the Bitcoin mainnet, making them publicly accessible to the entire network.
Diversified assets: Supports staking of $BTC, $MERL and other mainstream BRC20 assets to enhance flexibility and risk resistance
Proxy staking: Not only does it allow users to directly stake assets to become Oracle nodes, but it also provides more flexible proxy staking options, allowing users to entrust assets to existing, reputable Oracle nodes for management
Real-time monitoring: Users can view their proxy staking status and income in real time, as well as the performance records of proxy nodes
Exit mechanism: Provides a flexible exit mechanism, users can withdraw their assets at any time to ensure the liquidity of funds
By decentralizing power and data, Merlin Chain is able to resist the risks brought by single point failures and centralization.