Design Principles

⚡ Self-Sovereign Identity

Self-Sovereign Identity (SSI) gives users complete control over their digital identity and assets, including cryptocurrencies. In SSI, users manage their identity without relying on third parties, enhancing privacy and security.

Tyron aims to enable users to leverage their Bitcoin holdings in a decentralized manner. This paradigm means that users control their digital assets without depending on centralized systems. Syron implements this through Safety Deposit ₿oxes (SD₿s), where users' Bitcoin collateral is securely stored.

In the Tyron dApp, each user's BTC collateral is securely locked in their own SD₿, guaranteeing sole control. Each SD₿ possesses its own Bitcoin address, with its information transparently available through any block explorer. This security measure stands in contrast to traditional systems, where intermediaries often have the ability to intervene.

To mint Syron U$ dollars, users only need sufficient collateral in their SD₿. This process aligns with Tyron's goal of accessibility and user empowerment, enabling users to freely withdraw stablecoins while retaining control of their BTC collateral.

However, if a user's BTC collateral falls below a certain threshold, then liquidation may occur. This mechanism maintains Syron's stability by ensuring adequate collateralization. Tyron aims to balance user autonomy with protocol stability, providing a secure and transparent platform for users to optimize their assets' capital efficiency and engage in decentralized finance.

🏦 Bitcoin Network

Bitcoin stands out as the most secure network, being a decentralized, permissionless, and tamper-resistant platform primarily due to its innovative use of the Proof-of-Work (PoW) consensus mechanism:

1. Mining: Bitcoin transactions are grouped into blocks, and miners compete to solve complex mathematical puzzles to add a block to the blockchain.

2. Consensus: The first miner to solve the puzzle broadcasts the solution, and other nodes verify its validity. Consensus is reached when the majority of nodes agree on the validity of the new block.

3. Security: PoW ensures security by making it computationally expensive to modify past blocks. Any attempt to alter a block would require redoing the work for that block and all subsequent blocks, making it economically unfeasible.

Bitcoin-Native Assets

The SU$D token ensures secure token transfers by leveraging the Bitcoin Ordinals protocol, adhering to the BRC-20 standard for compatibility.

Syron prioritizes development on the Bitcoin layer-1 network, employing various technologies for implementation. This includes utilizing the Internet Computer Protocol and considering future integration with Discreet Log Contract (DLC) technology and Pay-to-Taproot (P2TR) Bitcoin scripts.