Upcoming Community Vote for SIP-028: sBTC Signer Criteria
October 25, 2024
Hey Stackers, with sBTC right around the corner, an important SIP vote is opening up that will establish the criteria and selection process for sBTC Signers. Instead of the usual vote window coinciding with a Stacking cycle, this vote will be opening and closing at selected blocks. This adjustment allows the community a longer voting window and keeps sBTC plans on track.
Vote start: 868,000 (~Wed Oct 30)
Vote end: 869,749 (~Mon Nov 11)
In this post, we'll cover:
Vote start: 868,000 (~Wed Oct 30)
Vote end: 869,749 (~Mon Nov 11)
In this post, we'll cover:
- Key details about SIP-028
- Links to additional related resources
- Instructions on how to vote
- Next steps following the vote
SIP-028 Overview
SIP-028 is a crucial step in the development of sBTC, focusing on the criteria and selection process for the signers who will play a key role in operating the sBTC protocol.
sBTC Signers are vital for maintaining the security and efficiency of the sBTC system. Their main responsibilities include:
sBTC Signers are vital for maintaining the security and efficiency of the sBTC system. Their main responsibilities include:
- Processing Transactions: Ensuring the prompt handling of BTC deposits and withdrawals, with accurate execution and fee management.
- Managing UTXOs: Rotating private keys and consolidating UTXOs to maintain optimal system performance.
- Ensuring Security: Adhering to industry-standard practices for protecting private data and cryptographic keys.
- Coordinating Fees: Collaborating to establish and communicate transaction fees and minimum withdrawal requirements.
Proposed Signer Criteria
To enable the sBTC system to function effectively, the Stacks community needs to reach a consensus on the criteria for selecting Signers. The criteria outlined below guide the selection process and form the core of SIP-028:
- Proven Experience: Demonstrated history of running blockchain services and Stacks signer instances.
- High Reliability: Commitment to maintaining >99% uptime for the sBTC Signer.
- Responsive Communication: Ability to respond to urgent updates within 24 hours via a direct channel with sBTC core engineers.
- Network Contributions: Recent contributions to Bitcoin or Stacks network, such as research, development, or community involvement.
- Geographic Distribution: Location that contributes to a geographically diverse and distributed signer set.
How SIP-028 Moves the sBTC launch forward
To expedite the launch of sBTC, the initial signer set has been selected based on the criteria established in this SIP. If SIP-028 is not approved, however, the selection process would need to be revisited. Following this process will help ensure a simpler, faster system for the rollout of sBTC, providing builders with early access to programmable Bitcoin.
- Full details and discussion around SIP-028 are always publicly available and can be viewed here.
How to Vote on SIP-028
When voting opens (roughly next Wednesday), use the below instructions for casting your vote as a Stacker or non-Stacker. Follow @StacksOrg on X for the latest updates on vote timing.
[Web Wallet]
- Go to https://stx.eco and scroll to the proposal you want to vote on
- Click ‘Voting for Stackers’
- Launch the bitcoin wallet used to receive Stacking rewards. Click ‘Connect wallet’ at the top of the page to connect your wallet (if you use Leather or Xverse wallet)
- Choose the account that is being used for stacking
- Vote ‘Yes’ or ‘No’. Click the option that you prefer
- A window should pop up asking you to confirm your transaction. Click ‘Confirm’ to complete your vote
- Go to https://stx.eco and scroll to the proposal you want to vote on
- Click ‘Voting for Stackers’
- Launch the desktop wallet used to participate in Stacking
- To vote ‘Yes’, send 1 uSTX (0.000001 STX) to the STX address provided on the page (make sure it is sent from your Stacking address!)
- To vote ‘No’, send 1 uSTX (0.000001 STX) to the STX address provided on the page
- Double-check that you are sending this transaction from your Stacking address, to the correct ‘Yes’ or ‘No’ address, and sign your transaction
- To vote ‘Yes”, send 6,000 sats (0.00006 BTC) to the BTC address provided on the page (make sure it is sent from your rewards address!)
- To vote ‘No’, send 6,000 sats (0.00006 BTC) to the BTC address provided on the page
- Double check that you are sending this transaction from your Stacking rewards address, to the correct ‘Yes’ or ‘No’ address, and sign your transaction.
Voting details and approval thresholds
The authors of SIP-028 believe that achieving broad consensus on Signer selection is essential for the practical success of sBTC. To activate this SIP, the following voting conditions must be met:
- The total amount of Stacked STX participating in the vote must be at least double the amount locked by the largest Stacker in the previous cycle.
- Among the participating Stacked STX, at least 70% must vote in favor ("yes") for the SIP to be approved.
Voting opens ~October 30
The community will have between ~ Wednesday, October 30th and ~ Monday, November 11th to vote (between blocks 868,000 and 869,749).
Don't miss this opportunity to shape the future of Stacks!
Don't miss this opportunity to shape the future of Stacks!