Bitcoin Layer 2 Startup ‘Build on Bitcoin’ Launches Public Testnet
Bitcoin layer 2 startup ‘Build on Bitcoin’ (BOB) has introduced its public testnet, aiming to bring Ethereum-like functionality to the Bitcoin network. BOB’s protocol acts as a bridge to Ethereum’s DeFi ecosystem, offering both EVM and roll-up technology to make Bitcoin a versatile platform. The co-founder of BOB, Alexei Zamyatin, stated that the goal is to enable seamless interactions between the Bitcoin and Ethereum ecosystems while embracing inclusivity. The launch of BOB’s public testnet sets the stage for unlocking Bitcoin’s full potential without compromising its core principles.
Improving Bitcoin’s Limitations
Bitcoin has limitations compared to newer blockchains like Ethereum, including slower transaction speeds and higher fees. One popular scaling solution is the Lightning Network, but it still requires third-party custody. Another option is using cheaper and faster Bitcoin sidechains, but they rely on trust in centralized federations. BOB aims to address these limitations by leveraging rollup technology. By enforcing the correct operation of rollups connected to Bitcoin, BOB aims to provide a more efficient and secure solution.
The Potential of BitVM
BOB plans to leverage BitVM, which allows developers to create fraud proofs on Bitcoin. This enables challenging malicious operators and prevents them from stealing users’ Bitcoin. While there is ongoing debate about whether BitVM can efficiently enable rollups and trustless sidechains on Bitcoin, it holds the potential to unlock new functionality for the network.
Hot Take: BOB Launches Public Testnet for Scaling BTC
Bitcoin layer 2 startup ‘Build on Bitcoin’ has launched its public testnet, offering a bridge between the Bitcoin and Ethereum ecosystems. By incorporating Ethereum-like functionality, BOB aims to address Bitcoin’s limitations and unlock its full potential. The use of rollup technology and the potential of BitVM could provide more efficient and secure solutions for scaling Bitcoin. This development is a step towards a future where Bitcoin can offer decentralized trading, borrowing, lending, and other advanced crypto services.
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