Introducing Bitcoin Elastos Layer2: Enhancing the Bitcoin Network
Blockchain developer Elastos has recently launched a new solution called Bitcoin Elastos Layer2 (BeL2), which aims to enhance the capabilities of the Bitcoin network. By leveraging SmartWeb technology, BeL2 focuses on bringing staking solutions and incorporating zero-knowledge proof technology.
Positive Market Response
Although the announcement initially received a muted response from the crypto community, the release of a whitepaper outlining the details of the BeL2 initiative caused a significant surge in Elastos’ token, ELA. In just one day, ELA’s price skyrocketed from $1.24 to $2.56, representing a remarkable 100% increase, according to CoinGecko data.
Tackling Key Challenges in the Bitcoin Ecosystem
With BeL2, Elastos aims to address limitations in handling high transaction volumes and complex programmable contracts within the Bitcoin ecosystem. By utilizing zero-knowledge proofs and BTC-powered Ethereum Virtual Machine (EVM) smart contracts, BeL2 is expected to accelerate transactions within the network. The governance of BeL2 will be under the Cyber Republic’s Decentralized Autonomous Organization (DAO), ensuring a decentralized governance model.
Development Timeline
The development of a proof-of-concept for BeL2 is estimated to take around three months. This will be followed by an additional three-month period dedicated to decentralizing relayers, which are third-party services facilitating communication and data transactions between different blockchain networks.
About Elastos
Elastos was founded in 2017 by Rong Chen, a former senior software engineer at Microsoft. The platform provides a blockchain ecosystem for decentralized applications and operates using its native utility token, ELA. ELA is utilized for transactions and securing the network through a three-layer consensus mechanism consisting of auxiliary proof-of-work, proof-of-integrity, and bonded proof-of-stake.
Hot Take: Elastos’ BeL2 Initiative Boosts ELA Token
With the introduction of the Bitcoin Elastos Layer2 (BeL2) solution, Elastos has witnessed a significant surge in the value of its native token, ELA. This initiative aims to enhance the capabilities of the Bitcoin network by incorporating staking solutions and zero-knowledge proof technology. By addressing key challenges in the Bitcoin ecosystem, BeL2 is expected to accelerate transactions and provide a decentralized governance model under the Cyber Republic’s DAO. The positive market response to this announcement demonstrates the potential impact of BeL2 on Elastos’ ecosystem and its token value.
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