Unlocking the Potential of Bitcoin: Introducing Conflux Network’s EVM-Compatible Bitcoin Layer 2 Solution!
Say hello to our EVM-compatible Bitcoin Layer 2 solution, revolutionizing transactions for broader adoption.
TL;DR:
🚀 Introducing our EVM-compatible Bitcoin Layer 2 solution! Here are the key features of our BTC L2 space:
- BTC serves as the native currency for gas fees.
- Bridge various asset types from Bitcoin.
- Effortlessly transfer assets to the Bitcoin chain.
- Unparalleled security for third-party smart contracts.
- Enhanced credibility through BTC staking in the PoS consensus protocol.
Testnet Launch: (Expected for Feb/March 2024)
Mainnet Launch: (Scheduled May 2024)
Introduction to Conflux’s Bitcoin Layer 2 Solution
Conflux Network is making an exciting strategic move by introducing an EVM-compatible Bitcoin Layer 2 solution. By leveraging Bitcoin’s strength and integrating it seamlessly into our network with forward-thinking features like PoS-based staking capabilities, our network is offering users more channels to interact with decentralized applications built on top of the platform, marking a significant step towards achieving greater interoperability between different blockchains.
This paradigm shift unlocks new dimensions for Bitcoin’s utility, creating layers upon layers of interaction and application that extend beyond typical digital asset uses. By embracing BTC within our PoS protocol, which includes built-in staking mechanisms, holders can actively contribute to network security and governance on the Conflux platform.
Security and Decentralization in Conflux’s PoS Consensus
Conflux’s PoS consensus infrastructure boasts over 300 nodes and utilizes Verifiable Secret Sharing (VSS)-based key sharing for decentralized BTC asset management. This approach ensures robust security by distributing BTC asset management responsibilities across nodes, aligning perfectly with Conflux’s commitment to a secure and scalable blockchain infrastructure.
By adopting VSS-based key sharing, Conflux enhances security by preventing any single point of failure in managing Bitcoin assets. Instead, these responsibilities are shared among numerous independent nodes within the network — a critical element aligning with Conflux’s unwavering commitment to providing a secure and scalable blockchain infrastructure.
The PoS consensus protocol records the root hash of the latest ledger state onto the Bitcoin network. Moreover, Conflux’s PoS consensus acts as a reliable Bitcoin Oracle, providing extensive Bitcoin chain-related metadata through internal contracts, such as the Merkle root of all qualifying inscriptions. This functionality empowers on-chain contracts to effortlessly access events occurring on the Bitcoin blockchain.
By implementing EVM compatibility, our network enables seamless management of Bitcoin-based assets like BTC and xRC20 tokens (such as BRC20 and ARC20) through smart contracts. This capability plays a vital role in decentralized finance (DeFi) and blockchain-based applications, fostering the creation of complex financial instruments, yield-generating protocols, and interactive gaming experiences.
Conclusion
The introduction of an EVM-compatible Bitcoin Layer 2 solution on Conflux opens up a realm of possibilities for developers and innovators in the blockchain space. With this integration developers can now build decentralized applications that seamlessly interact with all three spaces, unlocking new opportunities for cross-chain functionality and creating a more interconnected blockchain landscape.
By combining the power of Bitcoin’s store-of-value properties with Conflux’s advanced technology stack, users are presented with a unique proposition: actively participating in network security and governance through staking mechanisms while enjoying access to a wider range of decentralized applications. This convergence paves the way for greater adoption, and innovation, and ultimately pushes forward the boundaries of what is possible within the realm of blockchain technology.
