EAST BLUE: SOLVING THE CONSUMER APP CHALLENGE ON BITCOIN
If you’re big on Bitcoin, you know already that what Bitcoin needs the most is consumer apps to draw attention beyond its current use case. If you’re not, then you’ll wonder if that’s even possible. EAST Blue is the answer on both fronts.
TL;DR
- Bitcoin’s limited functionality hinders its ability to attract wider user adoption through consumer apps.
- EAST Blue aims to solve this by being a Layer-2 solution built on NEAR, offering simplified development, a $BTC super app ecosystem, and cheap transactions.
- EAST Blue’s core technology is the Account Vault Model (AVM), allowing $BTC assets to be controlled by smart contracts on NEAR Protocol.
- EAST Blue leverages NEAR’s Chain Signatures, unique account model and capabilities for fast and affordable transactions, which creates novel and accessible use cases for $BTC.
Bitcoin has always done very well what it was designed to do. Both as a store of value and in enabling secure, decentralized and censorship-resistant peer-to-peer transactions. However, Ethereum happened, ushered in smart contracts and DeFi i.e consumer apps. Bitcoin held on, limited by design until now.
The Taproot upgrade in 2021 laid the foundation for what the recent influx of cash from Spot ETFs and the exponential rise of Ordinals have confirmed, Bitcoin is ready to evolve, consumer apps are on the way, and EAST Blue is poised to deliver the most viable path for them on the network.
WHAT IS EAST BLUE?
EAST Blue is a NEAR-powered application layer designed to scale the Bitcoin network as a comprehensive super app, Layer-2 solution and abstraction layer.
Let’s break each of these down:
As a super app, East Blue not only enables simplified Bitcoin L1 and L2 transactions via a user-friendly interface, it also conveniently exposes users to a curated selection of DeFi and Ordinals projects around the Bitcoin network. And it provides real-time data and insights from bitcoin projects, making it easy for users to monitor their portfolios.
EAST Blue, as an abstraction layer, aggregates and integrates a host of Bitcoin dApps, L2s, Ordinals, and more, creating a central hub for the Bitcoin ecosystem for users and developers.
All of these tie nicely to East Blue’s L2 solution, which scales Bitcoin by leveraging NEAR’s account model and aggregation technology to deliver a unique Account Vault Model (AVM) which provides a robust infrastructure for consumer apps.
BITCOIN’S CONSUMER APP CHALLENGE
Bitcoin’s singular focus was on being a decentralized and robust store- and transfer-of-value, and for the longest time old-guard Bitcoin maxis were fine with that, after all one of Bitcoin’s strengths lies in the strict adherence to its core principles.
Then there is the halving. Roughly, every four years, Bitcoin’s block emissions are halved. This does great for its monetary value but underlying the degen allure is the implications of the event. Halving means less emissions, which in turn means miners become even more dependent on transaction fees. This leads to two scenarios:
- Transaction fees go up and users take their money to other chains.
- Miner attrition because transaction fees are not incentive enough.
The first scenario means Bitcoin starts to fall like every great empire. The second scenario means less security for Bitcoin and increased vulnerability.
Both scenarios have a common solution; attract users to the network so that transaction fees revenue are diversified and increased. Enter the necessity of consumer apps.
But to build consumer apps, Bitcoin needs to attract developers, find a way to use smart contracts, and address already-spiking transaction fees on the network. That’s where the Bitcoin Layer-2 ecosystem becomes vital, as that is where the scaling will happen. Enter EAST Blue.
EAST Blue’s Layer-2 is a bridgeless, non-custodial solution addressing scalability on Bitcoin via its unique Account Vault Model which unlocks cheaper and faster transactions for Bitcoin. EAST Blue’s secret sauce is powered by NEAR Protocol’s account aggregation.
A CLOSER LOOK AT THE ACCOUNT VAULT MODEL (AVM)
The NEAR account model is recognized for its human-readable accounts, which are secured through multiple access keys and capable of hosting smart contracts. This is the foundational block of the Account Vault Model.
At the heart of AVM is the concept of transferring account ownership to a smart contract. By leveraging NEAR’s account model that allows an account to create sub-accounts (which can also host smart contracts), AVM transforms these sub-accounts into “vaults” for holding Bitcoin-based assets. For instance, a NEAR account establishes a sub-account to serve as the account vault, which then, through Account Aggregation (the ability to sign transactions/control multiple accounts on any chain from a NEAR account), acquires a derived Bitcoin address. This address can hold assets like BTC or Ordinals, with the smart contract managing ownership and transactions (sell, buy, stake, borrow, auction, etc)
While AVM is built on NEAR’s account model to enable hosting Bitcoin addresses as assets, it is Chain Signatures that allow it to perform bridgeless cross-chain transactions with these hosted assets in account vaults: NEAR’s Chain Signatures uses Multi-Party Computation (MPC) to facilitate secure cross-chain interactions without traditional bridges.
EAST Blue’s Account Vault Model is packaged as the EAST SDK, a versatile and accessible toolkit standardizing and streamlining the development process of blockchain applications. The SDK provides:
- Unified Interface: Allowing for a consistent, user-friendly interface that enables developers to interact with various blockchain networks seamlessly. This uniformity reduces the learning curve and enables developers to focus on application logic rather than underlying blockchain complexities.
- Modular Design: Each module encapsulates specific functionalities that developers can easily integrate into their applications, regardless of the underlying blockchain. This modularity not only simplifies development but also ensures that applications can adapt to different blockchain environments with minimal changes.
- Cross-Chain Compatibility: Recognizing the diversity in blockchain platforms, EAST emphasizes cross-chain compatibility. By facilitating communication and interoperability between different blockchains, EAST ensures that applications built with its SDK can function across multiple networks, thus broadening their reach and usability.
- Focus on End-User Experience: Prioritizing end-user experience in its design philosophy, the EAST SDK is equipped with tools and components that help developers create intuitive and accessible user interfaces, making blockchain applications more approachable to the average user.
- Education and Support: Beyond technical solutions, EAST commits to educating and supporting its community. By providing comprehensive documentation, tutorials, and developer forums, EAST empowers users to understand and utilize blockchain technology effectively.
Through these strategies, EAST aims to democratize access to the benefits of blockchain technology. By abstracting away the technical complexities, EAST paves the way for a future where Bitcoin applications are as commonplace and user-friendly as today’s conventional web and mobile apps.
WHAT THIS MEANS FOR CONSUMER APPS ON BITCOIN
Simplified Development
Building on NEAR’s infrastructure can streamline the development of these consumer apps, offering access to existing tooling and resources.
Bitcoin Assets with Flexibility
AVM enables Bitcoin assets like BTC or Ordinals to be wrapped and housed within these vaults. They can then be traded, borrowed, staked, or auctioned — just like regular NFTs — on any ecosystem using NEAR chain abstraction.
Seamless User Experience, and cheap too
This model opens up a range of applications impossible on the Bitcoin main-chain in its original form. Imagine NFT marketplaces designed for Bitcoin-based Ordinals or launchpads for new tokens that eventually exist natively on Bitcoin. The underlying technology of NEAR allows significantly faster transaction processing times and lower fees compared to the Bitcoin mainnet. This translates to a smoother and affordable user experience when interacting with applications.
EAST Blue represents a pivotal shift in Bitcoin’s evolution. By harnessing NEAR’s infrastructure and the innovative Account Vault Model only possible on NEAR, EAST Blue paves the way for the user-friendly, low-fee Bitcoin consumer applications that are set to become key for the survival of Bitcoin. While the future of Bitcoin is always uncertain, EAST Blue offers a compelling vision of where it could go– a future where the network’s robust foundation supports a thriving ecosystem of dApps, NFTs, and financial services accessible to all.
WANT TO GO EVEN DEEPER? GOTCHA!
- Chain Signatures
- Scaling Bitcoin with Account Vault Model (AVM)
- NEAR Account Model Docs
- Account Aggregation Deep Dive
- Chain Abstraction Thesis
- EAST Blue
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