GuShiio.com The release of BitVM Bridge has successfully consolidated BOB’s status as the “home” of BTC DeFi, providing the most secure and trust-minimizing way for BTC DeFi and Bitcoin interest-bearing businesses.
On March 2, the Hybrid Layer2 project BOB (Build on Bitcoin) announced the official launch of the BitVM Bridge on the public test network, marking an important milestone in the development of BTC DeFi that minimizes trust. In December last year, BOB teamed up with Bitcoin ecosystem protocol Fiamma to successfully test the first Bitcoin Bridge prototype driven by BitVM.
In addition, BOB also announced the establishment of a BitVM accelerator execution working group with mainstream institutions such as ZeroSync, Babylon, Anchorage, and Rockaway to promote the implementation and implementation of BitVM.
The release of BitVM Bridge has successfully consolidated BOB ‘s status as the home of BTC DeFi, providing the most secure and trust-minimizing way for BTC DeFi and Bitcoin interest-earning businesses. BOB’s Bitcoin Bridge is underpinned by the BitVM protocol, a revolutionary system that can execute complex off-chain procedures on Bitcoin and resolve on-chain disputes, similar to Optimism on Ethereum.
BOB’s BitVM Bridge allows BTC deposits and withdrawals to be made securely on its hybrid Layer2 without relying on third-party custodians or multi-signature bridges, ensuring that users can safely access BTC when at least one honest node in the network is capable of executing on-chain disputes. Unlike wBTC, cbBTC, and other encapsulated bitcoins, bitcoins bridged through BitVM are unmanaged and have minimized trust.
Alexei Zamyatin, co-founder of BOB and core contributor to BitVM, said: Completely eliminating the need for third-party cross-chain bridges in BTC DeFi applications is an important step in unlocking Bitcoin’s trillion-dollar potential in the DeFi market. On the road to creating the most secure solution for Bitcoin in DeFi, we have completed in just one year, from concept to BitVM 2 design, to BitVM Bridge prototype, and now to the public test network. Bitcoin’s revival is accelerating. rdquo;
Key improvement points of the BitVM Bridge
Compared with the BitVM Bridge prototype tested in December last year, the BitVM Bridge on the BOB Public Test Network has made the following key improvements, including:
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On-chain dispute resolution: The BitVM Bridge now has a challenge mechanism to ensure that all transactions are completed correctly, significantly improving system security and trust.
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BOB’s BitVM smart contracts can now verify correct payments through on-chain relays, double check them among provers, and check the correctness of BOB blocks and blockchain certificates.
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Integrating BitVM into the BOB Gateway, BOB’s intent-based exchange system will allow efficient deposit of bitcoins into the BOB and withdrawal of bitcoins back into the Bitcoin main network.
BitVM Accelerator Execution Working Group
In addition, BOB has launched the BitVM Accelerator Execution Working Group to accelerate the implementation and implementation of BitVM and ensure its practical integration across the entire BTC DeFi ecosystem. This working group brings together the brightest talents in the industry to completely improve BitVM’s capabilities and unleash its full potential for organizations and ordinary users.
Zamyatin continues: BitVM is by no means just a technology. In order to successfully create a more secure BTC DeFi environment, we must develop BitVM as a product, and the only way to do so is through in-depth cooperation with stakeholders. BitVM Accelerator is an executive working group that brings together BitVM builders, outstanding Web3 companies and institutions that will benefit from or operate BitVM. Our mission is to accelerate the final implementation and implementation of BitVM and ensure that BitVM development meets the business needs of users and operating organizations. rdquo;
The BitVM Accelerator Implementation Working Group recognizes that the widespread adoption of BitVM is inseparable from the collaboration of multiple departments, so it implements BitVM in the real world through joint pledge, custody, liquidity provision, market making, research and blockchain security experts. Implementation and implementation. The goal of the BitVM accelerator is to fully develop BitVM, which is not only a technological breakthrough, but also a practical and widely adopted solution to meet the evolving needs of the BTC DeFi space.
BitVM Accelerator is an open forum for industry leaders to collaborate to advance Bitcoin Bridge solutions and overcome challenges that may hinder BitVM adoption. BitVM Accelerator membership is free and open to all interested parties, while encouraging broad participation across the ecosystem.
Founding members of the BitVM Accelerator Execution Working Group include:
Institutional partners: Amber, Anchorage, Ankr, ChorusOne, Hex Trust, P2P, Rockaway, Unit410, UTXO, viaBTC Capital, Wintermute
Research partners: Babylon, Bitcoin Layers, BOB, Common Prefix, Fiamma, House of ZK, RiscZero, Succinct, ZeroSync.
About BOB (Build on Bitcoin)
BOB (Build on Bitcoin) is a hybrid Layer-2 network that combines the advantages of Bitcoin and Ethereum and is committed to building itself into the home of BTC DeFi. The unique Hybrid L2 model combines the advantages of two ecosystems, Bitcoin’s security and sleeping BTC capital, with Ethereum’s DeFi innovation and versatility. By positioning BTC as the backbone of a new decentralized financial system, BOB can unlock new use cases and trillions of BTC liquidity. BOB uses the BitVM protocol to perfectly inherit the security of the Bitcoin network and create a bridge of minimum trust between BOB, Bitcoin, Ethereum and other L1 networks. Therefore, Hybrid L2 does not need to rely on third-party cross-chain bridges for interoperability, and easily concentrates liquidity around the Bitcoin network rather than spreading it across individual chains.
BOB is supported by leading investors such as Castle Island Ventures, Coinbase Ventures, Ledger Cathay Ventures and IOSG.
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