Alkanes is an innovative metaprotocol on Bitcoin, enhancing its capabilities by enabling trustless smart contracts directly on the blockchain. Developed by Oyl Corp, this framework allows developers to create applications and launch tokens without relying on external layers. Co-founders Alec Taggart, Cole Jorissen, and Ray Pulver spent two years researching to make Bitcoin more programmable. Alkanes utilizes WASM (WebAssembly) virtual machines to inscribe smart contracts into Bitcoin’s data layer, expanding its DeFi potential. Unlike existing standards like Runes and BRC-20, Alkanes supports complex functionalities such as automated market makers and NFT swaps, all executed on Bitcoin itself. The protocol promotes interoperability, allowing assets from Ordinals to be used within Alkanes. With a focus on efficiency, Alkanes treats all assets as tokens, streamlining contract deployment. The first token, Diesel, aligns with Bitcoin’s emission schedule. Alkanes aims to create a sustainable ecosystem for developers, merging composability and liquidity on Bitcoin, proving it can evolve without imitating Ethereum. Read more AI-generated news on: https://app.chaingpt.org/news

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