Bitlayer Project
@BitlayerLabs In simple terms -- a Layer 2 platform for Bitcoin, specifically designed to address the issue of Bitcoin not being able to directly run smart contracts.
Utilizing the BitVM framework, it is compatible with EVM and also supports technologies like BTC Rollup, allowing DeFi applications to run on it with low fees and high speed.
------- Technical Features 👉
1. BitVM's execution mechanism allows contract operations and states to be verified through methods such as zero-knowledge proofs;
2. BTC Bridge enables secure asset transfers between Bitcoin and Bitlayer, with funds locked at a 1:1 ratio, so there's no need to worry about scams;
3. LightningFi SDK allows developers to quickly integrate using mainstream programming languages, making transactions and staking convenient.
------- Development Updates 👉
In April 2024, the first phase was completed, establishing the PoS mechanism, with basic functionalities like cross-chain and EVM compatibility already in place.
The second phase, based on BitVM Rollup, aims to achieve security comparable to Bitcoin.
Currently, it is in the final phase focusing on performance, with plans to reach 20,000 TPS by the end of the year.
The total supply of the token BTR is 1 billion, which can be used for staking, voting, and paying transaction fees. Distribution is allocated for community incentives, teams, investors, ecological funds, etc.
The project relies on BTC, has great potential, with many participants in the industry, and is worth paying attention to!
#Bitlayer، #Bitlayetlabs #BitlayerBooster