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The BOB project, also known as Build on Bitcoin, is a hybrid layer 2 platform that aims to merge the security of Bitcoin with the innovation of Ethereum. It combines the robustness of Bitcoin with the execution capacity of smart contracts on Ethereum, allowing the development of decentralized applications (dApps) and DeFi solutions using Bitcoin as a base. In detail, BOB is: Hybrid layer 2: It operates on Bitcoin but is compatible with the Ethereum ecosystem, especially with the Ethereum Virtual Machine (EVM). Powered by Bitcoin and Ethereum: It leverages the security and user base of Bitcoin, alongside the flexibility and innovation capacity of Ethereum. Cross-chain bridge: It facilitates the transfer of Bitcoin to other blockchains compatible with smart contracts, such as Ethereum. Potential for DeFi: Its goal is to be an environment for building decentralized applications and DeFi solutions using Bitcoin as the main asset, according to the project. BOB seeks: To leverage the security of Bitcoin: To use the Bitcoin network as a base for the security of transactions and smart contracts. To expand the utility of Bitcoin: To enable Bitcoin to be used in the DeFi space and beyond, through EVM compatibility. To foster innovation: To provide a space for developers to build new applications and solutions using Bitcoin as the main asset. In summary, BOB is an ambitious project that seeks to transform Bitcoin into a more versatile and useful platform, leveraging the security of its network and the innovative capacity of Ethereum.
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