Bitlayer@BitlayerLabs
Bitlayer is a Bitcoin infrastructure project launching the first Layer 2 network built on BitVM technology, aiming to add smart contracts and DeFi directly to the Bitcoin network with high security and ultra-fast execution speed. Bitlayer enables the construction of decentralized applications (dApps) via a rollup mechanism that generates low-cost transactions and transfers them to the Bitcoin main chain. It uses the native BTR token for incentivization and system governance.[3]
Bitlayer Project Name and Features
The Bitlayer project name is "Bitlayer."
Its features are:
- A Layer 2 network built on BitVM technology on the Bitcoin network.
- It enables the creation of smart contracts with high execution speed and high security.
- It uses a rollup mechanism to create low-cost transactions that execute on the Bitcoin network.
- It supports the construction of decentralized applications (DeFi) directly on Bitcoin.
- It uses BTR as the native currency for incentivization and system governance.
- It is an infrastructure that enables speed and efficiency while ensuring secure transfer from the Bitcoin network.
Want more details?
Of course! Here are more details about the Bitlayer project and its features:
- **Layer 2 Architecture**: Bitlayer relies on Layer 2 technology built with BitVM. This technology enables smart contracts to be executed faster and at lower costs compared to the Bitcoin mainnet, while maintaining high security.
- **Rollup Mechanism**: Bitlayer uses a rollup mechanism, where a large number of off-chain transactions are aggregated and summarized and then sent to the Bitcoin chain at once, reducing costs and maintaining execution speed.
- **DeFi on Bitcoin**: Bitlayer enables the construction of decentralized finance (DeFi) applications directly on the Bitcoin network, something not widely available on traditional Bitcoin.
- **BTR Token**: The native token of the system is BTR, used for incentivization and operations within the network, such as paying fees, participating in governance, and supporting platform development.
- **Decentralization and Security**: By building on the Bitcoin network and utilizing Layer 2 and Rollup, Bitlayer ensures a high level of security and decentralization compared to other systems.
Project Goal: Facilitate the construction of innovative decentralized applications based on Bitcoin, expanding the network's capabilities and enhancing its use in non-financial applications only.
