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🔸Bitlayer is an innovative layer 2 scaling solution for Bitcoin, which seeks to extend the functionalities of the original blockchain beyond a simple store of value. Its goal is to enable smart contracts and decentralized finance (DeFi) applications on Bitcoin, something that the main network does not natively allow. To achieve this, Bitlayer relies on the novel BitVM framework, a virtual machine that allows for complex computations to be executed off-chain, while ensuring that the results can be verified by the main Bitcoin network. Additionally, Bitlayer is compatible with the Ethereum Virtual Machine (EVM), which makes it easier for Ethereum developers to migrate their applications and user bases to the Bitcoin ecosystem. Its native token, BTR, is used for protocol governance and other essential functions. In summary, Bitlayer aims to turn Bitcoin into a programmable and more versatile ecosystem.
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