bitlayer
Bitlayer is a Layer 2 (L2) solution for Bitcoin designed to enhance the scalability and programmability of Bitcoin while maintaining its security. It leverages Bitcoin's robust security model while enabling faster and cheaper transactions, as well as smart contract functionality.
Key Features of Bitlayer:
Security Model
Utilizes Bitcoin's security through mechanisms such as Bitcoin's Simplified Payment Verification (SPV) and fraud proofs.
Ensures minimized trust interactions between Layer 1 (Bitcoin) and Layer 2.
Scalability
Processes transactions off-chain and batches them for settlement on Bitcoin, reducing congestion and fees.
Supports higher throughput compared to Bitcoin's base layer.
Smart Contracts and EVM Compatibility
Enables compatibility with the Ethereum Virtual Machine (EVM), allowing developers to deploy Solidity-based smart contracts on Bitcoin.
Brings DeFi, NFTs, and DApps to Bitcoin securely.
Decentralization
Aims for a permissionless and decentralized network where anyone can participate as a validator or node operator.
Support for Native Bitcoin Assets
Allows users to interact with BTC and other native Bitcoin assets (such as BRC-20 tokens) in smart contracts.
How Bitlayer Works:
Deposits: Users lock BTC on the Bitcoin mainnet, which is then represented on Bitlayer.
Transactions: Users carry out fast and low-cost transactions on Bitlayer.
Withdrawals: Completed transactions are settled back to Bitcoin through cryptographic proofs.
Use Cases:
DeFi on Bitcoin: Enables lending, borrowing, and trading with BTC as collateral.
NFTs and Gaming: Supports Bitcoin-based NFTs and blockchain games.
Cross-Chain Interoperability: Facilitates the integration of Bitcoin with other blockchains.
