Bitlayer is a layer two (L2) protocol for the Bitcoin blockchain. Its main goal is to expand Bitcoin's capabilities by adding smart contract functionality and improving scalability while maintaining the high level of security provided by the Bitcoin mainnet.
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Here are the main features of Bitlayer:
* Modular protocol:
Bitlayer uses a modular approach, allowing developers to create and launch decentralized applications (dApps) and smart contracts without burdening the Bitcoin main network. This promotes the development of a DeFi (decentralized finance) ecosystem based on Bitcoin.
* BitVM technology:
Bitlayer — one of the first projects using BitVM technology. It allows for complex computations to be performed off-chain, with results verified at the Bitcoin level. This enables the execution of smart contracts that are fully compatible with the Ethereum Virtual Machine (EVM) on the Bitcoin network.
* Bitcoin security:
The Bitlayer protocol is designed to inherit Bitcoin's security. It uses a mechanism called "fraud-proof rollups," which ensures that all transactions processed on Bitlayer can be verified and confirmed on the Bitcoin blockchain, providing reliability and data integrity.
* Low fees and high speed:
By processing transactions off the main network, Bitlayer significantly reduces fees and increases block confirmation speed, making it suitable for micropayments and everyday financial operations.
* Native token BTR:
In the Bitlayer ecosystem, there is its own token — BTR. It is used for staking, securing the network, and protocol governance (token holders can vote on updates and changes).
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Thus, Bitlayer is a solution that aims to combine the reliability and security of Bitcoin with the flexibility and functionality of smart contracts, opening new opportunities for the development of decentralized applications in the Bitcoin ecosystem.