@BitlayerLabs $BTR ensures Bitcoin-equivalent security how?
Bitlayer is designed as a second layer scaling solution (Layer 2) on Bitcoin, with the goal of enhancing transaction processing capabilities while maintaining the inherent safety and decentralization of the original network. The key point is that Bitlayer does not create a new consensus mechanism but directly utilizes Bitcoin's security.
First of all, @BitlayerLabs uses the BitVM (Bitcoin Virtual Machine) model, allowing the deployment of smart contracts and the mechanism to verify the correctness of transactions without needing to modify the Bitcoin protocol. States or proofs from Bitlayer can be 'anchored' to the Bitcoin blockchain. This means that all important data is recorded on Bitcoin, where the Proof-of-Work network with enormous hashing power has ensured safety for over a decade.
Next, Bitlayer applies fraud proof and validity proof mechanisms. When a transaction or block on Bitlayer is submitted, if there is fraud, anyone can provide proof to demonstrate the discrepancy. This way, the network encourages parties to act honestly, as any fraud can be detected and punished.
Additionally, Bitlayer inherits the entire decentralization from Bitcoin: there is no intermediary authority controlling transactions. Users can withdraw assets back to the main chain at any time, ensuring that assets are always protected by Bitcoin's security mechanism.
In summary, @BitlayerLabs Bitlayer achieves a level of security equivalent to Bitcoin by relying entirely on the Bitcoin blockchain for verification and proof storage, while adding a layer of smart logic (BitVM) along with a fraud proof mechanism. As a result, it both expands Bitcoin's capabilities and does not compromise core security.
