Today's Project Sharing —— @BitlayerLabs #Bitlayer

Today's booster task update, Bitlayer is likely also close, as basically everything that can be done has been done, the main network has stored funds, interacted, and only the step of promotion remains. Once this step is completed, it will essentially be the time for the token launch (TGE)!

Let's understand the basic information of the project:

1. Project Overview Name:

Bitlayer Positioning: The first Layer 2 solution on Bitcoin based on BitVM, aimed at balancing Bitcoin's security (trust minimization) and Turing completeness through cryptographic innovation and blockchain protocol engineering.

Goal: To enhance Bitcoin's scalability, transaction speed, and cost-effectiveness, while preserving its core security and decentralization features, and to introduce DeFi and smart contract capabilities to the Bitcoin ecosystem.

Core Technology: BitVM (an optimistic verification scheme, similar to Optimistic Rollups), supports Turing-complete smart contracts and achieves trust-minimized cross-chain bridging through BitVM Bridge.

2. Core Functions:

BitVM Bridge: A trust-minimized Bitcoin bridging solution that only requires trusting one honest participant (1-of-N trust assumption), supporting the conversion of BTC to YBTC (an asset pegged 1:1 to BTC) for cross-chain liquidity.

Real-time EVM (RtEVM): Provides an EVM-compatible environment with near real-time performance, supporting fast, low-cost smart contract execution through a parallel execution engine and optimized blockchain database.

Bitcoin Rollup: Combines BitVM with zero-knowledge proofs (ZK Proofs) or fraud proofs (Fraud Proofs) to achieve Layer 2 transaction processing under Bitcoin's native security.

YBTC: A fully programmable asset that supports cross-chain DeFi applications (such as lending, trading, arbitrage, and staking), providing yield opportunities for Bitcoin holders.

3. Real Application Scenarios:

Micropayments: Supports low-cost daily small transactions (such as buying coffee or digital content). Bitcoin DeFi: Supports decentralized exchanges, lending platforms, and yield-generating protocols. Cross-chain transactions: Achieves efficient asset transfer between Bitcoin and other blockchains (such as Solana, Base, Arbitrum, Sui) via BitVM Bridge.

Smart Contracts: Introduces complex smart contract capabilities to the Bitcoin ecosystem.

Word limit restricted, everyone actively participate in the activities!