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Author: William M. Peaster, Bankless; Compilation: Deng Tong, Bitchain Vision World
As Bitcoin has reached a record high, it is time to carefully study one of the investment narratives that help re -inspire people’s interest in the asset: Bitcoin L2.
Bitcoin is the oldest blockchain, and of course the longest test cryptocurrency.Is this the biggest disadvantage?The transaction is slow and expensive, especially during the frequent transaction activities.Lightning network is a payment channel agreement in the Scenery scene of Bitcoin. It is a serious and interesting effort. However, due to user experience and liquidity problems, breakthrough attraction has not been achieved so far.
In other words, the arrival of the Ordinal NFT in January 2023 triggered a huge recovery of people’s interest in Bitcoin. This recovery has led to the revitalization of existing expansion work such as Stacks, and it has also led to new efforts to adopt a series of different methods.Prosperity.
Therefore, one of the next major forefronts of cryptocurrencies is the new revival of Bitcoin Layer 2 scene, so let us take you to understand some emerging competitors who aim to improve the Bitcoin function.
This is the 8 Bitcoin L2 projects you should understand.
Bison network
Bison Network is developed by Bison Labs and is a zero-knowledge (ZK) Rollup solution using ZK-Stark technology.It aims to significantly improve transaction throughput, reduce costs, and integrate smart contract functions around BTC.
By using ORDINALS for data storage, BISON ensures that all transactions and smart contracts are as safe and non -changeable as the underlying Bitcoin blockchain.Its infrastructure includes BISON OS for managing transactions and token contracts and Bison Prover used to generate zero -knowledge proof.
This settings pave the way for more Bitcoin DEFI experiments and allow users to quickly and effectively independently verify transactions.
Stacks
Stacks stands out in the Bitcoin L2 scene, and expands the function of Bitcoin because of its unique method, mainly to integrate smart contracts directly above Bitcoin.It adopts a unique consensus mechanism called POX, which fundamentally linked its operation and security directly with Bitcoin.
One key function of Stacks is how users earn BTC by pledged the STX token.This method not only inspired the participation of the Stacks ecosystem, but also strengthened the bridge between Stacks and Bitcoin, and enhanced the value proposition of the two networks.
The upcoming Nakamoto upgrade will transform it into appropriate L2 by fully inheriting the security of Bitcoin, thereby further consolidating the status of Stacks.This upgrade will also introduce faster block generation time on the stack, independent of the block time of Bitcoin, and at the same time, it still achieves 100% Bitcoin finalist.This means that once the transaction is confirmed at Stacks, it will inherit the irreversibleness of the same level as the Bitcoin transactions.
Bitvm
Bitvm introduced a new Bitcoin smart contract method without changing the existing rules of Bitcoin.The system allows verification on Bitcoin instead of executing computing, which is similar to the concept of Optimistic Rollups on Ethereum.
The core of BITVM uses a unique hash lock, time lock, and large main root tree system to perform universal computing.This design allows offline execution procedures with the smallest chain footprint, and only needs to be operated on the chain when there is a dispute.
Although BITVM is still in its infancy, its potential for its high -level functions (such as Bitcoin side chain bidirectional hooks and Rollup) shows that this is a promising way that can expand the function of the OG blockchain without a soft fork.
Botanix
Botanix Labs first launched the spider chain design, which is a new L2 format that allows seamless two -way hook -side chain with Bitcoin without changing the Bitcoin basic layer.The ongoing Botanix protocol is the first implementation of this novel method, and integrated with the Ethereum virtual machine (EVM) to bridge the gap between the stability of Bitcoin and the multi -functional intelligent contract ecosystem of Ethereum.
The core of the spider chain design concept is a coordinator network that manages multiple signature wallets to promote the transfer and transfer process between Bitcoin and the spider chain.These rowers run Bitcoin nodes and spider chain nodes at the same time, and the tales are selected according to the Bitcoin block hash to ensure fair and safe operations.
Chainway
Chainway is another rising force in the Bitcoin L2 field, and has received support from famous venture capital companies such as Galaxy Digital and Delphi Ventures.The team released the Bitcoinda data availability adapter for connecting Rollups to Bitcoin, and they also started the work of Citrea. This is a ZK-Rollup solution that proves it to Bitcoin with Bitvm.
Citrea is designed as the “Type 2 ZKEVM” of Bitcoin, and uses zero -knowledge to prove to be traded in batches, and then it is effective through simple proof.This method allows anyone who runs Bitcoin nodes to easily verify and access the complete state of Citrea.Citrea uses $ BTC as its native currency ($ CBTC in Citream) and will provide wider trading functions for OG cryptocurrencies.
Kasar Labs
Kasar Labs is a Starknet project and research team that is committed to integrating the ZK-Rollup function of StarkNet with Bitcoin.Recently, they cooperated with Taproot Wizards to launch a data availability adapter that allows developers to anchor ROLLUP to Bitcoin.
Kasar’s work must also include BARKNET, which is a new Bitcoin Rollup. It uses Starknet’s Madara sorter and Cairo VM to use the power of advanced encryption proof of Starknet.
Merlin Chain
Merlin Chain is another ZK-Rollup game compatible with EVM. It is built by the Bitmap Tech team as L2. It can extend a series of different Bitcoin native protocols, including Atomicals, Bitmaps, BRC-20s, Stamps, etc.Merlin Chain recently launched its main network and launched a pledge event aimed at distributing the upcoming $ MERL governance tokens.Therefore, since February 9, Merlin Chain has increased $ 2 billion TVL.
ARK
ARK is a novel L2, which aims to enhance Bitcoin’s transaction scalability.Different from the traditional method of dependent passage or Rollup, ARK introduces a unique method and its virtual transaction output (VTXO), allowing anonymous and linked payment.These VTXO must be used or “refresh” within four weeks to prevent expiration.
The core of ARK is to promote transactions by unwintering intermediary agencies called ARK Service Providers (ASP). These intermediaries are servers that provide liquidity online, just like the lightning network service provider, but users do not need users.Manage liquidity yourself.This setting enables users to send and receive payment anonymously to protect their privacy without the complexity of entry settings such as obtaining the liquidity of the station.
The key to ARK operation is a process called “improvement”. Users can convert UTXO into the chain into a chain VTXO in a trusted manner.In addition, ARK’s design allows trading without direct links between the transmitter and the receiver. Compared with traditional methods such as Lightning Network, the chain footprint is significantly reduced.
Great picture
Today, the market value of Bitcoin exceeds 1.3 trillion US dollars, but due to the restrictions on programming and scalability, most of the funds on the Internet are still idle.
The updated Bitcoin L2 ecosystem is appearing as a strategic solution for these restricted, and is reborn due to the rise of Ordinals and the increasing inspiration of Ethereum’s increasing structure.
The evolution of this L2, coupled with the increasing interest of institutions brought by the first spot Bitcoin ETF in the United States, laid the foundation for the recovery adopted by Bitcoin.With the development of these development, Bitcoin is preparing to transform from the main passive value storage to active, programmable cryptocurrencies. This transformation can redefine its role in a wider -wide crypto economy and open up for innovation and growthNew vision!
