Merlin Chain: The potential of empowering Bitcoin expansion and release of bitcoin

1. Project introduction

Merlin Chain is a new participant in the Bitcoin Layer 2 ecosystem. It uses decentralized prophet network, BTC fraud defense module and zero -knowledge (ZK) convolution to improve the scalability and efficiency of Bitcoin.

Merlin Chain realizes the expansion of Bitcoin through ZKEVM (a expansion solution compatible with EVM), which uses zero knowledge to verify the effectiveness of state changes.Merlin Chain also introduced a second-level solution in the Bitcoin ecosystem-ZK Rollup technology.This technology can improve the scalability and practicality of Bitcoin, and also allow Merlin Chain to effectively deal with a large number of transactions.

The Merlin Chain platform also uses decentralized prophecy machines and serialized nodes to manage data safely and transparently, maintain its decentralized spirit, and build trust.These functions promote the innovation of the Bitcoin ecosystem, and compress sufficient transactions in batches to reduce congestion and increase trading speed.Merlin Chain also uses bridge technology to promote the asset transfer of L1 to L2, so as to use decentralized prophet network and chain fraud to access external data sources and execute smart contracts.

In addition, Merlin Chain also introduced a BRC20 governance tokens called Merlin (Merl).The team plans to push the Bitcoin Center’s governance model through airdrop $ Merl.$ Merl, as a BRC20 standard tokens, provides a variety of functions, including pledge functions that govern power, enhance network security, payment transaction costs, participating in network operations, and use as liquidity and mortgage use as an ecosystem.

2. Operation principle

Merlin Chain integrates the second -level technical solution into the Bitcoin network to enhance the function, reduce transaction costs, and increase transaction speed.

Bitcoin (layer 1) blockchain is characterized by network congestion, slow processing time, high transaction costs, and unable to build new products, while the Merlin chain 2 -layer solution is introduced on the opposite.It has no transaction capacity limit, cost -effective, fast transaction speed, and achieved innovation of Bitcoin’s first floor.

The function of the Merlin chain revolves around ZK-Rollup networks, decentralized prophecy networks and chain anti-fraud.The working principle of ZK-Rollup is to compress multiple transactions into batch.This helps reduce network congestion, thereby increasing transaction speed, reducing processing time, and improving efficiency.

In addition, the Merlin chain uses decentralized prophecy network and chain fraud to verify the transactions uploaded through interaction with the first layer of Bitcoin.The decentralized prophet network uses BTC as guarantee, while verifying transactions to prevent fraud cases.When the transaction is verified and successfully confirmed, the pledged BTC will be released.Therefore, the security and credibility between the first layer of Bitcoin and the second floor of the Merlin chain.

3. Core mechanism

3.1ZK-Rollups technology

Merlin Chain uses the technology of ZK-PROOFS, that is, ZK-Rollups to ensure the security and privacy of the transaction.

The core of ZK-Rollups is to use zero knowledge proof.Zero -knowledge proof is an encryption method that allows one party (proof) to prove that a statement is correct to the other party (verified), without disclosure of any information other than the correctness.In ZK-Rollups, this allows execution and verification of transactions without revealing the specific content of the transaction.

3.1.1Main functions and operation processes

Equipping: In ZK-Rollups, multiple transactions are collected into a “volume”.These transactions are processed and calculated under the chain to avoid high costs and network congestion of the main chain.
Generating proof: After handling these transactions, a zero -knowledge certificate is generated, which shows that all transactions are valid and do not violate the rules of the network.This proof can be generated quickly and the amount of data is small, which is a key advantage of ZK-Rollups.
Submit to the main chain: Once a proof is generated, it will be submitted to the main chain.The main chain only needs to verify this single proof without processing each separate transaction.This greatly reduces the work burden on the main chain.
Data usability: Although the transaction data is processed under the chain, the metadata of the transaction (such as the transaction sender and the receiver) still need to be stored on the main chain to ensure the availability and transparency of the data.

3.1.2advantage

Expansion: By handling transactions under the chain and summarizing the results into a certificate, ZK-Rollups can significantly increase the number of transactions (TPS) per second.
Security: Zero knowledge proves to ensure the correctness and integrity of the transaction, without the detailed content of the transaction.
Privacy: Because the specific content of the transaction is not public, the user’s privacy has been better protected.
Reduce transaction fee: Due to the reduction of the load of the main chain, the transaction fee is relatively low.

3.1.3ZK-Rollow’s application in Merlin Chain

In Merlin Chain, ZK-Rollups technology is particularly suitable for handling a large number of micro-transactions, such as micro-payment, high-frequency trading DEFI applications or in-game transactions.These application scenarios usually require fast and low -cost transactions, and the traditional Bitcoin network cannot effectively support it due to the data limit of each block and a 10 -minute block time.

Merlin Chain not only introduces ZK-Rollups, not only makes these operations feasible, but also maintains compatibility with the Bitcoin network, while using the characteristics of Bitcoin’s security and decentralization.This method effectively expands the function of Bitcoin, so that it can support more complex and diverse blockchain applications, while maintaining core decentralization and security attributes unchanged unchanged

3.2Decentralized prophetic machine

Merlin Chain’s decentralized prophecy is a key component of the platform, which provides a safe and reliable method to integrate real world data to the blockchain.The Oracle is a bridge between the blockchain and the outside world, which enables smart contracts to access and respond to data that is not stored in the blockchain itself.

3.2.1Function of decentralized prophecy machine

The main function of decentralized prophecy in Merlin Chain is to provide a reliable way to obtain, verify and pass external data (such as price feed, weather updates, other chains, etc.) to the chain.The purpose of this is to reduce the risk of single -point failure and improve the accuracy and security of data.

3.2.2Work process

Merlin Chain’s decentralized prophecy to ensure the effectiveness and security of the data through the following steps:

Data source: The prophecy machine collects information from multiple independent and credible data sources.These sources may include APIS, professional data providers, public data feedback, etc.
Data agglomeration: The data collected from multiple sources are aggregated to form a more stable and reliable data point.The aggregation method may include the average value, median, and removing extreme values. These are to reduce the deviation or error that any single data source may introduce.
Verification and consensus: The data after the aggregation needs to pass a series of verification processes before uploading to the blockchain to ensure the authenticity and accuracy of the data.This usually involves a consensus mechanism of multiple independent nodes.
Interaction on the chain: Once the data is verified and confirmed, it is sent to the blockchain. Smart contracts can access and perform predetermined logic based on these data.

3.2.3Security and decentralization

Merlin Chain’s decentralization is guaranteed through multiple aspects:

Multi -data sources: Multiple data sources instead of single source, which increases the robustness and data reliability of the system.
Decentralized data processing: Data agglomeration and verification are not completed by a single entity, but are completed by multiple independent nodes in the network, reducing the possibility of manipulation.
Economic incentives and punishment mechanisms: Nodes participating in data verification may require mortgage assets and are punished by economic punishment when providing error data, which has improved the motivation for participants to maintain honesty.

3.2.4Application scenarios

Merlin Chain’s decentralized prophecy can be used for multiple application scenarios, such as:

Financial derivatives: Provide accurate market price data for implementing complex financial contracts.
Insurance contract: Automatically process claims according to the real -time environment or other external data.
Cross -chain interaction: enables Merlin Chain to receive and respond to events in other blockchain.

In short, Merlin Chain’s decentralized prophecy machine integrates external data by providing a reliable, secure and decentralized way, greatly expand the application field of blockchain technology, and enhances the functionality and practicality of smart contractsEssenceThis not only enhances the attractiveness of the Merlin Chain platform, but also provides users with more possibilities and flexibility.

3.3Compatible with Ethereum virtual machine (EVM)

Merlin Chain’s compatible Ethereum virtual machine (EVM) characteristics means that it can execute smart contracts designed by Ethereum and allow developers to use Ethereum development tools and languages (such as Solidity) to develop and deploy applications.This compatibility brings several important advantages to Merlin Chain, and also brings some challenges.

3.3.1EVM compatibility advantage

Seamless migration and deployment: Developers can deploy smart contracts that were originally developed in Ethereum directly on Merlin Chain without major modifications.This reduces the cost of learning and migration, so that the existing Ethereum developers can easily start working on Merlin Chain.
Using existing tools and libraries: Due to the popularity of EVM, there are a large number of tools and libraries that are developed around it, such as Truffle, Hardhat, OpenZeppelin, etc.Merlin Chain’s EVM compatibility means that these tools and libraries can be used on their platforms, further reducing development difficulties and improving efficiency.
Enhanced interoperability: Compatible with EVM enables Merlin Chain to integrate with other items and services in the Ethereum ecosystem.This includes wallets, Oracle services, exchange interfaces, etc., which helps improve the availability of user experience and applications.

3.3.2Technical implementation

Merlin Chain’s implementation of EVM compatibility is mainly through a complete EVM execution environment in its Layer 2 architecture.This means that in addition to dealing with Bitcoin -related operations, Merlin Chain can also run the Ethereum bytecode, which executes exactly the same smart contracts with Ethereum.

3.3.3Application scenarios

DEFI application: Because many popular decentralized finance (DEFI) projects were first developed for Ethereum, Merlin Chain’s EVM compatibility can allow these applications to quickly deploy them on their platforms, and use higher efficiency and compared with Merlin Chain and comparedLow transaction costs.
NFT and games: Similarly, many NFT and blockchain games are also developed based on EVM.Merlin Chain can attract such developers, providing a platform with higher cost benefits and better user experience.

3.3.4Challenge and response

Although EVM is compatible with many benefits, there are also some challenges, such as performance optimization and security issues.Merlin Chain may need to implement specific optimization measures to improve efficiency, while ensuring that the security of compatible layers is not used by malicious smart contracts.

In general, Merlin Chain’s compatible Ethereum virtual machine’s strategy has greatly enhanced the attractiveness of its platform, making it a multi -functional blockchain solution that attracts developers and users.This strategy not only helps to expand its ecosystem, but also promote the development of innovative applications.

4. MERLIN DPRK

Merlin Chain introduced its original currency $ Merl, which is a key component to support the development of network governance, security and overall ecosystem.

The following is a detailed introduction about the $ Merl token:

4.1$ MERL tokens Overview

Names and standards: token names Merl, which meets the BRC20 standard.
Total supply: Total supply is 2.1 billion $ Merl.

4.2$ Merl token function

Governance: $ Merl holders can decide major proposals through voting, thereby shaping the future development of Merlin Chain.
Pledge: Holders can pledge $ Merl to enhance the security of Merlin Chain and ensure that the network operation integrity and performance are reliable.
Payment network fee: $ Merl can be used to pay trading fees on Merlin Layer 3.
Token holder activity participation: $ Merl holders can run their own collectors by entrusting to collectors or pledged $ Merl, so as to actively participate in network operations.
Liquidity and mortgage: $ Merl can be used as native liquidity and mortgages in the ecosystem, supporting smooth transactions and lending mechanisms.

4.3$ MERL token distribution and release plan

Merlin’s Seal: 20%of the $ Merl supply will be involved in the airdrop to the Merlin’s Seal activity.
Public sales: 10%$ MERL supply will be distributed through public sales.
Private sales: 15.23%of the supply will be assigned to private investors.
Advisor: 3%of the supply is allocated to the consultant.
Team: 4.2%of the supply is allocated to the core team.
Community: 16.57%of the supply is used as rewards to support the community.
Ecosystem: 40%of the supply is allocated through ecosystem subsidies and incentives.

$ MERL will be allocated in four years according to the following release timetable:

As of now, token circulation is 245.7m merl, accounting for 11.70%of the total circulation.

4.4$ Merl’s listing plan

$ Merl is planned to be listed on multiple exchanges, including OKX (recharge time: April 17, 2024 10:00 UTC; transaction time: 10:00 UTC on April 19, 2024;10:00 UTC), Hashkey Global00 UTC), Bybit, BitgetList.

Token performance

As of now, the price of $ Merl tokens is $ 1.07, the price of tokens has fallen by 20.04%in the past 7 days, the market value of token is $ 265.42m, and the transaction volume of 24 hours: $ 69.86m, 24 -hour transaction volume/market value ratio: 26.43%Essence

The introduction of $ Merl token provides a mechanism for Merlin Chain. Through this mechanism, community members can directly participate in the governance and development of the network, and also provide an economic incentive to promote the participation of users and developers.These characteristics and plans show the Merlin Chain team committed to establishing a healthy, active and decentralized ecosystem.

5. Ecological system

The operating items under their ecosystem include:

5.1Merlinswap

Merlinswap is a decentralized exchange designed to support Merlin Chain’s ecosystem.It uses discrete liquidity to automate as a city merchant, and provides liquidity and drop -off services economy efficiently on the Merlin chain.

Discrete liquidity automatic as a market business (DL-AMM) is a technical model that allows liquidity providers to focus on specific price points and the most transaction price range, so as to ensure that users exchange tokens on MerlinswapBenefit in sliding points and accurate prices.DL-AMM also helps users enter the specific quantity of tokens they want to exchange, thereby providing order books and automatic services for market merchants (AMM).

5.2Merlinstarter

Merlinstarter is the most important startup platform based on the Merlin Chain ecosystem to support all Bitcoin second -level projects.It provides technical support, marketing strategies, token economics consulting, human resources and start -up funds.

In addition, Merlinstarter promotes fair release on Merlin Chain.Fair issuance is a tokens issued model. It takes into account the token distribution of tolerance and peaceful distribution, so that everyone has an equal opportunity to buy tokens on Merlin Chain.

Other functions of MerlinStarter include introducing multi -chain to Merlin Chain and publishing Merlin Chain native token to other chains.This supports the release of BRC-20, BRC-420, ERC-20 and ERC-404 assets.

5.3Merlin Chain Testnet

Merlin Chain Testnet is the trial interface of the platform.In order to browse the test network, users need to obtain BTC and BRC-20 token such as Bitcoin water faucet, and connect their test network wallets to Unisat or Bitget.With the assets obtained from the faucet and connecting their wallets, they can switch from the BTC chain to Merlin Chain, and transfer the BRC-20 tos equally with the Bitcoin blockchain.

All assets used on Merlin Chain Testnet are not real assets.They are strictly used for testing platforms, so they have no actual value.

Merlin Chain plans to launch its main network by February 2024.Part of the plan includes starting its betting activities, and through the fair release of the particle network, it is distributed to the participating user distribution governance token.

6. Team/partner/financing situation

6.1team

Merlin Chain is a subsidiary product line of Bitmap Tech (former RCSV). Bitmap Tech is a top team with a total market value of more than $ 500 million.Bitmap Tech’s BRC-420 “Blue Box” series has become one of the hottest Ordinals assets.The team also developed BRC420 and Bitmap games.

6.2Partner

Merlin Chain cooperates with particles network to use its account abstract solution to achieve the easy switch between the first layer of Bitcoin and the Merlin chain.

Other platforms cooperated with Merlin Chain include Geniidata, Bit Smiley and Stakestone.

It is worth mentioning that Merlin Chain’s recent partners Tron Network and OKX.

Merlin Chain cooperates with TRON network to enhance the interoperability between Bitcoin and TRON networks.In addition, this will realize cross -chain accessability and functions to expand its use cases.The main goal of this cooperation is to start the interaction between the TRON network and the Bitcoin ecosystem.It is also regarded as a way to expand TRON on the Bitcoin blockchain, while combining the advantages of TRON network and Merlin Chain.In essence, the interoperability between the two blockchain will allow users to explore extensive financial services in the blockchain space by seamless interaction with Merlin Chain.

Merlinchain and OKX collaborated to integrate OKX wallets with Merlinchain.This is to use OKX Web to expand to promote the easy connection with protocols.Users will need to download the OKX wallet web extension, create new OKX wallets or add existing wallets, and then use Web extension to connect its OKX wallet to Merlin Chain.

6.3Financing situation

Merlin Chain successfully won 24 outstanding investorsFinancingIt includes OKX Ventures, ABCDE, ForeSight Ventures, and ArkStream Capital.Although the specific amount has not been disclosed, the funding support marks Merlin Chain an important milestone on the road that enhances Bitcoin scalability and practicality.

7. Project evaluation

7.1Track analysis

Merlin Chain is mainly due to the DEFI (decentralized finance) track. The blockchain Layer 2 solution item is focused on enhancing the functions and efficiency of Bitcoin by constructing the second -level platform on the Bitcoin network.

Similar items similar to Merlin Chain include:

Lightning Network

Difference: It is mainly used for payment and small transactions, and there is no smart contract function provided by Merlin Chain.

Liquid Network: (Bitcoin’s side chain solution, providing fast and secure bitcoin trading channels for exchanges, brokers, and markets.)

Difference: As a side chain, Liquid Network supports the issuance and transactions of assets, but it depends on the structure of the alliance chain, which is different from the decentralized characteristics of Merlin Chain.

7.2Project advantage

Improve the functionality of Bitcoin:Merlin Chain has significantly expanded the function of Bitcoin by providing smart contract support and faster transaction confirmation time, allowing it to support complex financial products and services, which is not available in the Bitcoin network itself.
Low -cost high -efficiency transaction processing:Through ZK-Rollups technology, Merlin Chain implements high throughput transaction processing, and at the same time significantly reduces transaction costs, which is especially important for DEFI and other applications that require high-frequency transactions.
Cross -chain interoperability:Merlin Chain’s prophecy machine and EVM compatibility enable it to interoperate with other blockchain systems, such as Ethereum and other chains that use EVM, which increases its applicability and flexibility in the entire blockchain ecosystem.
Security and decentralization:Although Merlin Chain has achieved efficient transaction processing in its Layer 2 solution, it still maintains the decentralization and security characteristics of the Bitcoin network. This is because all transactions will eventually be confirmed and confirmed and confirmed on the main Bitcoin chainstorage.
Total value lock (tvl) high:Merlin Chain currently has a TVL of $ 960.52 million.TVL is an important indicator to measure the liquidity of the DEFI project, indicating that all users store the total value of assets in the project.The Merlin project’s TVL is close to $ 100 million, which is a relatively healthy indicator that shows that the project can attract and retain a large amount of capital.

7.3Project disadvantage

Although Merlin Chain brings a number of technological innovation and advantages, like all blockchain projects, it also faces some potential shortcomings and challenges.The following is some of the shortcomings that may exist in the Merlin Chain project:

Technical complexity:Because Merlin Chain integrates a variety of technologies (such as ZK-RollUps, decentralized prophecy machines, EVM compatibility), its system maintenance and upgrade may be more complicated.This requires a high -level technical support team to ensure the stable operation and timely update of the platform.
Security risk:Although technologies such as ZK-Rollups can theoretically provide good security guarantee, unpredictable security issues may be encountered in practical applications.In particular, the application of these technologies on Bitcoin is relatively new, and there may be loopholes that have not been discovered.
Users adopt and network effects:Merlin Chain’s current success relies to a large extent adoption of sufficient users and developers.Due to fierce competition, users may choose other platforms for various reasons (such as better user experience, lower costs, and wider application support).
Competitive pressure:Facing competition from other Layer 2 solutions: there are multiple mature Layer 2 solutions in the market, such as Polygon, Optimism, Arbitrum, etc. They provide similar or more advanced features, and have established a strong market positionAnd community support.
Law and regulatory uncertainty:As an innovative blockchain project, Merlin Chain may face the changing legal and regulatory environment of different countries and regions.Regulatory uncertainty may affect the development of projects, especially in terms of cross -border transactions and smart contract applications.
Technical dependence:Dependence on Ethereum technology: Although Merlin Chain aims to add functions to the Bitcoin network, many innovations (such as EVM compatibility) actually depend on Ethereum technology.This dependence may limit Merlin Chain’s ability to completely innovate.

Despite these potential shortcomings and challenges, Merlin Chain’s unique positioning and technological innovation provides opportunities for it.The project team needs to continue to optimize the technical structure to improve the user experience, while actively responding to changes in legal supervision to promote the long -term development of the project.

8. Project summary

All in all, Merlin Chain will redefine the Bitcoin ecosystem through its Layer 2 solution, paving the way for unprecedented use and interactive interaction with Bitcoin Layer1 assets.With the implementation of ZK-Rollup technology and a firm commitment to the principles of Bitcoin, Merlin Chain is expanding the ability of Bitcoin in terms of scalability and practicality.It is committed to supporting the core Bitcoin agreement, which is expected to introduce a new era of efficiency, security and innovation, and make the Bitcoin network more common and user -friendly.