Singapore – 26/07/2024 – (SeaPRwire) – Elastos, the SmartWeb ecosystem provider, today announced innovations that enable native Bitcoin staking on the Bitcoin network. Partners can use the Elastos BeL2 Software Development Kit (SDK) to build Native Bitcoin decentralized apps (dApps) to encourage staking of the estimated more than 1 Trillion dormant Bitcoins. The BeL2 SDK will be demonstrated at Bitcoin Nashville 2024 alongside the StarBTC demo loan app, showcasing BeL2’s native Bitcoin DeFi solutions as a decentralized clearing network service.
Elastos BeL2 – Native Bitcoin Staking Becomes a Reality with a New Revenue Model for Arbiters. StarBTC first prototype for arbiter nodes and smart contracts enable collateralization of up to 80% of Bitcoin assets. Elastos BeL2 offers significant premiums for node owners staking Bitcoin (BTC) on the Bitcoin Network on top of existing APR rewards
With BeL2, users can stake Bitcoin directly on the Bitcoin network. This allows for the transmission of transaction proofs, rather than assets, across chains, enabling users to enter Layer 2 environments and utilize BTC in various DeFi applications. The StarBTC demo app shows how staked BTC can be used as collateral for stablecoin loans, maintaining Bitcoin on its main network and leveraging BeL2’s ZKP technology and decentralized arbitration for secure transactions.
The BeL2 Protocol enables direct collateralization of Bitcoin without bridging or wrapping, preserving Bitcoin’s security and integrity while avoiding network congestion and fees. The StarBTC demo app shows how arbiter nodes facilitate communication between the Bitcoin and Ethereum Virtual Machine (EVM) chains to verify transaction proofs using BeL2’s Zero-Knowledge-Proof (ZKP) process to ensure all conditions are met for collateral release.
“The combination of our innovations around arbiter nodes and the BeL2 SDK will enable developers and node holders to earn significant premiums from staking Bitcoin,” said Jonathan Hargreaves, Global Head of Business Development & ESG, Elastos. “We estimate the Native Bitcoin DeFi market could grow by over $1 Trillion, with potential in industries from creative arts to retail.”
Elastos’ BeL2 lets users run zkBTC full nodes on mobile phones, creating a decentralized Bitcoin DeFi network. These nodes ensure security by allowing users to verify transactions themselves. Upgraded zkBTC nodes can become arbiters, earning fees for helping others manage loans and time-based transactions. This system supports Bitcoin staking and rewards nodes with upcoming BeL2 assets and BTC fees. To prevent collusion, anyone can challenge arbitrators by submitting proof of misconduct for punishment and compensation. Arbiter nodes are backed by BTC and Elastos SmartWeb’s ELA coin, which is secured by up to 50% of Bitcoin miners’ hashpower, including BTC.com, Antpool, F2Pool, ViaBTC, and BinancePool.
This model enhances the Bitcoin network by increasing the number of full nodes, essential for maintaining decentralization and security. Incentivizing node participation strengthens the network’s robustness and resilience. Full nodes validate transactions and blocks, contributing to the blockchain’s overall health. Increased participation fosters a secure and trustworthy environment for Bitcoin transactions, crucial for decentralized finance adoption.
The BeL2 SDK simplifies development, enhances security, and offers innovation opportunities by abstracting complex blockchain interactions and ZKP operations. This allows developers to integrate Bitcoin functionality with minimal effort. Additionally, Elastos provides a ZKP Explorer for verifying zero-knowledge proofs, enhancing transparency and trust within the BeL2 ecosystem.
“Our vision is to establish a new global financial system anchored by Bitcoin and enhance its role as a global hard currency,” said Sasha Mitchell, Head of Bitcoin Layer 2 (BeL2), Elastos. “The launch of the BeL2 Protocol, the StarBTC demo app, and the BeL2 SDK is inspiring our partners to explore DeFi opportunities. We are excited to work with Layer 2s like BEVM and B² Network to demonstrate how Native Bitcoin DeFi can open up new economic opportunities.”
The BeL2 SDK is a critical element of the Elastos strategy to build a vibrant ecosystem using the BeL2 Protocol. Partners are developing key technologies, integrations, and dApps, including BEVM‘s peer-to-peer Bitcoin-denominated loan offering and B² Network‘s Layer 2 EVM execution environment. Conflux, the only regulatory-compliant, public, and permissionless Blockchain in China, is integrating with BeL2 to facilitate Bitcoin-denominated transactions and exchanges. Tuna Chain is a Layer 2 solution ensuring interoperability between ecosystems, leveraging Elastos’ Bitcoin Oracle for real-time data on Bitcoin-assured activity. EastBlue, a Bitcoin super app, and Spending Power, a Web3 e-commerce platform, are also creating integrations with BeL2. This will connect EastBlue users to Elastos’ full portfolio of dApps and enable developers to create Native Bitcoin apps compatible with Spending Power’s offering.
For more information about the BeL2 SDK, please go to: https://www.npmjs.com/package/@bel2labs/sdk
For more information about Star BTC, please go to: https://lending.bel2.org/
About Elastos
Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership. The mission is to build accessible, open-source services for the world, so developers can build an internet where individuals own and control their data.
The Elastos SmartWeb platform enables organizations to recalibrate how the Internet works for them to better control their own data.
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Media Contact
Brand: Elastos
Contact: Roger Darashah
Email: support@elastos.info
Website: https://elastos.info/
SOURCE: Elastos
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