17 hours ago
Layer-2 web BOB has launched its testnet up of the mainnet going unrecorded successful Q4 of this year.
Describing itself arsenic a hybrid layer-2, BOB's purpose is to harvester Bitcoin's information and reserves with Ethereum's programmability utilizing the BitVM computing paradigm to make a decentralized concern (DeFi) hub.
BitVM was introduced successful precocious 2023 by Robin Linus arsenic a means of enabling rollups atop Bitcoin, frankincense allowing faster and cheaper transactions without compromising the network's security.
BOB's span harnesses BitVM to let BTC to beryllium transferred to the rollup and aboriginal bring it backmost truthful that it tin beryllium withdrawn.
Central to BOB's ethos is that it volition usage existent BTC alternatively than a wrapped mentation of the plus arsenic the substance for DeFi services. Some projects usage a signifier of wrapped bitcoin to bring BTC's worth to their ecosystem for usage successful DeFi applications, such arsenic Stacks with its sBTC token.
"Just arsenic ETH remains 'ETH' connected Ethereum rollups similar Optimism and Arbitrum, BTC connected BOB remains autochthonal and simply called 'BTC'," BOB said successful an announcement shared with CoinDesk connected Wednesday.
Rollups specified arsenic Arbitrum bundles transactions which it past settles connected Ethereum connected the cheap, utilizing fraud proofs to guarantee their correctness. BOB says it is doing thing akin to this connected Bitcoin.
Co-founder Alexei Zamyatin described this arsenic a "clear distinction," betwixt its offering and wrapped versions of BTC, successful a Telegram connection to CoinDesk.
The testnet debuts with enactment from a big of large crypto firms who volition beryllium operating nodes connected the BitVM bridge, specified arsenic staking developers P2P.org and Lombard, DeFi level Solv Protocol, crypto task capitalists RockawayX and integer plus manager Amber Group.
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