Bitcoin-focused blockchain Elastos is partnering with the decentralized bodily infrastructure networks (DePIN) community IoTeX on digital identification validation. Nevertheless, the collaboration additionally goals to deliver Bitcoin’s robustness and belief to the forefront of DePIN, marking a major leap towards integrating digital and bodily belongings utilizing Bitcoin.
The partnership represents an effort to leverage Bitcoin’s Layer-2 capabilities, particularly by Elastos’ strategy, to boost the performance and accessibility of real-world belongings (RWA) like buildings, tools, and different capital-intensive belongings. By integrating these belongings with blockchain know-how and IoT (Web of Issues), the collaboration goals to create a seamless, safe, and environment friendly ecosystem for managing and monetizing bodily infrastructure.
On the coronary heart of this partnership is the direct integration with ‘Layer 2’ Bitcoin, a transfer that Raullen Chai, IoTeX’s co-founder and CEO, describes as an “vital milestone.” He commented,
“Extending our providing to the Elastos Good Chain (ESC) presents some compelling benefits, together with direct integration with ‘Layer 2’ Bitcoin, which means that agreements may be embedded and reconciled direct within the World’s hottest and trusted digital foreign money. That is a necessary functionality as DePINs grow to be extra mainstream.”
This integration permits for agreements to be embedded and reconciled instantly in Bitcoin. This functionality could also be essential as DePINs grow to be extra mainstream, providing a safe and clear mechanism for managing agreements and transactions throughout the bodily infrastructure area.
This integration is facilitated by Elastos’ BeL2’s BTC Oracle, which permits safe and environment friendly communication between Bitcoin and EVM blockchains by zero-knowledge proofs (ZKPs), laying the groundwork for advanced decentralized functions instantly on Bitcoin Layer 2.
IoTeX’s modular infrastructure platform connects sensible units and real-world knowledge to blockchains, whereas its middleware resolution, W3bstream, brings real-world knowledge on-chain. This functionality is important for seamlessly integrating IoT units with blockchain know-how, guaranteeing integrity, and optimizing pace and scalability.
Jonathan Hargreaves, Elastos’ International Head of Enterprise Improvement & ESG, encapsulates the essence of this partnership as Web3’s “subsequent frontier.” By decreasing intermediaries and growing transparency and privateness within the bodily area, Elastos and IoTeX are bridging the hole between the digital and bodily worlds, powered by the safety and belief of Bitcoin.