Blockchain builders unveiled a brand new platform on Thursday meant to catapult Bitcoin into the fashionable period of decentralized finance (DeFi)—an trade that the unique crypto community has largely saved at arms-length.
The brand new platform, named BitcoinOS, is pitched as a “public good” that makes use of “sovryn rollups” to create a foundational layer for decentralized apps (dapps) on Bitcoin. Any developer can contribute to it, its founders say, and construct new instruments in no matter programming language they need.
“Sovryn rollups will use Bitcoin as an information availability (DA) layer versus ZK rollups the place the rollup is managed by a wise contract on the guardian chain,” Edan Yago, a core contributor to BitcoinOS, instructed Decrypt. “As a result of Bitcoin doesn’t have such sensible contracts, ZK rollups are not possible on Bitcoin.”
Does Bitcoin appear frozen in time? Different chains have sensible contracts, scaling layers, rollups – and Bitcoin?
Introducing BitcoinOS: a superlayer of interoperable rollups turning Bitcoin into a world working system.
Innovation is coming to Bitcoin!#BitcoinOS
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— Sovryn | DeFi for Bitcoin (@SovrynBTC) January 25, 2024
Although extremely safe, Bitcoin’s most important blockchain is understood for being gradual in comparison with different blockchains and really costly in periods of excessive exercise. In the meantime, its restricted programming language has lengthy left it bereft of really decentralized transaction scaling options.
Whereas present applied sciences like sidechains—Liquid, Rootstock, and so forth—can allow quicker transactions, they require customers to belief centralized, federated bridges to not steal or freeze their funds. Additionally they undergo from a scarcity of liquidity with different blockchains, creating liquidity siloes for DeFi tasks which are but to take off.
In contrast, BitcoinOS says it has every thing builders need from a scaling resolution with minimal tradeoffs: scalability, programmability, interoperability, and a close to trustless safety mannequin.
Additional, the framework’s built-in fraud system “permits even a single sincere participant to stop fraudulent transactions,” in keeping with a Thursday press launch from Sovryn, the DeFi venture behind BitcoinOS. Yago can be the founder and CEO of Sovryn.
“It permits for full sensible contracts, and it permits any developer to launch their very own rollup and for all of the functions constructed on these varied rollups to be composable and interoperable with all the opposite rollups,” Yago defined. Meaning all tasks constructed on BitcoinOS can seamlessly share customers and exercise since all rollups are constructed from the identical modular elements.
Sovryn started as a protocol on Roostock, however Yago mentioned they began to really feel restricted by the community’s expertise. It has nonetheless processed $2.2 billion in trades and loans and carries $46.82 million in complete worth locked (TVL), in keeping with DeFi Llama.
BitcoinOS represents “stage 2” of Sovryn’s plan to develop Bitcoin’s utility past being a world reserve foreign money. Stage 3, in keeping with Yago, is to “construct a world on Bitcoin – a real different to at the moment’s stagnating centralized financial, company, and state pursuits.”
Following the announcement of BitcoinOS, Sovryn’s native foreign money SOV surged 60% to $1.37, in keeping with CoinGecko.
Edited by Ryan Ozawa.