BTC Oracle will drive Bitcoin Layer 2 adoption with the support of Elastos’ zk-based, BeL2.
Elastos, a pioneer in blockchain technology announces BTC Oracle, a radical new solution that will enable every EVM compatible blockchain to be a Bitcoin Layer 2, representing the most comprehensive solution for cross-chain operability enabling dormant Bitcoin to used on all Blockchains. The BTC Oracle is part of Elastos’ Bitcoin Layer 2 (BeL2) , BeL2, the first Bitcoin Layer 2 to enable the direct development and management of Bitcoin-native smart contracts. Elastos’s Bitcoin layer 2 BTC Oracle acts as a zero-knowledge proof (ZPK) data feed that provides real-time Bitcoin information to EVM smart contracts. As of today, a prototype is available to illustrate how you can stake ELA in return for Bitcoin rewards.
Elastos’ native token (ELA) has been merge-mined with Bitcoin since 2018. BeL2 is a suite of technologies consisting of a BTC Oracle that inputs Bitcoin-related data to EVM contracts. This includes an application layer; an ELA powered relay network which further decentralises the process and reduces the reliance on a single point of failure; and the BTC Oracle which generates zero knowledge proofs and transmits events from BTC to the EVM contract. In its most streamlined form, BeL2 Oracle empowers the most straightforward yet comprehensive solution for cross-chain operability involving Bitcoin and EVMs.
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Speaking on the launch of BTC Oracle, Sasha Mitchel Head of Bitcoin Layer 2 at Elastos said, “BTC Oracle and BeL2 leverages the most intuitive yet advanced aspects of cryptographic verification to expand Bitcoin’s utility in the DeFi space and beyond, all while staying true to its roots of decentralisation and privacy. With BTC Oracle we can open up an amazing future for new financial products and use cases on bitcoin through decentralized applications like BTC lending, BRC20 Indexing, Algorithmic Stable Coin Issuance, and more.”
“By empowering every EVM compatible blockchain to use smart contracts denominated in Bitcoin, the industry can unlock incredible innovative and economic potential for the crypto ecosystem via staking ELA and getting Bitcoin rewards,” said Jonathan Hargreaves, Global Head of Business Development & ESG at Elastos. “In that respect, BTC Oracle unlocks a 7-fold increase in the potential market for building on smart bitcoin.”
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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