Benzinga - In a significant move for the decentralized Bitcoin (CRYPTO: BTC) infrastructure, Interlay's team announced the launch of the Minimum Viable Product (MVP) for its Build on Bitcoin (BOB) solution.
This new Bitcoin Layer 2 network is designed with Rust smart contracts compatible with native Bitcoin libraries, including Lightning and Ordinals.
BOB's full compatibility with the Ethereum (CRYPTO: ETH) Virtual Machine (EVM) positions it as a prime platform for developing innovative decentralized applications atop Bitcoin's stack.
See Also: Learn more about this and more at Benzinga Future of Digital Assets event, where there will be discussions on the evolving dynamics of digital assets, with insights from industry leaders shaping the future of the crypto world.
The inaugural application showcased on BOB's MVP is an embodiment of the BRC-21 standard.
This standard facilitates the trustless access of cross-chain assets like Ethereum, Dai (CRYPTO: DAI) and USD Coin (CRYPTO: USDC) on Bitcoin.
This release comes on the heels of Interlay's new Bitcoin DeFi platform, which was introduced just a month prior.
Alexei Zamyatin, co-founder of Interlay, expressed his enthusiasm about the potential of Bitcoin.
"Bitcoin is undergoing a much-anticipated revival," he remarked. "With BOB, our aim is to empower developers to craft genuinely decentralized applications and to innovate using Bitcoin's existing stack, encompassing Lightning, Ordinals and Nostr. We envision BOB as a bridge for developers from Ethereum and other ecosystems to seamlessly introduce their DeFi, NFT, and other Web3 products to Bitcoin's vast user base of 300 million."
Also Read: Bankman-Fried's Trial Strategy In Jeopardy, Prosecutors Demand More Information About 'Advice Of Counsel' Defense
The MVP also incorporates Interlay’s pioneering trustless BTC bridge and an integrated Bitcoin light client that cryptographically authenticates the Bitcoin main chain.
This innovative approach facilitates the creation of trustless BTC, Ordinals and BRC swaps, along with other BTC primitives like hashrate markets, the company stated.
The upcoming full release is set to offer enhanced interoperability with Ethereum, a cutting-edge Bitcoin peg mechanism, and advanced Bitcoin rollup mechanics, the company added.
Dominik Harz, co-founder and chief technology officer of Interlay, shed light on the significance of rollups for Bitcoin's future.
"Rollups are pivotal for ensuring Bitcoin's long-term value retention and enhancing the economic sustainability of the protocol, especially post-future halving events," he stated. "While ZK rollups are currently the preferred architecture, BOB is being designed to support any cryptographic primitives that might integrate with Bitcoin."
Read Next: SEBA Hong Kong 'At The Cutting Edge Of Innovation,' To Become First Licensed Crypto Corporation In Hong Kong
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.