Blockchain developers unveiled a brand new platform on Thursday designed to catapult Bitcoin into modern times of decentralized finance (DeFi)—an industry the original crypto network has largely stored at arms-length.
The brand new platform, named BitcoinOS, is pitched like a “public good” that utilizes “sovryn rollups” to produce a foundational layer for decentralized apps (dapps) on Bitcoin. Any developer can lead into it, its founders say, and make new tools in whatever programming language they need.
“Sovryn rollups uses Bitcoin like a data availability (DA) layer instead of ZK rollups in which the rollup is controlled with a smart contract around the parent chain,” Edan Yago, a core cause of BitcoinOS, told Decrypt. “Because Bitcoin doesn’t have such smart contracts, ZK rollups are impossible on Bitcoin.”
Does Bitcoin appear frozen over time? Other chains have smart contracts, scaling layers, rollups – and Bitcoin?
Presenting BitcoinOS: a superlayer of interoperable rollups turning Bitcoin right into a global operating-system.
Innovation is due Bitcoin!#BitcoinOS
Link⬇️ pic.twitter.com/4BV7E5Xn5G
— Sovryn DeFi for Bitcoin (@SovrynBTC) The month of january 25, 2024
Though highly secure, Bitcoin’s primary blockchain is renowned for being slow when compared with other blockchains and incredibly costly in times of high activity. Meanwhile, its limited programming language has lengthy left it bereft of truly decentralized transaction scaling solutions.
While existing technologies like sidechains—Liquid, Rootstock, and thus on—can enable faster transactions, they might require users to believe centralized, federated bridges to not steal or freeze their. Additionally they are afflicted by too little liquidity along with other blockchains, creating liquidity siloes for DeFi projects which are yet to consider off.
By comparison, BitcoinOS states it’s everything developers want from the scaling solution with minimal tradeoffs: scalability, programmability, interoperability, along with a near trustless security model.
Further, the framework’s built-in fraud system “allows a single honest participant to avoid fraudulent transactions,” based on a Thursday pr release from Sovryn, the DeFi project behind BitcoinOS.
“It enables for complete smart contracts, also it enables any developer to produce their very own rollup and for the applications built on these various rollups to become composable and interoperable with the other rollups,” Yago described. Which means all projects built on BitcoinOS can seamlessly share users and activity since all rollups are made in the same modular parts.
Sovryn started like a protocol on Roostock, but Yago stated they began to feel restricted to the network’s technology. It’s nevertheless processed $2.2 billion in trades and loans and carries $46.82 million as a whole value locked (TVL), based on DeFi Llama.
BitcoinOS represents “stage 2” of Sovryn’s intend to expand Bitcoin’s utility beyond as being a global reserve currency. Stage 3, based on Yago, would be to “build a global on Bitcoin – a real option to today’s stagnating centralized economic, corporate, and condition interests.”
Following a announcement of BitcoinOS, Sovryn’s native currency SOV surged 60% to $1.37, based on CoinGecko.
Edited by Ryan Ozawa.
