Ethereum

Long

Bitcoin

Million

<p>The post <a href="https://coinpedia.org/news/bitcoinos-achieves-breakthrough-with-zkp-on-bitcoin-250-million-liquidated/" rel="noopener noreferrer nofollow">BitcoinOS Achieves Breakthrough with ZKP on Bitcoin: $250 Million Liquidated</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p><a href="https://www.bitcoinos.build/" rel="noopener noreferrer nofollow">BitcoinOS (BOS)</a> has achieved a historic milestone in the crypto world by successfully verifying the first zero-knowledge proof (ZKP) on the Bitcoin mainchain. This achievement was completed live at Bitcoin 2024, opening the door to unlimited scaling and functionality on Bitcoin without altering its core consensus code.</p>
<p>Meanwhile, the crypto market faced turbulence as Bitcoin prices plummeted straight to $64,000 seeing a drop of 4%, leading to $261.47 million in long positions being liquidated.&nbsp;</p>
<h2 class="wp-block-heading" id="h-bitcoinos-revolutionizes-with-zero-knowledge-proofs">BitcoinOS Revolutionizes with Zero-Knowledge Proofs</h2>
<p>The success of BitcoinOS in verifying a zero-knowledge proof on the Bitcoin mainchain marks a major step forward. This advancement <a href="https://mempool.space/tx/0a95f5c58f2b47414b46ff2b308e2eb9eab41bf0d53fc744ea7886ea22e97d55" rel="noopener noreferrer nofollow">allows for upgrades</a> without the need for Bitcoin Improvement Proposals or soft forks, BOS empowers developers to build more efficiently on Bitcoin.&nbsp;</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">We have done it! For the first time ever a ZK-proof has been verified on Bitcoin Mainnet by BitcoinOS.<br><br>The final verification was confirmed in block 853626.<br><br>A historic moment and a historic block.<br><br>A new era has begun for Bitcoin enabling unlimited scaling and functionality -… <a href="https://t.co/x8akim4SJh" rel="noopener noreferrer nofollow">pic.twitter.com/x8akim4SJh</a></p>— BitcoinOS (@BTC_OS) <a href="https://twitter.com/BTC_OS/status/1816180788938870815?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 24, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Edan Yago, a key contributor to BitcoinOS, notes that this breakthrough reduces the dependence on traditional upgrade proposals, bringing Bitcoin closer to its original vision of being a decentralized, trustless peer-to-peer digital currency.</p>
<p>At the heart of this development is BitSNARK, a software library designed to verify zkSNARKs on Bitcoin. This technology enables developers to create <a href="https://coinpedia.org/news/ethereum-in-trouble-solanas-strategic-push-into-l2-rollups/" rel="noopener noreferrer nofollow">layer-2 rollups</a> and trustless bridges for moving BTC between the Bitcoin mainchain and L2 rollups.&nbsp;</p>
<p>Unlike existing models that rely on centralized entities, BOS offers a decentralized approach, ensuring security through a dynamic operator set, which enhances the trust and efficiency of the system.</p>
<h2 class="wp-block-heading" id="h-250-million-in-long-liquidated">$250 Million in Long Liquidated</h2>
<p>On the flip side, Bitcoin prices fell from over $65,500 to nearly $64,000 leading to the liquidation of <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">over $261.47 million in long</a> in the last 24 hours. This marks the largest liquidation since early July and reflects the volatility still present in the market despite technological upgradation.&nbsp;</p>
<p>Binance led the exchanges in liquidations, with $118 million, followed by OKX and Huobi with $88.3 million &amp; $31.5 million respectively as per the coinglass report.&nbsp;&nbsp;</p>
<p>Along with this Ethereum (ETH) faced significant losses as $101 million was liquidated. Of this, $97.5 million came from long positions and $4 million came from short, following an 8.2% <a href="https://markets.coinpedia.org/ethereum/" rel="noopener noreferrer nofollow">price drop to $3,167</a>. This decline was due to outflows from the newly launched ETH ETF.</p>

BitcoinOS Achieves Breakthrough with ZKP on Bitcoin: $250 Million Liquidated

Table of Contents

CoinPedia News

Autres articles publiés le 25 juil. 2024

Ripple News Today: 21Shares Eyes XRP ETF Amidst Ethereum ETF Success

Dogecoin (DOGE) Whales Assemble as Analysts Eye Bullish Breakout

Crypto Market Faces Major Liquidations

Altcoins That Can Hit $1 Billion Market Cap in 2024: DTX, ZRO, and ENS

Coinbase Demands SEC Release Gary Gensler’s Private Emails in New Court Motion

Coinbase Sells User Bitcoin Holdings Due To Inactivity But There’s A Catch

Join our free newsletter for daily crypto updates!