Bitcoin

Ethereum&#39;s scaling solution is now compatible with Bitcoin. Rollkit enables the storing of rollup data created for Ethereum but on the Bitcoin network.Rollkit, a modular framework for rollups, was successfully released on March 5, 2023, according to an official announcement. The technique might, in principle, assist maximize the usage of free space on Bitcoin blocks, hence boosting the network&#39;s capabilities: Sovereign rollups on Bitcoin not only broaden the options for rollups, but also have the potential to help Bitcoin establish a strong blockspace fee market, allowing for a more sustainable security budget.A rollup is a method of compressing or grouping several transactions into a single one, boosting privacy and network efficiency. Rollkit is compatible with a variety of execution levels, including the Ethereum Virtual Machine and Cosmos&#39; CosmWasm. Every blockchain has a particular layer architecture that supports a variety of features. The application layer includes the execution layer. This layer includes smart contracts, protocols, dApps, and so forth.The team published a YouTube video demonstrating how a Rollkit rollup executed with Ethermint may leverage Bitcoin as its Data Availability layer. If the application layer is the most advanced layer in the blockchain, the data layer is the most fundamental — it is simply the sequence of blocks in a blockchain that ensures nodes function in harmony and are aware of what is going on in the network. The data availability layer ensures that all nodes are dealing with the same transaction data.Rollkit largely relies on Taproot and Ordinals to do this. Taproot is a hard fork that improved the Bitcoin network&#39;s privacy and functionality, setting the door for future advancements such as Ordinals, which are the equivalent of non-fungible tokens (NFTs) that store data in hexadecimal format on the Bitcoin network.The Rollkit team claims that this connection allows them to &#34;run the Ethereum Virtual Machine (EVM) atop Bitcoin as a sovereign Rollkit rollup.&#34; According to the creators, these have the ability to broaden the options for these second-layer solutions while also assisting in the creation of a healthy fee market on Bitcoin. Bitcoin aficionados reacted with conflicting emotions to the news. Several welcomed the invention for its capacity to add something fresh to the industry, albeit such enthusiasm is tempered by caution.Others chastised the technology. Some Bitcoin users argue that the Bitcoin network should only be utilized for financial transactions. Utilizing the network for other reasons may be harmful to users since they will have to fight for the limited space available in each block.

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