Medium

DeFi

Bitcoin

when

Reported by Cointelegraph: The Bitcoin developer says Brollups can support more than 90% of decentralized finance use cases, from NFT sales to token orders on DEXs. he Bitcoin developer famous for exploiting a bug in the Lightning Network, causing it to issue an emergency update in 2022, is working on a new Bitcoin layer 2 aimed at bringing more decentralized finance use cases to Bitcoin
Bitcoin developer “Burak” — who also created a Lightning Network competitor called Ark Protocol last year — has introduced “Brollups.”
Brollup is a layer 2 that offers a Bitcoin-native rollup design, bundling up transactions without needing to hard fork Bitcoin or issue a non-Bitcoin token, explained Burak.
In a June 21 Medium post, Burak noted that Brollups is still in the “design phase.” &nbsp;He told Cointelegraph that a signet (testnet) rollout could be on the cards for later this year.
Brollups will aim to support more than 90% of use cases in DeFi when it eventually launches, Burak said.
“Whether it’s listing an NFT for sale in exchange for Bitcoin where the buyer pays with Bitcoin upon execution, or placing a token sell order on a decentralized exchange, all of this is automically executed, verifiable, scalable, and enforceable on Bitcoin.”
Brollups are “deeply baked into Bitcoin and work natively with Bitcoin as a payable construct,” Burak added.<img src="https://s2.tokeninsight.com/static/news/content/img/截屏2024-06-24_18.18.00.png">
Brollups will be managed by “operators,” who will provide liquidity to the protocol and advance the rollup state by chaining Bitcoin transactions at “regular intervals.”
Transactions will be executed on the Bitcoin Virtual Machine.
Burak received considerable praise in the Bitcoin community for developing the solution without needing to hard fork Bitcoin or create a new token.
<h3 id="strong-from-hacking-the-lightning-network-to-building-a-scaling-competitor-strong">From hacking the Lightning Network to building a scaling competitor</h3>
 In October 2022, Burak exploited the Lightning Network with a 998-of-999 multisignature Taproot transaction.
It triggered an emergency update to Lightning Network node operators after Burak’s efforts caused all nodes to temporarily fall out of sync.
No funds were stolen in the transaction — which cost a mere $5 transaction fee — but it highlighted an unintended consequence of the Taproot upgrade, industry pundits said at the time.
Very few transactions utilized the Taproot upgrade until January 2023, when Casey Rodarmor launched the Ordinals protocol.
Taproot transactions comprised a record 46.4% of all Bitcoin transactions in December 2023, but that has since fallen to 30% this month, a Dune Analytics dashboard from Data Always shows.
Drivechain and the Spiderchain are among the other Bitcoin scaling projects focused on bringing DeFi functionality to Bitcoin.
In May 2022, Burak launched Ark — a Bitcoin layer-2 solution focused primarily on payments by negating the need for payment channels.

Bitcoin Lightning hacker Burak introduces new layer 2 ‘Brollups’

Innholdsfortegnelse

TokenInsight

Andre artikler publisert på 24. juni 2024

Shiba Inu (SHIB) Executive Issues Unexpected Solana Warning

AI music platforms Suno and Udio face lawsuits from major record labels over copyright infringement

Bank of America Employee Illegally Accessed and Sold Customers’ Information As Renegade Staffer S...

Bitcoin Developer Burak Unveils ‘Brollups’ for Enhanced DeFi on BTC

Chainlink (LINK) Community Confused by Whale Activity: Details

BNB Delivers Diverse Advantages

Bli med på vårt gratis nyhetsbrev for daglige kryptooppdateringer!