- Bitcoin layer 2 startup ‘Build on Bitcoin’ (BOB) has launched its public testnet, aiming to bring Ethereum’s DeFi ecosystem to Bitcoin.
- BOB uses EVM and roll-up technology, focusing on inclusivity between Bitcoin and Ethereum ecosystems.
- BOB co-founder Alexei Zamyatin emphasized Bitcoin’s future potential without centralization.
Althalla – Bitcoin startup Build on Bitcoin (BOB) has launched its public testnet, showcasing a new paradigm for Bitcoin rollups. The protocol aims to bring the functionality of Ethereum, including its DeFi ecosystem, to Bitcoin users.
Enabling Advanced Features on Bitcoin
BOB’s technology includes the Ethereum Virtual Machine (EVM) and roll-up solutions to enable complex transactions and fast processing on Bitcoin. Co-founder Alexei Zamyatin stressed BOB’s focus on inclusivity and facilitating seamless interactions between the Bitcoin and Ethereum ecosystems.
Currently, traditional Bitcoin services lack advanced features of newer blockchains like decentralized trading, borrowing, and lending. Bitcoin transactions have been slow and expensive, with fees up to $30 at peak times this month . The Lightning Network is one scaling solution but is said to have limited usability without third-party custody.
Fraud Proofs on Bitcoin Using BitVM
BOB’s solution for enforcing rollups involves BitVM, which enables the creation of fraud proofs on the Bitcoin blockchain. BitVM aims to enable challenges to malicious operators and prevent theft via “honest sequencers”. Bitcoin developer Robin Linus released a paper introducing the idea of expressing Turing complete smart contracts on Bitcoin @davidmarcus.
It remains to be seen if BitVM will enable practical rollups and trustless sidechains on Bitcoin. Effective functioning of BitVM is needed for unlocking advanced functionalities on the Bitcoin network.
Build on Bitcoin’s public testnet launch is an important step towards providing features like DeFi to Bitcoin users while maintaining the network’s decentralization and security.