Printed: January 30, 2024, 7:00 a.m. Up to date: January 30, 2024, 6:17 a.m.
Edited and fact-checked: January 30, 2024 at 7am
Put merely
Construct on Bitcoin (BOB) introduced OptiMine for a layer 2 resolution that bridges Bitcoin's sturdy security measures and Ethereum's scalability.
Bitcoin DeFi platform Construct on Bitcoin (BOB), a layer 2 stack developed by the Interlay staff, introduced enhanced Bitcoin security measures for the blockchain named “OptiMine.” New security measures improve Bitcoin safety for Layer 2 (L2) blockchains by leveraging Bitcoin's Proof-of-Work (PoW) mechanism, and for Ethereum and different EVM-compatible blockchains. Scalability and connectivity.
Alexei Zamyatin, co-founder of BOB and co-founder and CEO of Interlay, informed Metaverse Publish that Optmine combines the perfect of each Bitcoin's safety and Ethereum's sensible contract capabilities, with scalability. He mentioned he’s including. He likened OptiMine to “Bitcoin's reply to Ethereum re-staking.”
In a typical rollup, the sequencer performs a key function in creating and proposing new blocks. Present fashions for guaranteeing accuracy should not but sensible for Bitcoin.
“OptiMine addresses this problem by involving Bitcoin miners in validating rollup blocks, guaranteeing integrity with out relying solely on sequencers. This integration of Bitcoin’s PoW system permits rollup It provides a layer of safety and reliability to the system, contributing to its general robustness,” mentioned BOB’s Zamyatin.
To make sure the participation of the mining neighborhood within the improvement of OptiMine, BOB has partnered with a Bitcoin mining firm (which we won’t identify).
“This partnership is critical as a result of it represents a fusion of pursuits and experience between BOB’s technological innovation and the mining neighborhood’s sensible and operational insights,” he added.
OptiMine advances Bitcoin PoW safety to layer 2 resolution
OptiMine introduces a brand new hybrid consensus know-how known as “Optimistically Sequenced Merged Mining” that permits layer 2 options equivalent to BOB to inherit the safety of Bitcoin whereas connecting to different layer 1 blockchains equivalent to Ethereum.
BOB's Alexei Zamyatin mentioned the know-how addresses the challenges of sparse block area and excessive transaction charges by enabling extra environment friendly block technology via rollups and sidechains that course of transactions off-chain. He mentioned he’s doing so. That is achieved by separating the technology of blocks from the finalization of his PoW.
“Block technology is quicker, PoW finalization is much less frequent, and blockchain efficiency is optimized. This know-how helps handle the load on the blockchain, thereby decreasing congestion and related excessive transaction charges. could also be lowered,” Zamyatin informed Metaverse Publish.
Moreover, OptiMine gives miners with a further income stream via merge mining. Since Bitcoin halving reduces direct rewards, miners can use OptiMine to concurrently mine Bitcoin and ancillary chains equivalent to BOB's L2 resolution.
Zamyatin defined that this permits miners to safe a number of networks on the similar time and compensate for the decline in Bitcoin rewards. This ensures the financial viability of miners and retains Bitcoin know-how related within the crypto business post-halving.
Nonetheless, integrating Bitcoin PoW with Ethereum and different EVM-compatible blockchains has been a posh problem because of the completely different architectures and consensus mechanisms of those blockchains.
Trying to the long run, Zamyatin believes OptiMine will affect the blockchain panorama by offering a safe, scalable, and environment friendly resolution for L2 rollups and sidechains. He added that BOB's final purpose is to allow Bitcoin rollups, and OptiMine is the primary piece of the puzzle.
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Kumar is an skilled know-how journalist specializing within the dynamic intersection of AI/ML, advertising and marketing know-how, and rising fields equivalent to cryptocurrencies, blockchain, and NFTs. With over three years of expertise within the business, Kumar has established a confirmed monitor file in crafting compelling tales, conducting insightful interviews, and offering complete perception. Kumar's experience lies in creating high-impact content material, together with articles, reviews, and analysis publications for distinguished business platforms. With a novel skillset that mixes technical information and storytelling, Kumar excels at speaking complicated technical ideas in a transparent and fascinating method to various audiences.
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Kumar is an skilled know-how journalist specializing within the dynamic intersection of AI/ML, advertising and marketing know-how, and rising fields equivalent to cryptocurrencies, blockchain, and NFTs. With over three years of expertise within the business, Kumar has established a confirmed monitor file in crafting compelling tales, conducting insightful interviews, and offering complete perception. Kumar's experience lies in creating high-impact content material, together with articles, reviews, and analysis publications for distinguished business platforms. With a novel skillset that mixes technical information and storytelling, Kumar excels at speaking complicated technical ideas in a transparent and fascinating method to various audiences.
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