Turing abstracted humans as machines to conceptualize the Turing Machine and design computers. Building upon Turing's foundation, we further refine this abstraction of humans to guide the design of a new paradigm for Bitcoin. The functional components of humans can be divided into a triplet: Human Hardware: Heart (for Cybernetics), Brain (for Calculation), Senses (for Communication) Software: Cybernetics (Heart), Calculation (Brain), Communication (Senses) Using this logic, we can apply the above abstraction method to analyze public blockchains (Coins), smart contracts (Tokens), and UTXOs (e.g., BRC20/RUNES) in the crypto world. Comparative Analysis Triplet Model of Public Blockchains (e.g., Bitcoin) Hardware: Consensus, Virtual Machine (VM), Input/Output Software: Cybernetics, Calculation, Communication Triplet Analysis of ERC20 and BRC20 Coin: Possesses Cybernetics, Calculation, and Communication. ERC20: Provides Calculation and Communication but lacks on-chain consensus (Cybernetics). As a result, ERC20 relies on human or social consensus to establish trust. BRC20: Only offers Communication. However, because it operates on the Bitcoin network, its Communication is the most secure and trustworthy among all public chains. Design Philosophy of BEVM Based on the triplet model, the core issues of #BEVM can be clarified as follows: Use UTXO to address the problem of Calculation. Use UTXO to address the problem of Cybernetics. This approach will extend mechanical trust within the Bitcoin ecosystem, enabling UTXO to perform Computational and Control functions beyond Communication.
Keep building Bitcoin Ecosystem.🧡🧡🧡
Exploring Super Bitcoin: The Ultimate Value Internet Powered by Bitcoin’s Consensus Security — The Whitepaper Released by the BEVM Team
What Basic Roles Are Needed to Develop Hashrate RWA?
Backed by mining giant Bitmain, BEVM has positioned itself to create a "BTC Layer2 ecosystem characterized by hashrate RWA." On July 16th, BEVM, in collaboration with several leading industry institutions and projects, held a hashrate RWA ecosystem brand launch event, sparking considerable discussion about hashrate RWA on social media.
Since this field is linked to hashrate, achieving stable and sustainable development in this emerging sector requires the collaboration of multiple parties. This includes a stable source of hashrate, entities to carry hashrate assets, and ways to bring hashrate on-chain for widespread DeFi applications.
Below, we will discuss five crucial roles in the development of hashrate RWA and their functions.
1. Reliable Hashrate Resource Providers
Reliable hashrate resource providers are the foundation and prerequisite of the hashrate RWA ecosystem. They are responsible for providing high-quality hashrate resources, assisting in bringing these resources on-chain, and acting as supervisors to ensure the authenticity and reliability of these resources.
Bitmain, a long-standing manufacturer of mining machines and operator of mining pools, is a major institution advocating for the development of hashrate RWA. Bitmain's mining pool hashrate and miner community lead globally, providing abundant hashrate resources. Besides the hashrate from mining machines, Bitmain's sole cloud hashrate partner, BITFUFU, also supplies hashrate resources. At the hashrate RWA launch event, BITFUFU stated that it currently manages hashrate accounting for 4.8% of Bitcoin's total hashrate and can directly sell hashrate to numerous hashrate RWA projects.
2. Secure and Reliable Hashrate Asset Carrier Chains
To achieve "RWA" for hashrate resources, a secure and reliable hashrate asset carrier chain is needed. This chain is responsible for converting hashrate resources into on-chain tradable assets—known as PoW Hashrate Assets (PHA)—and providing a secure and reliable environment for transactions and applications.
The BTC Layer2 project BEVM is actively building a hashrate RWA ecosystem. BEVM uses Taproot Consensus as its underlying technical framework, integrating advanced technologies such as Schnorr signatures, MAST contracts, and the Bitcoin light node network. This allows it to securely and decentralizedly extend Bitcoin's functionalities, with top-notch cross-chain custody technology for Bitcoin assets. As a carrier chain for hashrate assets, BEVM offers high security and scalability and is EVM-compatible, ensuring that mature DeFi applications validated by the market can be quickly deployed, providing a secure and reliable development environment for PHA.
Additionally, to promote the development of the hashrate RWA ecosystem, BEVM launched a $10 million support program for the hashrate RWA ecosystem in June this year, aiming to support 10-20 hashrate RWA startups.
3. Hashrate Asset Application Providers
Hashrate asset application providers in the hashrate RWA ecosystem are responsible for developing and maintaining various DeFi tools and applications, enhancing the liquidity and utilization of hashrate assets. Currently, the two main forms of hashrate assets are Tokens or NFTs, which can be further utilized in diverse ways.
BEVM is focused on building a comprehensive hashrate RWA ecosystem and has already attracted several teams related to hashrate RWA and DeFi. Its hashrate RWA ecosystem mainly consists of two parts.
First, hashrate RWA assets can directly enter BEVM's DeFi protocols, using on-chain tools such as DEX, lending protocols, stablecoin protocols, derivatives protocols, and staking protocols to unlock their financial value. Second, DeFi applications can be built around PoW Hashrate Assets (PHA). When hashrate RWA mines PoW tokens that circulate directly on the BEVM chain, these tokens become mineable coins. This new type of hashrate asset mined by miners can open up new DeFi applications. For example, BTC generated from hashrate RWA can be used to build BTC staking and interest protocols, providing miners with more revenue and DeFi innovation opportunities.
4. Hashrate RWA Users
Currently, the global hashrate market is approximately $20 billion per year, with Bitcoin accounting for $17.5 billion. With a large market, on-chain hashrate RWA assets, and DeFi applications, the end-users of the hashrate RWA market, mainly miners and various types of investors, come into play.
They are not only users of hashrate resources but also demanders. This is because traditional miner income models are limited, especially after Bitcoin's fourth halving, where the hashrate requirements have increased significantly. This has led to hashrate being gradually controlled by large institutions and mining companies, making it difficult to realize the actual value of hashrate. Through hashrate RWA, on the one hand, the rich application scenarios in the DeFi ecosystem can provide multiple on-chain revenue models for hashrate RWA, bringing new income sources to the miner community and improving their capital utilization. On the other hand, investors can participate in the mining economy by purchasing and trading hashrate RWA assets, achieving additional investment returns.
5. Hashrate Ecosystem Investment and Incubation Institutions
Investment and incubation institutions can help expand and accelerate the development of hashrate RWA by providing funding and resource support. These institutions can collaborate with technical teams, market promotion, or other industry participants, especially providing resources and opportunities during the early development stages of hashrate RWA projects.
Specifically, besides mining companies like Bitmain, which inherently have advantages in developing hashrate RWA, we also see traditional hashrate institutions and investment funds focusing on this sector behind current hashrate RWA projects. For instance, Compute Labs, a Solana-based RWA tokenization protocol using computational (CPU and GPU processing power) as its underlying asset, recently received a new round of funding from renowned institutions like Protocol Labs, Blockchain Coinvestors, and OKX Ventures. Compute Labs, incubated by Nvidia Inception, plans to build various derivatives based on computational resources.
Conclusion
Although the hashrate RWA ecosystem is still in its early stages, its expansion and practical application scenarios cannot be separated from the collaboration of the five key roles mentioned above.
Bitcoin's fourth halving has significantly impacted the mining industry, and the explosive growth in global AI computing power demand has intensified competition in mining and AI computing power fields. However, this also promotes the further implementation of the hashrate RWA ecosystem. With capital support, leading projects like BEVM are attracting more attention and discussion. The explosive growth of the hashrate RWA ecosystem is just a matter of time.
Understanding Taproot Transactions: Achieving More Complex Transactions with Fewer Bytes
To address efficiency, privacy, and flexibility issues within the Bitcoin network, the Bitcoin development community implemented the Taproot upgrade at the end of 2021. The core components of this upgrade include Schnorr signatures and MAST (Merkelized Abstract Syntax Tree).
Schnorr's key aggregation feature allows participants in a single multi-signature transaction to collaboratively combine their public keys and generate an aggregate signature that is valid for the sum of their public keys. This saves block space, enhances privacy, and enables faster transaction verification. MAST improves the privacy and efficiency of Bitcoin scripts by breaking down complex Bitcoin scripts into smaller sub-scripts and utilizing the Merkle tree structure.
To fully understand how Taproot operates, this article explains the Taproot transaction process from two main aspects: the creation of the Taproot public key and the spending patterns of Taproot.
I. Creating the Taproot Public Key
To create a Taproot public key, we first need to understand the process of generating an aggregated public key and aggregated signature. The most notable related research includes MuSig1 and MuSig2. Compared to MuSig2's two-round communication mechanism, MuSig1's major drawback is that it requires three rounds of communication to create a signature, each consisting of back-and-forth message exchanges. Since this article does not involve inter-network communication, we will focus on the basic generation process of aggregated public keys and signatures.
II. Aggregated Public Key
The generation process of the aggregated public key can be divided into three steps:
-Exchange public keys and perform an aggregation hash on all concatenated public keys to generate `c_all`.
-Concatenate `c_all` with each participant's public key and perform a hash to generate the factor `c_i`.
-Linearly combine the factors `c_i` to obtain the aggregated public key `P_agg`.
III. Aggregated Signature
The generation process of the aggregated signature requires three rounds of communication and can be divided into two main steps:
-Generate nonces and linearly aggregate them to form `R_agg`.
-Each participant uses their private key to generate a Schnorr signature, and these signatures are then aggregated to obtain the final aggregated signature `(R_agg, s1+s2+s3)`.
IV. Introducing MAST
As shown in the diagram, the Taproot public key primarily consists of two parts: the aggregated public key `P` and the public key `tG` formed by the MAST structure. Assuming `P` is the aggregated public key of Alice, Bob, and Charlie, and `script_A`, `script_B`, and `script_C` are the scripts related to Alice, Bob, and Charlie respectively, the Taproot public key creation process is as follows:
1. Alice, Bob, and Charlie each generate their own public and private keys.
2. The public keys are aggregated into `pubkey_agg`, and the private keys are adjusted for future signatures.
3. Create scripts `script_A`, `script_B`, and `script_C`.
4. Construct the MAST, and calculate the private key `taptweak` corresponding to the MAST structure. In the diagram, `TaggedHash` represents a tagged hash with a fixed length of 32 bytes, calculated as `TaggedHash(tag, x) = sha256(sha256(tag) + sha256(tag) + x)`. `ver` represents the Tapscript version number, currently set to `0xc0`, and `size` represents the byte size of the script. `A&B` represents the concatenation of `A` and `B` in dictionary order.
5. Combine `Q=P+tG` to form the Taproot public key and generate a `segwit_address` for the transaction.
6. Transfer 50 BTC to the Taproot address.
V. Taproot Spending
There are two payment methods for transferring 0.5 BTC from the Taproot address to Bob: one involves Alice, Bob, and Charlie all signing to form an aggregated signature, completing the transfer to Bob; the other involves using the script in the MAST structure to transfer to Bob.
Create the raw transaction, filling in the recipient address, transfer amount, and other data.
For the first method, Alice, Bob, and Charlie each generate nonces and aggregate them, then each uses their private keys to generate Schnorr signatures, and finally aggregate the signatures. Thus, the final witness script is a single signature with a fixed length of 64 bytes.
Test the legality of the transaction created by the first method and send the transaction.
For the second method, assume Alice completes the transfer to Bob through `script_A`. The witness script needs to include:
`[Stack element(s) satisfying TapScript_A]`
- `[TapScript_A]`
- `[Controlblock c]`, where `[Controlblock c]` represents the proof related to `TapScript_A`, with a length of `33+32n`. The first byte of the 33 bytes is calculated from the aggregated public key and the Taproot version number, and the remaining 32 bytes represent the x-coordinate of the aggregated public key. `32n` represents the proof of `TapScript_A`, and in this example, `n=2`, referring to `taggedhash_leafB` and `taggedhash_leafC`.
5. Test the legality of the transaction created by the second method and send the transaction.
VI. Summary
Overall, Taproot transactions focus on one type of output and two spending patterns. One type of output ensures that the public key in the locking script is consistent, whether for individual or multi-signature transactions, making it indistinguishable in form. The two spending patterns enable transaction participants to achieve more complex transactions and a wider variety of application scenarios with fewer bytes.
Recognizing the technical characteristics of the Taproot mechanism, the Bitcoin Layer 2 solution BEVM has adopted it as one of the core architectures of the "Taproot Consensus" technology. By combining Schnorr signatures and MAST, BEVM can provide a more efficient and flexible smart contract execution environment while ensuring security, pushing the entire Bitcoin ecosystem towards a more secure and efficient future.
#Bitcoin #BTCL2 #Taproot #BTC
Why is BEVM Vigorously Developing On-Chain Hashrate Finance(HashFi)?
After receiving investment from Bitmain, the world's largest Bitcoin mining server manufacturer, we have re-evaluated BEVM's development strategy. Among numerous Bitcoin L2 solutions, BEVM needs to carve out a unique and effective path.
In June 2024, BEVM announced a $10 million Hashrate RWA Ecosystem Support Program, aiming to support 10-20 hashrate RWA startup teams. The goal is to migrate the $20 billion annual hashrate market on-chain, ultimately unlocking a nearly $100 billion on-chain hashrate finance market.
Within three months, the program has received over 30 applications, with nearly 10 hashrate RWA startup teams deploying on the BEVM chain. Notable projects include BitTera, Miner Club, and LRWA. BitTera launched its first batch of Bitcoin hashrate RWA in July, selling out within 36 hours, reflecting the market's recognition of hashrate RWA products alongside BitTera's excellent operational capabilities.
Moving forward, BEVM will continue to promote the HashFi ecosystem and adopt "On-Chain Hashrate Finance—HashFi" as its strategic development focus. To fully support this strategy, BEVM will use user-owned hashrate RWA assets as one of the most important credentials for future BEVM token and ecosystem project token airdrops.
Why is BEVM focusing on on-chain hashrate finance (HashFi) as its strategic development?
1. Validated Hashrate Market:
The hashrate market, or mining ecosystem, has been a validated crypto business sector for over a decade but has long been isolated from on-chain finance.
Users want to buy hashrate and earn real mining returns; miners have genuine and urgent borrowing needs. Whether it's electricity loans, hashrate loans, or BTC loans, the market has grown to over $10 billion. However, these needs have been inefficiently met off-chain without leveraging efficient on-chain financial tools to improve efficiency and scalability.
Connecting these traditional hashrate market demands through on-chain finance could unlock a nearly $100 billion on-chain HashFi market, which is one reason BEVM is focusing on this area.
2. Lack of Sustainable Business On-Chain Models:
The current crypto market, whether L1 or L2, largely lacks sustainable business models and effective user retention mechanisms. Many chains attract users with various incentives and on-chain activities before token issuance, but user activity drops sharply post-airdrop, as these chains fail to provide genuine, essential services and sustainable business models.
Migrating the hashrate market on-chain would bring real, effective business to the chain. On-chain asset yield protocols can offer miners more earning opportunities, and on-chain financial tools can efficiently meet miners' genuine borrowing and leverage needs.
With real business and real needs, more business models will naturally emerge on-chain, and the chain will no longer lack genuine users. This is the second reason BEVM is focusing on developing the HashFi ecosystem.
3. Unique Resource Advantage from Bitmain:
As the world's most influential Bitcoin mining institution, Bitmain not only leads in Bitcoin mining hardware but also has long-term plans and resource advantages in Bitcoin mining pools, hashrate markets, and HashFi markets.
BEVM, as Bitmain's only investment in the Bitcoin Layer2 space, can leverage these unique resources to migrate substantial off-chain hashrate market demands on-chain, developing a distinctive on-chain HashFi ecosystem.
Therefore, BEVM will not only support the hashrate RWA market but also venture into on-chain mining pool businesses and on-chain hashrate lending businesses.
How will BEVM support the development of the on-chain HashFi ecosystem from strategy to tactics?
1. BEVM will continue to advance the $10 million HashFi Ecosystem Support Program, aiming to support 10-20 on-chain HashFi startup teams.
2. BEVM will use on-chain hashrate RWA as one of the most important credentials for airdrops. The amount of hashrate RWA held will correlate with the airdrop size. Future BEVM and ecosystem project airdrops will also favor users holding hashrate RWA assets.
In summary, these are the reasons and specific strategies for BEVM's vigorous development of the on-chain HashFi ecosystem. Ultimately, BEVM aims to become a Bitcoin Layer2 ecosystem with a real business model and long-term user retention, characterized by HashFi.
Let's build and look forward to this together!
An easy-to-understand interpretation of BEVM technical solution!
BEVM is a Bitcoin L2 solution entirely built on Bitcoin's native technology.
Following the Bitcoin Taproot upgrade in 2021, the BEVM team developed a fully decentralized Bitcoin layer2 technology framework based on Schnorr signatures + MAST(Merkle Abstract Syntax Tree) and other Bitcoin native technologies. The BEVM Canary network has been operational for 8 months (launched in July 2023), with over 100,000 on-chain users, 6 million on-chain TXs and more than 30 projects in its ecosystem, covering 15 different tracks including $BTC stablecoins, DEX, Lending, etc. It is one of the few Bitcoin L2 solutions that has launched the Canary network.
Leveraging years of exploration and accumulation in the Bitcoin L2 space, the BEVM team was among the first to identify the core proposition of Bitcoin layer2: how to achieve decentralized cross-chain mechanism for $BTC. Based on Bitcoin's native technology, the BEVM team proposed a fully decentralized $BTC cross-chain solution, providing a solid technical foundation for the implementation of Bitcoin layer2.
[I. History of BEVM Team in Bitcoin L2]
The BEVM team has six years of experience in developing and operating Bitcoin L2 solutions. In 2018, the core team of BEVM introduced ChainX, employing Bitcoin's 15-signature multisig and Bitcoin light nodes to achieve $BTC cross-chain bridge, ultimately facilitating the cross-chain of over 100,000 $BTC.
However, the 15-signature multisig solution was still relatively centralized and did not address the complete truthfulness issue of $BTC cross-chain, until the Bitcoin Taproot upgrade at the end of 2021.
The 2021 Taproot upgrade brought two core BIPs to Bitcoin: Schnorr signatures and MAST, offering a new vision for a fully decentralized Bitcoin L2 solution to the BEVM team.
Schnorr signatures, an aggregate signature technique, offer higher efficiency, smaller storage requirements, and better privacy than elliptic curve signatures. While Bitcoin's maximum multisig address count based on elliptic curve signatures is 15, Schnorr signatures allow for expanding this count to 1,000. Managing $BTC with 1,000 multisig addresses on the blockchain consumes only a single Gas fee while ensuring the privacy of all multisig addresses.
(Explanation of the Schnorr Aggregate Signature Scheme)
When Satoshi Nakamoto created Bitcoin in 2008, Schnorr signatures were not yet open-sourced (they were open-sourced in 2009), leading him to opt for elliptic curve signatures. After 12 years of development and validation, Schnorr signatures were proven more suitable for Bitcoin, leading to their formal introduction into Bitcoin by the Bitcoin Core team, opening a new chapter for Bitcoin's scalability.
Schnorr signatures could expand Bitcoin's multisig address count from 15 to 1,000, enabling more decentralized management of Bitcoin.
MAST(Merkle Abstract Syntax Tree), introduced in the Bitcoin Taproot upgrade, can be understood as an equivalent smart contract instruction set. With MAST, the 1,000 multisig addresses powered by Schnorr signatures do not need to rely on individuals for signing but can be driven by MAST contracts. Thus, the introduction of MAST contracts eliminated the need for multiple signers, driving the smart and code-based management of multisig addresses without human intervention, moving closer to complete trustlessness for $BTC cross-chain and management.
(Operating Logic of MAST Contracts)
While MAST + Schnorr signatures achieved the decentralization of the $BTC multisig address count and the codification and smart management of multi-signature, the question remained: who would drive the MAST? The answer cannot involve humans. Only through network consensus can MAST truly achieve trustlessness, enabling network consensus to manage and spend Bitcoin in a decentralized approach.
Therefore, the BEVM team innovatively integrated Bitcoin light nodes into the L2 as verification nodes, merging Bitcoin L1 Taproot multisig addresses with the L2 Bitcoin light nodes. These Bitcoin light nodes serve as both the block-producing nodes of the BEVM network and the custodians on Bitcoin Mainnet. For example, when the network consensually decides to transfer 10 $BTC from a BEVM address back to the Bitcoin mainnet, the L1 Taproot multisig addresses will automatically execute a 10 $BTC transaction through MAST. Note that this $BTC cross-chain and management process involves no human participation and is entirely driven by network consensus, achieving true trustlessness.
In summary, the core of BEVM's Bitcoin L2 solution is based on Bitcoin's Schnorr signatures to achieve the decentralization of the number of multisig addresses (expandable to 1,000 multisig addresses); based on Bitcoin's MAST to realize the codification and smart management of multisignature (eliminating human involvement); and based on the Bitcoin light node network to facilitate communication between Bitcoin Mainnet and L2, ultimately relying on network consensus to drive Bitcoin's multisig and management, achieving a truly decentralized Bitcoin L2 solution.
It's worth mentioning that since the block-producing nodes in the BEVM network are all Bitcoin light nodes, if Bitcoin ceases to exist, so will the BEVM network. The BEVM network cannot exist independently from the Bitcoin network, making BEVM a true Bitcoin L2 solution, not a sidechain as misunderstood by some in the market.
[II. Why is achieving decentralized $BTC cross-chain so crucial for Bitcoin L2?]
As is well known, Bitcoin's highly simplistic UTXO design and limited block space cannot support smart contracts or complex scenario expansion. To achieve true scalability, $BTC must leap to a L2 network to handle complex scenarios. Therefore, decentralizing the $BTC Bridge to L2 is the first step all Bitcoin L2s must take. If decentralized $BTC cross-chain cannot be achieved, such so-called Bitcoin L2 solutions are built on an untrustworthy foundation, with their asset security and future development prospects naturally questionable.
However, most current so-called Bitcoin L2 solutions completely avoid discussing how to address the fundamental issue of $BTC cross-chain, instead lightly emphasizing the L2 technical jargon, such as ZK-rollup or OP-rollup. First and foremost, whether ZK-rollup or OP-rollup, Bitcoin nodes will not verify these data, rendering them meaningless. Even if these could make the L2 ledger somewhat trustworthy, the issues of how to manage and secure user assets in a decentralized $BTC cross-chain remain unavoidable.
BEVM, built on three core $BTC native technologies: Schnorr signatures, MAST contracts, and the Bitcoin light node network, perfectly solves the problem of secure decentralized $BTC cross-chain, breaking through the core proposition of Bitcoin L2.
To better build the Bitcoin ecosystem and robustly expand the Bitcoin L2 track, BEVM will fully open-source its Bitcoin L2 solution. After the mainnet launch, BEVM will introduce BEVM-Stack, i.e., a modular Bitcoin L2 feature, allowing anyone to build their own Bitcoin L2 with just one click based on BEVM-Stack. BEVM has already constructed a fully EVM-compatible Bitcoin L2 modular technology stack.
In the future, as the ecosystem develops, BEVM will also build technology stacks compatible with the StarkNet network's Cairo language, Solana's Rust language, and the MOVE language, aiming to bring $BTC into any chain through BEVM. This allows any blockchain innovation technology to be utilized by $BTC, maximizing both the value of $BTC and the benefits of blockchain technology, thereby establishing a BTC-native superchain network with BEVM as the technology stack.
Introducing the First Decentralized Indexer Innovation on the BEVM Bridge!
Ensuring the security and traceability of innovative Bitcoin asset standards like #BRC20, #Ordinals, and #Runes in transactions is crucial to the community.
Learn how BEVM makes it happen.🔥🧵
1/ While BEVM SPV can obtain any #Bitcoin network transaction, it can't determine if it corresponds to #Runes/#Ordinals asset transactions or identify their type, quantity, or recipient due to their unique nature.
An external indexer is required to parse this information.
2/ Accurate recognition of #Runes/#Ordinals transaction information is crucial for the indexer.
Unlike Bitcoin light clients, mainstream indexers like Unisat, OKLINK, BINANCE, and ORDISCAN are not protected by the Bitcoin network, posing centralized risks.
3/To this end, BEVM has proposed its decentralized indexer solution.
1️⃣Decentralized Indexer Nodes: Each validator must introduce the Runes/Ordinals indexer based on their own Bitcoin SPV. POS-based validator selection resolves single points of failure and centralization issues in existing indexers.
2️⃣Open-Source Indexer Cross-Validation: BEVM uses open-source indexers for cross-validation. Validators run this process on BEVM nodes, significantly reducing costs.
4/ We are integrating this first-ever decentralized indexer to Taproot Consensus to launch the decentralized #BRC20/#Ordinals/#Runes bridge.
Check more details here⤵️https://bevm-blog.webflow.io/post/why-is-a-decentralized-indexer-important-for-runes-ordinals-assets
🟡The First Sats Network is Live on BEVM Stack!🟡
Sats Chain, the groundbreaking #Bitcoin L2 utilizes $SATS as gas fees and governance, while also is our attempt to merge:
"ℂ𝕠𝕞𝕞𝕦𝕟𝕚𝕥𝕪-𝔻𝕣𝕚𝕧𝕖𝕟 + 𝕋𝕖𝕔𝕙𝕟𝕠𝕝𝕠𝕘𝕪 + 𝕄𝕒𝕣𝕜𝕖𝕥𝕚𝕟𝕘"
Ready to explore?🧵
1/ Sats Chain is the first pre-development platform offering a secure sandbox for developers to test with $BTC and $sats-based applications.
It uses genuine $sats for transaction fees and governance.
2/ Sats Chain integrates BEVM's key features like Taproot Consensus and Byzantine PoS for system state consistency.
The difference? $sats is the sole governance token, enabling community members to stake it and elect validators and custodians.
3/ As an independent L2 for the #SATS community, it's BEVM's latest effort to merge community, technology, and market.
1️⃣Unifying the Community: Since May 2023, BEVM's free inscription tool, BITBOX, has helped inscribe 20% of $sats tokens, showing strong cohesion within the #Ordinals and #Bitcoin community.
2️⃣Testing BEVM-Stack: Our core BEVM-Stack model has attracted interest from over 40 projects. Impressed by the $sats community's enthusiasm, we decided to assist in developing a Bitcoin L2 and test BEVM-Stack with them.
3️⃣Testing BEVM's Decentralized Indexer: We launched it as a pre-dev environment offering early BEVM features, including the first decentralized indexer, to test its decentralization and security.
Key official upgrades of the BEVM mainnet will also be tested first on it.
4/Soon, BEVM will collaborate with the #SATS community to launch more exciting activities.🎮
Of course, BEVM will transfer the responsibilities to the community, achieving a truly community-governed open network.
Read the article here: https://bevm-blog.webflow.io/post/announcing-sats-chain-the-first-community-driven-decentralized-bitcoin-l2-based-on-bevm-stack