Elastos Unveils BeL2 SDKs for Partners to Develop Native Bitcoin Apps and StarBTC Demo DeFi App to Extract Value from Dormant Bitcoin
26 July 2024 - 2:52AM
Elastos, the SmartWeb ecosystem provider, today announced
innovations that enable native Bitcoin staking on the Bitcoin
network. Partners can use the Elastos BeL2 Software Development Kit
(SDK) to build Native Bitcoin decentralized apps (dApps) to
encourage staking of the estimated more than 1 Trillion dormant
Bitcoins. The BeL2 SDK will be demonstrated at Bitcoin Nashville
2024 alongside the StarBTC demo loan app, showcasing BeL2's native
Bitcoin DeFi solutions as a decentralized clearing network service.
Elastos BeL2 – Native Bitcoin Staking Becomes a
Reality with a New Revenue Model for Arbiters. StarBTC first
prototype for arbiter nodes and smart contracts enable
collateralization of up to 80% of Bitcoin assets. Elastos BeL2
offers significant premiums for node owners staking Bitcoin (BTC)
on the Bitcoin Network on top of existing APR rewards
With BeL2, users can stake Bitcoin directly on
the Bitcoin network. This allows for the transmission of
transaction proofs, rather than assets, across chains, enabling
users to enter Layer 2 environments and utilize BTC in various DeFi
applications. The StarBTC demo app shows how staked BTC can be used
as collateral for stablecoin loans, maintaining Bitcoin on its main
network and leveraging BeL2's ZKP technology and decentralized
arbitration for secure transactions.
The BeL2 Protocol enables direct
collateralization of Bitcoin without bridging or wrapping,
preserving Bitcoin's security and integrity while avoiding network
congestion and fees. The StarBTC demo app shows how arbiter nodes
facilitate communication between the Bitcoin and Ethereum Virtual
Machine (EVM) chains to verify transaction proofs using BeL2's
Zero-Knowledge-Proof (ZKP) process to ensure all conditions are met
for collateral release.
"The combination of our innovations around
arbiter nodes and the BeL2 SDK will enable developers and node
holders to earn significant premiums from staking Bitcoin," said
Jonathan Hargreaves, Global Head of Business Development & ESG,
Elastos. "We estimate the Native Bitcoin DeFi market could grow by
over $1 Trillion, with potential in industries from creative arts
to retail."
Elastos' BeL2 lets users run zkBTC full nodes on
mobile phones, creating a decentralized Bitcoin DeFi network. These
nodes ensure security by allowing users to verify transactions
themselves. Upgraded zkBTC nodes can become arbiters, earning fees
for helping others manage loans and time-based transactions. This
system supports Bitcoin staking and rewards nodes with upcoming
BeL2 assets and BTC fees. To prevent collusion, anyone can
challenge arbitrators by submitting proof of misconduct for
punishment and compensation. Arbiter nodes are backed by BTC and
Elastos SmartWeb's ELA coin, which is secured by up to 50% of
Bitcoin miners' hashpower, including BTC.com, Antpool, F2Pool,
ViaBTC, and BinancePool.
This model enhances the Bitcoin network by
increasing the number of full nodes, essential for maintaining
decentralization and security. Incentivizing node participation
strengthens the network's robustness and resilience. Full nodes
validate transactions and blocks, contributing to the blockchain's
overall health. Increased participation fosters a secure and
trustworthy environment for Bitcoin transactions, crucial for
decentralized finance adoption.
The BeL2 SDK simplifies development, enhances
security, and offers innovation opportunities by abstracting
complex blockchain interactions and ZKP operations. This allows
developers to integrate Bitcoin functionality with minimal effort.
Additionally, Elastos provides a ZKP Explorer for verifying
zero-knowledge proofs, enhancing transparency and trust within the
BeL2 ecosystem.
"Our vision is to establish a new global
financial system anchored by Bitcoin and enhance its role as a
global hard currency," said Sasha Mitchell, Head of Bitcoin Layer 2
(BeL2), Elastos. "The launch of the BeL2 Protocol, the StarBTC demo
app, and the BeL2 SDK is inspiring our partners to explore DeFi
opportunities. We are excited to work with Layer 2s like BEVM and
B² Network to demonstrate how Native Bitcoin DeFi can open up new
economic opportunities."
The BeL2 SDK is a critical element of the
Elastos strategy to build a vibrant ecosystem using the BeL2
Protocol. Partners are developing key technologies, integrations,
and dApps, including BEVM's peer-to-peer Bitcoin-denominated loan
offering and B² Network's Layer 2 EVM execution environment.
Conflux, the only regulatory-compliant, public, and permissionless
Blockchain in China, is integrating with BeL2 to facilitate
Bitcoin-denominated transactions and exchanges. Tuna Chain is a
Layer 2 solution ensuring interoperability between ecosystems,
leveraging Elastos' Bitcoin Oracle for real-time data on
Bitcoin-assured activity. EastBlue, a Bitcoin super app, and
Spending Power, a Web3 e-commerce platform, are also creating
integrations with BeL2. This will connect EastBlue users to
Elastos' full portfolio of dApps and enable developers to create
Native Bitcoin apps compatible with Spending Power's offering.
For more information about the BeL2 SDK, please
go to: https://www.npmjs.com/package/@bel2labs/sdk
For more information about Star BTC, please go
to: https://lending.bel2.org/
About Elastos
Elastos is a public blockchain project that
integrates blockchain technology with a suite of reimagined
platform components to produce a modern Internet infrastructure
that provides intrinsic protection for privacy and digital asset
ownership. The mission is to build accessible, open-source services
for the world, so developers can build an internet where
individuals own and control their data.
The Elastos SmartWeb platform enables
organizations to recalibrate how the Internet works for them to
better control their own data.
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Media Contact
Brand: Elastos
Contact: Roger Darashah
Email: support@elastos.info
Website: https://elastos.info/
SOURCE: Elastos