Conflux to launch EVM-compatible Bitcoin Layer2 solution

Conflux EVM-compatible Bitcoin Layer 2 will be launched to break through the current limitations of the Bitcoin network. The launch of Bitcoin Layer 2 will provide faster transaction speeds, allowing for higher transaction throughput, which is crucial for the widespread adoption of the Bitcoin network.

The following are the main features of the Conflux Bitcoin Layer 2 space:

BTC serves as a native token to calculate gas fees

Support the entry and exit of various asset types on the Bitcoin network

Transfer assets to the Bitcoin chain < /p>

Provide (Conflux mainnet level) security for third-party smart contracts

By using PoS Enable BTC staking in the consensus protocol to increase the credibility of Conflux PoS nodes

Conflux’s Bitcoin Layer 2 solution makes full use of the advantages of Bitcoin and combines it with Conflux network integration, combined with functions such as POS staking, aims to provide users with more channels to interact with decentralized applications and is an important step towards achieving interoperability between blockchains. This paradigm shift makes Bitcoin's utility surpass traditional digital assets at both the interactivity and application levels. By introducing BTC into Conflux’s PoS consensus protocol, including a built-in staking mechanism, holders will be more active in maintaining Conflux’s network security and participating in governance.

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The Conflux network has more than 300 PoS nodes and uses private key sharing based on Verifiable Secret Share to achieve decentralized management of BTC assets. This method prevents the occurrence of single points of failure when managing Bitcoin assets and distributes the management responsibilities of BTC assets to individual nodes to improve security and scalability.

The PoS consensus protocol records the root hash of the latest ledger state on the Bitcoin network. In addition, Conflux's PoS consensus serves as a trusted Bitcoin Oracle, providing a large number of metadata-related hashes on the Bitcoin chain through built-in contracts, such as the Merkle root of all eligible inscriptions. This feature allows on-chain contracts to reliably obtain events on the Bitcoin chain.

By achieving EVM compatibility, the Conflux network will be able to seamlessly manage Bitcoin-based assets such as BTC and xRC20 tokens (such as BRC20 and ARC20) through smart contracts. Empower the single Bitcoin asset at this stage.

The EVM-compatible Bitcoin Layer 2 solution launched by Conflux opens up new opportunities for developers and Web3 co-builders in the blockchain field. New possibilities. Developers can build Dapps (decentralized applications) that seamlessly interact in three spaces on the Conflux network, explore and develop cross-chain functions, and create a more interconnected blockchain network environment. By combining the value storage properties of Bitcoin with Conflux’s advanced technology stack, users can experience richer Dapps while actively participating in the maintenance and governance of network security through the staking mechanism.

Conflux’s Bitcoin Layer 2 solution is a key step in promoting the development of technology in the blockchain field, injecting new vitality into the Bitcoin network, and also Provides developers and users with more opportunities for innovation and participation.