New York, America, December fifteenth, 2023, Chainwire
In Bitcoin’s on-chain belongings, a groundbreaking paradigm emerges with Bitboost’s exploration of programmability, reworking Bitcoin right into a dynamic asset playground. Protocols resembling Ordinals, BRC-20, and Atomicals have considerably enriched Bitcoin’s on-chain belongings, providing a novel strategy to scaling Bitcoin: using Bitcoin as a bulletin board to publish belongings and executing asset transactions off-chain by indexers. Not like rollups, this technique does not validate transaction execution outcomes on Bitcoin, making it fully agnostic to Bitcoin.
By this strategy, many common belongings have been issued on Bitcoin. The issuance technique for these belongings is truthful minting, permitting anybody to mint a sure amount of belongings by a Bitcoin transaction. This issuance technique supplies contributors with a good alternative and leads to a decentralized distribution of belongings, aligning extra carefully with the ideas of decentralization. Most of those belongings have been issued beginning in March, and as of at present, some common belongings, resembling $ORDI and $SATS, have market caps exceeding 1 billion USD, resulting in vital wealth results.
The Hidden Challenges Behind the Recognition of Asset Protocols
Behind the recognition, these asset protocols additionally undergo from many issues. Firstly, the asset issuance sample is singular and stuck, supporting solely truthful minting and missing assist for added issuance strategies resembling whitelists and IDOs. Secondly, the asset circulation sample can also be very inflexible, supporting solely transfers and exchanges with BTCs with out accommodating DeFi functions like swaps, lending, staking, and many others. Customers are restricted to actions resembling minting, holding, and shopping for/promoting with BTC, proscribing the utility of those belongings.
The basic motive for such a drawback is that the belongings lack programmability. All features of the belongings are hardcoded within the protocol, and customers can not redefine them. Taking BRC-20 for instance, the asset’s features are restricted to deployment, minting, and switch. If these belongings work together with sensible contracts, customers can modify or add features by creating sensible contracts, and the issue of mounted performance patterns may be solved solely.
Bitboost’s Distinctive Resolution: The Finish Sport of the Programmable Asset Protocol
Bitboost has researched all publicly obtainable sensible contract options on Bitcoin, resembling on-chain options like BitVM, sidechain options like Rootstock and Stacks, and layer 2 options like RGB and BEVM. After analyzing and evaluating the strengths and weaknesses of all these options, Bitboost believes that designing a programmable asset protocol on Bitcoin ought to adhere to the next ideas:
- Simplicity: It shouldn’t add extreme burden to the Bitcoin community.
- Safety: Malicious behaviors from some contributors couldn’t result in protocol failures.
- Compatibility: It ought to be appropriate with current wallets, explorers, and different instruments.
Based mostly on these ideas, Bitboost has been incubated. Bitboost publishes Ethereum-style transactions on Bitcoin and makes use of an off-chain indexer with EVM (Ethereum Digital Machine) built-in to execute these transactions. This enables for launching an EVM execution atmosphere on Bitcoin, enabling the issuance of belongings and deployment of DeFi functions inside this atmosphere.
- When it comes to simplicity, Bitboost packages and compresses transactions into batches, much like rollups, after which publish these batches to the Bitcoin community. The transaction measurement and charge may be an order of magnitude decrease than Bitcoin transactions.
- When it comes to safety, your entire protocol doesn’t depend on multi-signatures and won’t be halted by the failure of some nodes. Like different Bitcoin asset protocols, it’s fully trustless.
- Concerning compatibility, the protocol contributors may be divided into customers and miners. For customers, Bitboost is like an Ethereum chain and may be interacted with utilizing current Ethereum instruments resembling Metamask. Miners solely want to assist the protocol inscribe transactions from the mempool onto Bitcoin by the Ordinals protocol after which obtain Bitboost’s native token as a reward.
Bitboost is known as a co-processor of Bitcoin. It’s much like how a GPU is usually known as a co-processor of CPU, the place the CPU delegates computationally intensive show duties to the GPU, and the GPU, after computation, returns the outcomes to the person by the display. Bitcoin delegates the processing duties of on-chain belongings to Bitboost, and after Bitboost completes the processing, it returns the outcomes to customers by Ethereum-compatible APIs.
The distinction between Bitboost and rollups lies in that Bitboost’s state roots should not synchronized to Bitcoin, so they aren’t validated on Bitcoin by validity or fraud proofs. Since Bitcoin doesn’t have sensible contracts, it can not validate state roots. Due to this fact, a trustless 1:1 asset-pegged bridge between Bitboost and Bitcoin can’t be established. As a substitute, in Bitboost, the native token is exchanged with BTC by PBSTs (Partially Signed Bitcoin Transactions) like different on-chain belongings.
About Bitboost
Bitboost pioneers programmability in Bitcoin’s on-chain belongings, providing a novel resolution that mixes simplicity, safety, and compatibility. As a co-processor to Bitcoin, Bitboost introduces a brand new period, permitting customers to redefine asset features by sensible contracts and enhancing the general utility and scalability of the Bitcoin community.
TrustlessLabs
[email protected]
