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Printed: January 30, 2024 at 7:00 am Up to date: January 30, 2024 at 6:17 am
Edited and fact-checked:
January 30, 2024 at 7:00 am
In Temporary
Construct on Bitcoin (BOB) unveiled OptiMine for Layer 2 options, bridging Bitcoin’s strong security measures with Ethereum’s scalability.
Construct on Bitcoin (BOB), the Layer 2 stack developed by the crew Bitcoin DeFi platform Interlay, introduced an enhanced Bitcoin safety function for blockchains named ‘OptiMine’. The brand new safety function enhances Bitcoin safety for Layer 2 (L2) blockchains by leveraging Bitcoin’s Proof-of-Work (PoW) mechanism and connects with the scalability of Ethereum and different EVM-compatible blockchains.
Alexei Zamyatin, co-founder of BOB and co-founder and CEO of Interlay instructed Metaverse Submit that Optmine combines the strengths of each – Bitcoin’s safety and Ethereum’s sensible contract capabilities, whereas including scalability. He in contrast OptiMine to “Bitcoin’s reply to Ethereum’s restaking”.
In typical rollups, Sequencers play a vital position in creating and proposing new blocks. Present fashions for making certain their correctness usually are not but sensible on Bitcoin.
“OptiMine addresses this problem by involving Bitcoin miners in validating rollup blocks, thereby making certain integrity with out relying solely on Sequencers. This integration of Bitcoin’s PoW system provides an additional layer of safety and reliability to rollups, contributing to their general robustness,” stated BOB’s Zamyatin.
To make sure the involvement of the mining neighborhood in growing OptiMine, BOB has partnered with a Bitcoin mining firm (with out revealing its title).
“This partnership is critical because it represents a fusion of pursuits and experience between BOB’s technological innovation and the sensible, operational insights of the mining neighborhood,” he added.
OptiMine Propels Bitcoin’s PoW Safety into Layer 2 Options
OptiMine introduces a novel hybrid consensus method referred to as “Optimistically Sequenced Merged Mining,” enabling Layer 2 options like BOB to inherit Bitcoin safety whereas being related to different Layer 1 blockchains like Ethereum.
BOB’s Alexei Zamyatin stated the know-how addresses the challenges of sparse block area and excessive transaction charges by permitting extra environment friendly block manufacturing via rollups and sidechains, which deal with transactions off-chain. It achieves this by separating block manufacturing from PoW finalization.
“Blocks are produced at a sooner fee, and the PoW finalization happens much less steadily, optimizing the blockchain’s efficiency. This method helps in managing the load on the blockchain, thereby doubtlessly decreasing congestion and the related excessive transaction charges,” Zamyatin instructed Metaverse Submit.
Moreover, OptiMine provides miners a further income stream via merged mining. With Bitcoin halvings lowering direct rewards, miners can use OptiMine to concurrently mine Bitcoin and auxiliary chains like BOB’s L2 options.
Zamyatin defined that this enables miners to safe a number of networks directly, compensating for diminished Bitcoin rewards. This ensures miners stay financially viable and retains Bitcoin know-how related within the crypto panorama post-halving occasions.
Nevertheless, integrating Bitcoin’s PoW with Ethereum and different EVM-compatible blockchains was a fancy problem as a result of differing architectures and consensus mechanisms of those blockchains.
Trying forward, Zamyatin believes OptiMine will impression 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 rollups on Bitcoin – and OptiMine is a primary piece of the puzzle.
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About The Writer
Kumar is an skilled Tech Journalist with a specialization within the dynamic intersections of AI/ML, advertising know-how, and rising fields akin to crypto, blockchain, and NFTs. With over 3 years of expertise within the business, Kumar has established a confirmed monitor report in crafting compelling narratives, conducting insightful interviews, and delivering complete insights. Kumar’s experience lies in producing high-impact content material, together with articles, reviews, and analysis publications for outstanding business platforms. With a singular talent set that mixes technical information and storytelling, Kumar excels at speaking complicated technological ideas to various audiences in a transparent and fascinating method.
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Kumar is an skilled Tech Journalist with a specialization within the dynamic intersections of AI/ML, advertising know-how, and rising fields akin to crypto, blockchain, and NFTs. With over 3 years of expertise within the business, Kumar has established a confirmed monitor report in crafting compelling narratives, conducting insightful interviews, and delivering complete insights. Kumar’s experience lies in producing high-impact content material, together with articles, reviews, and analysis publications for outstanding business platforms. With a singular talent set that mixes technical information and storytelling, Kumar excels at speaking complicated technological ideas to various audiences in a transparent and fascinating method.