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Conflux Network, in a bold strategic move, is introducing an EVM-compatible Bitcoin Layer 2 solution. By leveraging Bitcoin’s robust infrastructure and forward-thinking features, such as PoS-based staking capabilities, the network offers users more options for interacting with decentralized applications on the platform. This is a significant step towards increasing interoperability between different blockchains, as well as an advancement towards greater alignment and collaboration goals.
This paradigm shift opens up new dimensions for Bitcoin‘s use cases, creating interaction and application layers that go beyond typical digital asset use cases. By adopting an approach that is embedded within the PoS protocol and includes integrated staking mechanisms, those who hold BTC on the Conflux platform can actively contribute to network security and governance.
Conflux’s PoS (Proof of Stake) consensus infrastructure has a structure of over 300 nodes and adopts verifiable secret sharing (VSS)-based key sharing for decentralized BTC asset management. This approach provides strong security by distributing BTC asset management responsibilities across nodes, and is also in line with Conflux’s commitment to a secure and scalable blockchain infrastructure.
By adopting VSS-based key sharing, Conflux increases the security level by preventing a single point of failure when managing Bitcoin assets. These tasks are instead shared across many independent nodes within the network. This approach is a perfect fit for Conflux’s commitment to a secure and scalable blockchain infrastructure.
Conflux Network’s PoS consensus acts as a trusted Bitcoin Oracle
The PoS consensus protocol records the root hash of the latest ledger state to the Bitcoin network. Additionally, Conflux’s PoS consensus acts as a trusted Bitcoin Oracle and provides rich Bitcoin chain metadata, such as the Merkle root of all qualified writes, through internal contracts. This feature enables on-chain contracts to seamlessly access events happening on the Bitcoin blockchain.
By integrating EVM compatibility, our network allows for the seamless management of Bitcoin-based assets such as BTC and xRC20 tokens (such as BRC20 and ARC20) with smart contracts. This capability plays an important role in decentralized finance (DeFi) and blockchain-based applications. It enhances the potential in this area by supporting the creation of complex financial instruments, yield-generating protocols, and interactive gaming experiences.
In conclusion, the EVM-compatible Bitcoin Layer 2 solution on Conflux opens an exciting door for developers and innovators in the blockchain space. This integration opens new doors for cross-chain functionality by providing developers with seamless interaction with three domains, creating a more connected blockchain landscape.
By combining Bitcoin’s value storage properties with Conflux’s advanced technology stack, it offers users a unique proposition: active participation in network security and governance through staking mechanisms, as well as the opportunity to access a wider range of decentralized applications. This combination sets the stage for wider adoption, more innovation, and ultimately pushing the boundaries of blockchain technology even further.