Bitcoin (BTC) Layer 2 project, BEVM, compatible with the Ethereum Virtual Machine (EVM), launched its mainnet. Users can now transfer their assets to the mainnet via BEVM’s official bridge or through third-party bridges. BEVM mainnet’s chain name is BEVM-Main, while chainID is 11501.
As per the announcement shared by BEVM on the social media platform X, BEVM mainnet operates as a fully decentralized network governed by taproot consensus.
The project unveiled taproot consensus, a decentralized Bitcoin Layer 2 solution that utilizes Musig2 + Bitcoin Simplified Payment Verification (SPV) technology earlier this month. Taproot consensus ensures decentralization within the network, enhancing its overall consensus mechanism.
To #Bitcoin community members,The wait is over. It's time to annonce #BEVM Mainnet.• Opening #BTClayer2 mainnet to everyone.• Fully Decentralization based on #Taproot Consensus.• Applying MAST to realize automated signature. Bridge now: https://t.co/WSv0ue4YEI1/ pic.twitter.com/eBZMUO58wu
— BEVM (@BTClayer2) March 28, 2024
Crafted specifically for BEVM as a component of the BTC Layer 2 technology suite, it shares similarities with the Ethereum Layer 2 rollup scaling solutions regarding its role and goals within the ecosystem. To establish a decentralized Bitcoin layer 2 solution, taproot consensus integrates Bitcoin’s native Taproot technology stack with a Byzantine Fault Tolerance (BFT) Proof-of-Stake (PoS) network consisting of Bitcoin Simplified Payment Verification (SPV) nodes.
BEVM Raises $10M Funding to Advance Bitcoin Layer 2 Compatibility with Ethereum Virtual Machine
The BTC EVM stands as the core objective of BEVM, aiming to construct a decentralized Bitcoin Layer 2 platform compatible with the Ethereum Virtual Machine (EVM). This compatibility enables the smooth deployment of diverse EVM ecosystem applications on the BEVM network, thereby fostering increased utilization of Bitcoin and facilitating various commercial scenarios. The project launched its testnet in 2023, garnering nearly 100,000 on-chain users ever since. Furthermore, over 6 million transactions have been processed on the network to date, with more than 30 ecosystem projects currently active.
Recently, BEVM raised $10 million in funding through seed and Series A rounds, with RockTree Capital and Waterdrip Capital leading the investment alongside other backers. This investment valued the project at $200 million, indicating confidence in its potential. BEVM detailed that with newly raised funds, it intends to accelerate international development efforts and expand its deployment initiatives.
In the future, BEVM plans to introduce “BEVM-Stack,” a tool aimed at simplifying the process for developers to deploy Bitcoin Layer 2 solutions. Additionally, BEVM will roll out the DBFX protocol, which is designed to enable the decentralized circulation of BTC across various blockchain networks.
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