January 29, 2024

BitcoinOS Introduces 'Sovryn Rollups' to Transform Bitcoin into DeFi Hub

Sovryn aims to revolutionize Bitcoin by integrating the 'Superlayer' protocol called BitcoinOS, offering a nearly trustless framework with built-in anti-fraud features.

In a significant development, blockchain developers unveiled BitcoinOS, marking a strategic move to propel Bitcoin into the modern landscape of decentralized finance (DeFi). The original crypto network has traditionally maintained a certain distance from the DeFi sector, but BitcoinOS aims to bridge this gap.

Described as a "public good", BitcoinOS leverages 'Sovryn rollups' to establish a foundational layer for decentralized applications (dApps) on the Bitcoin network. The platform welcomes contributions from any developer, allowing them to build new tools using their preferred programming language.

Edan Yago, a core contributor to BitcoinOS, explained the unique approach, stating:

"Sovryn rollups will use Bitcoin as a data availability (DA) layer, as opposed to ZK rollups, where the rollup is controlled by a smart contract on the parent chain."

Yago emphasized that ZK rollups are impractical on Bitcoin due to its lack of smart contracts.

Despite Bitcoin's reputation for security, its primary blockchain is often criticized for its slow transaction speed and high costs during periods of increased activity. Additionally, its limited programming language has hindered the development of truly decentralized transaction scaling solutions.

While existing technologies like sidechains offer faster transactions, they rely on centralized, federated bridges, introducing trust concerns. Moreover, liquidity issues with other blockchains create isolation for DeFi projects.

BitcoinOS addresses these challenges, providing developers with a scaling solution that minimizes tradeoffs. The platform boasts scalability, programmability, interoperability, and a nearly trustless security model. Notably, the built-in fraud system enables even a single honest participant to prevent fraudulent transactions, as highlighted in a press release from Sovryn.

Edan Yago emphasized the platform's capabilities, stating:

"It allows for complete smart contracts, and it allows any developer to launch their own rollup, enabling applications built on these rollups to be composable and interoperable with others."

This ensures seamless sharing of users and activity among projects built on BitcoinOS.

Sovryn initially operated as a protocol on Roostock but transitioned to BitcoinOS due to perceived limitations in the former's technology. Despite this shift, Sovryn has processed $2.2 billion in trades and loans, with a total value locked (TVL) of nearly $50 million, according to DeFiLlama.

BitcoinOS marks the 'stage 2' of Sovryn's plan to expand Bitcoin's utility beyond its role as a global reserve currency. According to Yago, the next stage involves "building a world on Bitcoin – a true alternative to today's stagnating centralized economic, corporate, and state interests", signaling a broader vision for the future.

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