Elastos Introduces BTC Oracle: A Game-Changer for Cross-Chain Operability
SINGAPORE, March 22, 2024 (GLOBE NEWSWIRE) — Elastos, a leading blockchain technology pioneer, has unveiled BTC Oracle, a groundbreaking solution that will revolutionize cross-chain operability by allowing every EVM compatible blockchain to function as a Bitcoin Layer 2. This innovative approach enables dormant Bitcoin to be utilized on all blockchains, marking a significant advancement in the crypto space.
The BTC Oracle is a key component of Elastos’ Bitcoin Layer 2 (BeL2), which facilitates the development and management of Bitcoin-native smart contracts. By serving as a zero-knowledge proof (ZPK) data feed, the BTC Oracle delivers real-time Bitcoin information to EVM smart contracts. A prototype of this technology is already available, showcasing the ability to stake ELA in exchange for Bitcoin rewards.
Elastos, whose native token ELA has been merge-mined with Bitcoin since 2018, has developed BeL2 as a comprehensive suite of technologies. This includes an application layer, an ELA-powered relay network for enhanced decentralization, and the BTC Oracle for generating zero knowledge proofs and transmitting BTC events to EVM contracts. The BeL2 Oracle offers a streamlined solution for cross-chain operability between Bitcoin and EVMs.
Sasha Mitchel, Head of Bitcoin Layer 2 at Elastos, emphasized the potential of BTC Oracle and BeL2 in expanding Bitcoin’s utility in the DeFi space and beyond. By enabling EVM compatible blockchains to utilize smart contracts denominated in Bitcoin, the industry can unlock new financial products and use cases, such as BTC lending and Algorithmic Stable Coin Issuance.
Jonathan Hargreaves, Global Head of Business Development & ESG at Elastos, highlighted the significant market expansion enabled by BTC Oracle, opening up opportunities for building on smart bitcoin.
Elastos is a public blockchain project focused on integrating blockchain technology with modern Internet infrastructure to enhance privacy and digital asset ownership. The Elastos SmartWeb platform empowers organizations to control their data in a decentralized manner.
For more information about Elastos and BTC Oracle, visit their social media channels and website.
Media Contact:
Brand: Elastos
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Website: https://elastos.info/
SOURCE: Elastos
In conclusion, Elastos’ BTC Oracle represents a major leap forward in cross-chain operability, offering a versatile solution for leveraging Bitcoin across various blockchain platforms. This development has the potential to unlock new possibilities in the crypto ecosystem and drive innovation in decentralized finance and beyond.
