Layer-2 blockchain network Build on Bitcoin (BOB) has rolled out a major technical upgrade that brings it closer to getting a fully decentralized mark on L2Beat, a platform that ranks the maturity and decentralization of layer-2 networks
BOB, which aims to bring Ethereum-style decentralized finance (DeFi) capabilities to Bitcoin, has implemented zero-knowledge (ZK) fraud proofs within an optimistic rollup framework
This means that BOB is using an optimistic rollup structure but replaces the traditional and slow fraud-checking process with faster ZK fraud proofs, a shift that allows transaction disputes to be resolved in minutes using cryptographic proofs.
The new implementation aims to lower friction for users and reduce the barrier to participation in securing the network
Build on Bitcoin joins the full decentralization race
BOB co-founder, Alexei Zamyatin, told Cointelegraph that its new Kailua upgrade brings the blockchain to stage 0 on the L2Beat platform, allowing it to join 24 other protocols in the rollup rankings on the platform
“This upgrade will take BOB to stage 0 on L2BEAT,” Zamyatin told Cointelegraph. “It’s then a relatively short jump to achieve stages 1 and 2.”
L2Beat ranks layer-2 maturity and decentralization by placing specific requirements, such as having functional fraud-proof systems and having security councils. It assigns stages from 0 to 3 after reviewing and determining the status of protocols based on its standards
“The Kailua upgrade solves the biggest challenge of reaching stages 1 and 2, having a functioning proof system, which gives BOB full Ethereum security,” Zamyatin told Cointelegraph
The team added that the only remaining hurdle is adding a security council with sufficient external entities and a delay in code updates. “These updates are also in progress,” Zamyatin told Cointelegraph
Currently, 22 protocols have achieved stage 0 and 1 on the platform, while only two protocols, namely ZK.Money v1 and Honeypot PRT have achieved stage 2 on the platform
Rollups that passed L2Beat’s screening requirements. Source: L2BeatRollups like Arbitrum One, Base Chain and OP Mainnet are some of the top protocols in terms of total value secured
Cointelegraph reached out to L2Beat for comments but had not received a response by publication
Related:Ethereum Foundation roadmap targets zkEVM in mainnet within a year
Unlocking ZK verification on Bitcoin
Zamyatin also told Cointelegraph that the recent ZK upgrades to BOB open up the path for ZK verification on Bitcoin
“With the ZK upgrades to BOB, we also unlock ZK verification on the most important network: Bitcoin,” Zamyatin said, adding that with BitVM, the same validity proofs on the BOB chain can also be verified on Bitcoin
He said this was a “key building block” for a fully Bitcoin-secured bridge powered by BitVM, which brings smart contracts and programmability to Bitcoin
He added that combining all these pieces makes BOB a gateway to Bitcoin DeFi. “With everything anchored in Bitcoin security, BOB offers users, institutions, DeFi protocols and other chains access to native BTC on BOB, powered by BitVM,” Zamyatin told Cointelegraph
In a previous interview, he predicted that Bitcoin DeFi would surpass Ethereum and Solana and have over 300 million users
Magazine:Ethereum is destroying the competition in the $16.1T TradFi tokenization race
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Build on Bitcoin adds ZK-proofs in upgrade toward decentralization
Layer-2 blockchain network Build on Bitcoin (BOB) has rolled out a major technical upgrade that brings it closer to getting a fully decentralized mark on L2Beat, a platform that ranks the maturity and decentralization of layer-2 networks
BOB, which aims to bring Ethereum-style decentralized finance (DeFi) capabilities to Bitcoin, has implemented zero-knowledge (ZK) fraud proofs within an optimistic rollup framework
This means that BOB is using an optimistic rollup structure but replaces the traditional and slow fraud-checking process with faster ZK fraud proofs, a shift that allows transaction disputes to be resolved in minutes using cryptographic proofs.
The new implementation aims to lower friction for users and reduce the barrier to participation in securing the network
Build on Bitcoin joins the full decentralization race
BOB co-founder, Alexei Zamyatin, told Cointelegraph that its new Kailua upgrade brings the blockchain to stage 0 on the L2Beat platform, allowing it to join 24 other protocols in the rollup rankings on the platform
“This upgrade will take BOB to stage 0 on L2BEAT,” Zamyatin told Cointelegraph. “It’s then a relatively short jump to achieve stages 1 and 2.”
L2Beat ranks layer-2 maturity and decentralization by placing specific requirements, such as having functional fraud-proof systems and having security councils. It assigns stages from 0 to 3 after reviewing and determining the status of protocols based on its standards
“The Kailua upgrade solves the biggest challenge of reaching stages 1 and 2, having a functioning proof system, which gives BOB full Ethereum security,” Zamyatin told Cointelegraph
The team added that the only remaining hurdle is adding a security council with sufficient external entities and a delay in code updates. “These updates are also in progress,” Zamyatin told Cointelegraph
Currently, 22 protocols have achieved stage 0 and 1 on the platform, while only two protocols, namely ZK.Money v1 and Honeypot PRT have achieved stage 2 on the platform
Cointelegraph reached out to L2Beat for comments but had not received a response by publication
Related: Ethereum Foundation roadmap targets zkEVM in mainnet within a year
Unlocking ZK verification on Bitcoin
Zamyatin also told Cointelegraph that the recent ZK upgrades to BOB open up the path for ZK verification on Bitcoin
“With the ZK upgrades to BOB, we also unlock ZK verification on the most important network: Bitcoin,” Zamyatin said, adding that with BitVM, the same validity proofs on the BOB chain can also be verified on Bitcoin
He said this was a “key building block” for a fully Bitcoin-secured bridge powered by BitVM, which brings smart contracts and programmability to Bitcoin
He added that combining all these pieces makes BOB a gateway to Bitcoin DeFi. “With everything anchored in Bitcoin security, BOB offers users, institutions, DeFi protocols and other chains access to native BTC on BOB, powered by BitVM,” Zamyatin told Cointelegraph
In a previous interview, he predicted that Bitcoin DeFi would surpass Ethereum and Solana and have over 300 million users
Magazine: Ethereum is destroying the competition in the $16.1T TradFi tokenization race