Bitcoin & Beyond is an educational series by the team at The Rollup The focus of the event was on an emerging and new class of Bitcoin builders. By using interactive panels and spaces to present technical information on innovative scaling projects, it is hoped that attendees will gain a deeper understanding of the technology.
In our latest feature for Bitcoin & Beyond, we’re exploring BOBThe hybrid layer is a new solution designed to combine the robustness of Bitcoin with the flexibility and agility offered by Ethereum. Dom, BOB co-founder, caught up with us to learn more about BOB’s development process and new protocol. Optimine.
Layer 2 Solutions Can Reignite Bitcoin Innovation
Dom has always been clear about BOB’s motivation. “to make it a lot easier for people to build on Bitcoin.” He raised the huge opportunity that Bitcoin has to be as easy-to-programme as Ethereum, while still maintaining its robust security.
As many others have done, he expressed his gratitude for the current wave of innovations that are energizing Bitcoin. “There are so many new projects now sharing that same vision. And we think it’s really worth it to bring all that innovation to Bitcoin.”
BOB believes that three factors are crucial for the growth of layer 2 applications.
1. Bitcoin: A new level of security and economy
2. The developer ecosystem needs infrastructure to flourish
3. The need for liquidity to kick-start new projects
“It’s about creating a network where liquidity and users can seamlessly transition between projects, enhancing the overall vibrancy of the platform.”
Dom also expanded on BOB’s market position: “Our approach is quite unique—we’re the only ones aiming to create what we call a hybrid L2.”
BOB’s solution for rollups is built to integrate into the Bitcoin stack using lightweight clients. It also works as a Ethereum rollup to make it easier for the Ethereum community. “A lot of people are used to bridging over from Ethereum to platforms like Arbitrum, Bays, or Optimism,” Dom explained. BOB is a platform that users and developers familiar with Ethereum can use to their advantage.
Current construction is on the OP StackThe team has focused on making the Ethereum experience for users and developers as natural as possible in order to minimize friction. Dom has also confirmed that at this time, there is no way to bring Bitcoin onto the Ethereum platform using bridges with minimal trust.
BOB Roadmap
BOB plans to implement its protocol through a set of strategic phases, each designed to improve the capabilities of the platform:
Phase One: Bootstrapping
The initial launch on May 1, 2017 focuses on establishing BOB a optimistic Ethereum rollup, using the OP Stack, but without Bitcoin security.
Phase Two: Integration of Bitcoin Proof-of Work Security
It is important to note that the word “you” means “you”. next step involves transitioning BOB to include Bitcoin’s proof You can also find out more about the following: work Optimine, a merg mining protocol that is designed to strengthen the security of the system.
The transition to Bitcoin roll-up
This stage aims to move the platform away from Ethereum and towards Bitcoin. It is dependent on new technologies like BitVM, as well as other fraud-detecting tools.proof schemes.
Phase Four: Implementation Zero-Knowledgeproofs
Bitcoin may adopt the technology, but until then, it is planned to integrate zero-knowledgeproofs in this final phase. The privacy of transactions and their efficiency would be significantly improved.
OptiMine: Developing OptiMine
The current goal of the team is to “Optimistically Sequenced Merged Mining“, is a technique which begins to integrate Bitcoin’s safety into BOB. Dom explains, “OptiMine extends traditional merged mining by separating block production from proof-of-work finalization.” This, he says, will enable the protocol to process transactions quickly while maintaining the integrity that is typically associated with Bitcoin.
OptiMine enhances security and efficiency
- Optimistic block productionSequencers generate blocks in an optimistic manner every two second, which ensures the high level of throughput to which developers are accustomed from the Ethereum world. OptiMine increases transaction completion speeds which are crucial to the user’s experience. “Compared to traditional merged mining methods, OptiMine allows for quicker finality, enhancing overall system efficiency,” Dom Adds.
- Bitcoin secures finalizationIn OptiMine the Bitcoin miners verify the blocks created by the sequencers, by embedding a hash reference of the BOB block within Bitcoin blocks. These blocks are added to the Bitcoin Blockchain. This validates blocks produced by sequencers, reducing the damage that can be caused when relying solely on them.
- Re-orging resistanceBy segregating block production proof-of-workOptimine reduces the chance of a hacker attacking the chain in order to rewrite the history.
- Merged Mining EfficiencyOptiMine uses the existing Bitcoin mining infrastructure for BOB rollups, without adding any additional costs.
BOB’s vision is to bring together two diverse ecosystems and create a flexible platform by leveraging their strengths.
“We want to essentially be the platform in between Bitcoin and Ethereum. And if you have assets from Ethereum, they should have Ethereum security. If you bring in assets from Bitcoin, they should have Bitcoin security and you should be able to use both on Bob.”
Be on the lookout for Bitcoin & Beyond Get the latest updates and insights on BOB The future of Bitcoin is shaped by innovative projects.
The Rollup has written a guest blog. Opinions are theirs alone. own These views do not reflect the opinions of BTC Inc.
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Source: bitcoinmagazine.com