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Market News The BitcoinOS Platform Desires to Implement DeFi on Bitcoin

The BitcoinOS Platform Desires to Implement DeFi on Bitcoin

BitcoinOS is an emerging platform that utilizes sovryn rollups, a programmable and scalable layer that capitalises on the security and data availability of Bitcoin, to facilitate DeFi and dapps on the blockchain.

TOP1 Markets Analyst
2024-01-26
6575

Bitcoin 2.png 

 

Decrypt reports that blockchain developers have unveiled BitcoinOS, a novel platform that aims to integrate decentralized finance (DeFi) into the Bitcoin network. By establishing a foundational layer for decentralized applications (dapps) on Bitcoin using "sovryn rollups," the platform enables developers of any programming language to contribute and construct new tools. As opposed to ZK rollups, which rely on smart contracts on the parent chain, sovryn rollups utilize Bitcoin as a data availability layer, according to Edan Yago, a major contributor to BitcoinOS. Because the Bitcoin network lacks smart contracts, ZK rollups are not feasible.

 

While experiencing periods of high activity, the primary blockchain of Bitcoin is notoriously sluggish and costly, with limited programming language support. Current technologies, such as sidechains, may facilitate quicker transactions; however, they impose the burden of user trust on centralized, federated bridges and are susceptible to liquidity silos. BitcoinOS purports to provide near-trustless security, scalability, programmability, and interoperability, all at the expense of minimal compromise. Therefore, even an honest participant can thwart fraudulent transactions using the platform's integrated fraud system, according to a press release from Sovryn, the DeFi project that powers BitcoinOS. Yago, who is also the founder and chief executive officer of Sovryn, stated that since all rollups are constructed from the same modular components, all BitcoinOS-based projects can share users and activity without friction. According to CoinGecko, Sovryn's native currency SOV increased by 60% to $1.37 after the announcement of BitcoinOS.

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