The Layer-2 network Bob launched its testnet leading the mainnet live in this year’s Q4.
Describing itself as a hybrid layer-2, Bob’s goal is to combine Bitcoin security and reserve with Ethereum’s programmability using Bitvm computing paradigm to create a decentralized finances (Defi) Hub.
Bitvm ay Introduced in late 2023 by Robin Linus As a way of enabling rollups above Bitcoin, thus allows faster and cheaper transactions without compromising the security of the network.
Bob’s Bridge Harnesses Bitvm to allow BTC to move to the rollup and eventually return it to withdraw it.
The central in Bob’s ethos will use the actual BTC instead of a wrapped version of ownership as fuel for the Defi services. Some projects use a Bitcoin wrapped form to bring BTC value to their ecosystem for use in defi applications, Like stacks with SBTC token.
“As ETH remains ‘ETH’ in Ethereum rollups such as optimism and arbitrum, BTC in Bob remains native and simply called ‘BTC’,” Bob said in an announcement shared with CoinDesk on Wednesday.
Rollups such as arbitrum bundle transactions which then arrange in Ethereum in cheap, using proof fraud to ensure their accuracy. Bob said it was doing something like this in bitcoin.
Co-founder Alexei Zamyatin described it as a “clear difference,” between its offer and wrapped versions of BTC, in a CoinDesk telegram message.
Testnet Debuts with support from a host of major crypto companies that will be operating nodes on the Bitvm Bridge, such as staking developers P2P.org and Lombard, Defi platform Solv Protocol, Crypto Venture capitalists Rockawayx and Digital Asset Manager Amber Group.
