The Layer-2 Bob network started a Bitvm Testnet alongside a multitude of other large cryptography companies before the Mainnet in progress in the fourth quarter.
Describing itself as a hybrid 2 layer, Bob’s objective is to combine safety and Bitcoin reserves with Ethereum programmability using the Bitvm IT paradigm to create a decentralized finance (Challenge) hub.
BITVM was introduced at the end of 2023 by Robin Linus as a means of activating Rollups at the top of Bitcoin, thus allowing faster and cheaper transactions without compromising network safety.
The bitvm bridge would allow Bitcoin
To be transferred to the Rollup and bring it back later so that it can be withdrawn.
At the heart of Bob’s ethics, he will use the real BTC rather than an enveloped version of the active as fuel for the DEFI services. Some projects use a form of bitcoin wrapped in order to bring the value of BTC to their ecosystem for use in DEFI applications, such as batteries with its SBTC token.
“Just like ETH remains’ Eth ” on Ethereum Rollups like Optimism and Arbitrum, BTC on Bob remains indigenous and simply called” BTC “,” said Bob in a shared ad with Coindesk on Wednesday.
Rolls such as arbitrum transactions in which he then established himself on Ethereum cheap, using fraud tests to ensure their accuracy. Bob says that does something that looks like this about Bitcoin.
The co-founder Alexei Zamyatin described this as a “clear distinction”, between his offer and his versions wrapped in BTC, in a telegram message in Coindesk.
The Testnet begins with the support of several other notable cryptography companies that will operate the nodes on the BitVM bridge, such as the developers of P2P.org and Lombard, the SOLV protocol of the DEFI platform, the Capital Rockawayx venture capital and the digital active manager Amber Group.
CORRECT (July 2, 15:05 UTC):: Deletes references to Bridge Testnet being the own BOB project, it is a joint company with other companies
