Rollups On Bitcoin? BOB Launches Public Testnet For Scaling BTC
Bitcoin (BTC) layer 2 startup ‘Build on Bitcoin’ (BOB) has announced the launch of its public testnet, which intends to imbue the premiere crypto network with the functionality of Ethereum (ETH), its most popular rival.
The protocol is designed as a one-click bridge to Ethereum’s DeFi ecosystem, including both EVM and roll-up technology to make it a “swiss-army-knife for all things Bitcoin,” according to its website.
“We’re embracing inclusivity over maximalism, enabling seamless interactions between the Bitcoin and Ethereum ecosystems,” said Alexei Zamyatin, co-founder of BOB, in a Wednesday press release. He continued:
“We’re setting the stage for a future where Bitcoin’s full potential can be realized without compromising its core principles – as opposed to the status quo where 90% of Bitcoin use cases are centralized”.
Old-generation blockchains like Bitcoin are known to lack many sophisticated crypto services boasted by newer networks, such as decentralized trading, borrowing, and lending. It’s also terribly slow and expensive to use, with transaction fees running up to $30 this month during times of peak demand.
One popular and growing scaling solution is Bitcoin’s lightning network, though experts in the field say its usability remains limited when used without third-party custody.
Another solution is to use cheaper and faster Bitcoin sidechains, which also require trust in somewhat centralized federations to not steal one’s coins.
According to Zamayatin, rollups – which are already a popular scaling technology for Ethereum – come with better tradeoffs.
“We want to make sure that the Bitcoin full nodes – Bitcoin as a whole – enforces the correct operation of the rollups that are connected to it,” he said. While this is
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