Elastos Introduces BTC Oracle: A Game-Changer for Cross-Chain Operability
In a groundbreaking announcement today, Elastos, a pioneer in blockchain technology, unveiled BTC Oracle, a revolutionary solution that will transform every EVM compatible blockchain into a Bitcoin Layer 2. This innovative technology represents a significant step forward in cross-chain operability, allowing dormant Bitcoin to be utilized on all blockchains.
The BTC Oracle is a key component of Elastos’ Bitcoin Layer 2 (BeL2), the first of its kind to enable the direct development and management of Bitcoin-native smart contracts. Acting as a zero-knowledge proof (ZPK) data feed, the BTC Oracle provides real-time Bitcoin information to EVM smart contracts. A prototype is already available, showcasing how users can stake ELA in exchange for Bitcoin rewards.
Elastos’ native token, ELA, has been merge-mined with Bitcoin since 2018. BeL2 comprises a suite of technologies, including the BTC Oracle, an ELA-powered relay network, and an application layer. The BTC Oracle generates zero knowledge proofs and transmits events from Bitcoin to EVM contracts, offering a streamlined solution for cross-chain operability between Bitcoin and EVMs.
Sasha Mitchel, Head of Bitcoin Layer 2 at Elastos, expressed excitement about the launch of BTC Oracle, highlighting its potential to expand Bitcoin’s utility in the DeFi space and beyond. By enabling every EVM compatible blockchain to utilize smart contracts denominated in Bitcoin, the industry can unlock new financial products and use cases, such as BTC lending and Algorithmic Stable Coin Issuance.
Jonathan Hargreaves, Global Head of Business Development & ESG at Elastos, emphasized the significant market potential unlocked by BTC Oracle, enabling a 7-fold increase in the market for building on smart bitcoin.
Elastos is a public blockchain project focused on integrating blockchain technology with modern Internet infrastructure components to provide intrinsic protection for privacy and digital asset ownership. The Elastos SmartWeb platform empowers organizations to control their data in a decentralized manner.
With the introduction of BTC Oracle, Elastos is poised to revolutionize cross-chain operability and unlock new possibilities for the crypto ecosystem. Developers and users alike can look forward to a future where Bitcoin’s utility extends far beyond its current limitations.
For more information about Elastos and BTC Oracle, visit their website at https://elastos.info/.
