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Home Cryptocurrency Bitcoin

Smart Contract Functionality: A Boon for the Bitcoin Network

Admin by Admin
02.06.2022
in Bitcoin, Cryptocurrency
18 0
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Since its inception, the Bitcoin blockchain has undergone several transformations, which has led to some hard forks and soft forks. Recently, bitcoin core developers implemented a technical update to Taproot to improve the privacy and efficiency of transactions, while at the same time implementing smart contract functionality in the legacy blockchain.

Among the benefits of this update, Taproot will provide a significant reduction in transaction fees, which will play a key role in supporting projects connecting Bitcoin to the broader Ecosystems of DeFi and NFT . At the same time, the Taproot update also enhances privacy and security, thereby benefiting the entire Bitcoin user community.

Several promising projects are already using these newly added features to this extent, thereby accelerating the growth and adoption of DeFi and NFT on the Bitcoin blockchain. Here are some bitcoin-based projects that are leading the transition of an outdated blockchain to new age technologies.

The Layer 2 Revolution for the Bitcoin Network

Although the idea of integrating DeFi into the Bitcoin network has been circulating for some time, the RSK Network has successfully created the first bitcoin-protected smart contract platform. To ensure the long-term sustainability of Bitcoin and the DeFi ecosystem, RSK’s promising solution enhances the value and functionality of the legacy network by adding smart contracts to it.

Combining the best qualities of the Bitcoin and Ethereum networks, RSK positions itself as a scalable and the first smart contract platform protected by the Bitcoin network. As a result, RSK’s infrastructure provides reliable and transparent DeFi capabilities such as lending, borrowing, trading, and earning interest on crypto assets.

RSK offers native layer support for all Ethereum smart contracts and APIs, allowing dApp developers to bring their existing dApps into the Bitcoin ecosystem with relative ease. Recently, the RSK ecosystem reached 72% hash power, cementing its position as the most efficient Layer 2 solution on the Bitcoin blockchain.

As for total blocked value (TVL), RSK has blocked more than $134 million in DeFi projects built on top of it. The platform also attracted more than 50,000 active users in a short time. In addition, to date, the RSK ecosystem has conducted more than 259,000 smart contract transactions, further highlighting the growing demand for Bitcoin DeFi.

In addition to DeFi, RSK simultaneously contributes to the growth of NFT in the Bitcoin blockchain. For example, Nifty Labs is currently creating an NFT marketplace based on RSK, which will allow creators to create their NFT directly on the Bitcoin blockchain. Users can also exchange NFT for a number of RSK-based tokens and stablecoins, including rBTC, RIF, DOC, RDOC, MOC, and others.

Finally, there is a wide range of RSK-based stablecoins backed by Bitcoin (BTC), the most liquid cryptocurrency. The RSK-based MoneyOnChain stablecoin project offers a DollarOnChain (DoC) stablecoin backed by BTC in a 1:1 ratio. Other platform-specific stablecoins, such as RIF On Chain, RIF Dollar on Chain (RDOC) DeFi platforms, and RSK’s own XUSD, are pegged to the U.S. dollar in a 1:1 ratio.

DeFi platform using Bitcoin and Layer-2

Built on the Bitcoin blockchain, Portal , a proprietary DEX Level 2 wallet and crosschain, aims to lower DeFi entry barriers by creating a private and secure environment with the lowest possible fees.

The platform combines the best features of the Bitcoin network and Layer 2 solutions to provide a fully censorship-resistant, minimal degree of trust, and peer-to-peer DeFi ecosystem. Portal uses Fabric, its own third-level peer-to-peer computing marketplace, to implement an ephemeral computing infrastructure using smart contracts on various blockchain platforms and smart contract-based blockchains.

Thanks to its design, Portal ensures the transfer of internetwork contracts to Layer 2 and Layer 3, thereby increasing the speed of transactions and reducing transaction costs. At the same time, it uses bitcoin’s core features to provide security, privacy, and transparency, as well as Bitcoin’s value to maintain liquidity. Simply put, Portal reveals the real potential of the Bitcoin network to achieve the “real” dec.entralization.

With the support of leading investors such as Coinbase Ventures and several others, Portal supports a wide range of DeFi services in the Bitcoin chain, while maintaining anonymity in open and transparent markets. For example, Portal DEX, the world’s first censorship-resistant layer 2 cross-chain decentralized exchange (DEX), enables anonymous and zero-knowledge exchanges. This eliminates the need for bridges to connect to other chains or transfer assets (BTC to wBTC, etc.) before transferring digital assets from one chain to another.

Enabling Advanced DeFi Apps in Bitcoin

As a decentralized blockchain platform working to provide fast, intelligent and transparent DeFi services, DeFiChain aims to bring all the power of DeFi to the Bitcoin ecosystem.

Launched in 2019 on the Bitcoin network as a soft fork, DeFiChain is a fully decentralized platform that offers a wide range of DeFi services, including token packaging, lending, borrowing, decentralized exchanges, asset tokenization, crop cultivation, price oracles, and more. . All transactions in DeFiChain are not turing-complete, which makes them faster, reducing gas costs and reducing the likelihood of smart contract errors.

Even though DeFiChain is built on top of Bitcoin, it uses a hybrid version of the Proof-of-Stake (PoS) and Proof-of-Work (PoW) consensus mechanisms to facilitate transactions and encourage participation in the network. It addresses three critical issues that are currently clouding the DeFi ecosystem: the challenges of scalability, security, and decentralization.

Users can make passive profits on their assets using DeFiChain’s betting, liquidity and dLoans features. By participating in the DeFiChain consensus mechanism, users can earn up to 63% per annum. In addition, users can borrow their assets on the DEX platform and earn up to 100% per annum. Finally, DeFiChain also offers instant collateralized crypto loans, with users being allowed to mint dUSDs from DFI, BTC, ETH, and USDC.

#Smart #Contract #Functionality #Boon #Bitcoin #Network

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