|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Brollups: the New Bitcoin Layer-2 Promises New Use Cases in the DeFi Field without Forking the Network
Jun 24, 2024 at 06:45 pm
Burak, the famous hacker who in November 2022 activated a bug on the Lightning Network scaling chain, is introducing his own Bitcoin-based layer-2 to the market
The famous hacker who activated a bug on the Lightning Network scaling chain in November 2022 is introducing his own Bitcoin-based layer-2 to the market: “Brollups”.
The new product called brings several improvements to Bitcoin’s cryptographic infrastructure by introducing new use cases in the field of decentralized finance without having to resort to a fork and without having to introduce a new token.
Let’s see everything in detail below.
The hacker of the Lightning Network presents Brollups and introduces new use cases for Bitcoin’s layer-2
Burak, a cryptographic developer who was a key figure in the hacker attack on the Lightning Network in November 2022, is about to launch his own Bitcoin layer-2 called “Brollups”.
It is a second-layer blockchain anchored to the superior DA (data availability), offering a new type of Bitcoin-native rollup design as it groups transactions together, providing greater scalability without the need to fork Bitcoin or issue a secondary token.
This type of layer-2 is still in the design phase, with the launch in testnet expected by the end of the year, but already now it plans to support over 90% of the upcoming use cases that will be introduced in DeFi.
According to what was reported by the same creator of the new chain:
“Whether listing an NFT for sale in exchange for Bitcoin where the buyer pays with Bitcoin at the time of execution or placing a symbolic sell order on a decentralized exchange, [all of this is] executed atomically, verifiable, scalable, and enforceable on Bitcoin.”
The creator of Brollups is not new to this kind of chains: last year he indeed created a competitor of Lightning Network called Ark Protocol.
Introducing Brollups: a Bitcoin-native rollup design that works with a native Bitcoin peg and requires no changes to the Bitcoin protocol.https://t.co/OW2y0xJrg0
According to what was reported by Burak, the architecture of Brollups differs from optimistic rollup (Optimism, Arbitrum) and zk-rollups (Starknet, Zksync) typical of the Ethereum blockchain.
These types of networks are in fact managed by a central operator or by a quorum of operators, who provide liquidity to the protocol and advance the state of rollup by chaining Bitcoin transactions at regular intervals.
They are based on the concept of using virtual UTXOs (VTXO) as a peg within smart contracts, relying on layer-1 as the data availability layer and executing transactions on the custom VM of the Bitcoin Virtual Machine.
The VTXO can be used off-chain (and therefore implemented with smart contracts) while the calldata are verified by the clients. The VTXO are seen as bytes, while the calldata interpret the bytes: combining them gives rise to automated on-chain conditions typical of DeFi contracts
Simplificano Burak wrote in his blog post that:
“The brollup are, in short, the coins between VTXO and calldata.”
The Bitcoin community immediately congratulated the layer-2 developer for introducing a new network that does not require changes to the protocol but at the same time allows for the introduction of new use cases in the field of decentralized finance.
Despite this, some experts in the field have pointed out to Burak that, contrary to what was written in his post, it is not true that all zk-rollups are based on the fundamental dependency on a reliable setup as there are already several systems like STARK, Halo, and Plonky2 that do not require this step.
Furthermore, some are asking questions regarding the operational cost that the layer-2 Brollups will require to verify and control all the keys in the KDC session.
Another interesting invention Burak! Some small corrections:
> ZKP rollups are built upon a fundamental reliance on a trusted setup
not true for all ZKP rollups, there are several types of proving systems now that do not require a trusted setup (e.g. STARKs, Halo, Plonky2)
The attack by Burak in 2022 on the layer-2 Lightning network
Diving into the past, we see how the same developer Burak who is about to introduce “Brollup”, in 2022 had organized a hacker attack on the layer-2 network of Bitcoin Lightning Network.
In that circumstance, the user exploited a bug on the network, causing the temporary fall of all nodes, however, without proceeding with malicious intents and without stealing any funds from the second-level chain. In particular, the nodes had stopped synchronizing due to an issue with the btcd analysis library.
According to what was reported at the time by Lightning Labs, it was necessary to activate an emergency update on the network a few hours after the incident, avoiding harmful consequences to the non-updated nodes that are closed by timelock if not connected and synchronized within two weeks.
B
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- FET Price Analysis: What’s Next After a 30% Jump in Three Days?
- Sep 23, 2024 at 09:05 am
- FET has broke above a key trendline resistance and could fuel more rally. However, short-term bearish bets hiked and could delay the recovery
-
- The popular tap-and-play game Hamster Kombat literally drowned in the indignation of users, who were disqualified en masse in the run-up to the airdrop.
- Sep 23, 2024 at 09:05 am
- In particular, 63% of the first season players were excluded from the distribution based on the criterion of their collection of in-game keys.
-
- Understanding Market Timing in Cryptocurrency
- Sep 23, 2024 at 09:00 am
- Investing in Bitcoin—or any cryptocurrency, for that matter—can feel like a daunting task, especially when faced with constant price changes.
-
- $230 Million Cryptocurrency Fraud Uncovered, Two Charged
- Sep 23, 2024 at 09:00 am
- The U.S. Attorney's Office for the District of Columbia announced on Thursday that two individuals have been charged “with conspiracy to steal and launder over
-
- Programmable Money: A Revolutionary Concept Poised to Enhance Monetary and Financial Systems
- Sep 23, 2024 at 09:00 am
- Programmable money is a revolutionary concept poised to enhance monetary and financial systems by enabling seamless securities settlements, tokenised deposits
-
- Crypto won't suppress US dollar: Scaramucci
- Sep 23, 2024 at 09:00 am
- Financier Anthony Scaramucci believes Donald Trump has embraced Bitcoin because it's actually a plus for US dollar supremacy.
-
- Bitcoin ETF Options: A New Era of Institutional Adoption Beckons
- Sep 23, 2024 at 09:00 am
- MicroStrategy CEO Michael Saylor has expressed strong optimism about the future of Bitcoin in light of recent developments in the cryptocurrency landscape.
-
- Regina’s Web3 gaming odyssey continues as she moves from Spellborne to Seekers of Tokane
- Sep 23, 2024 at 08:50 am
- Crushing the main quests in Spellborne has only cranked up my hunger for even more epic monster hunts! The adrenaline of taking down tough enemies has me
-
- Binance Coin (BNB) Is Making Waves with Promising Indicators That Suggest a Potential Rally
- Sep 23, 2024 at 08:50 am
- Recently, BNB has seen a notable surge in trading volume and active addresses, raising the question: could this be the beginning of a significant price breakout?