Hemi, founded by early Bitcoin developer Jeff Garzik, plans to unify Bitcoin and Ethereum, the two oldest and largest blockchains, into "a single supernetwork"
Modular blockchain Hemi Labs launched its mainnet on Monday. It’s aiming to combine Bitcoin and Ethereum into a "single supernetwork."
Hemi, founded by early Bitcoin developer Jeff Garzik, plans to unify the two oldest and largest blockchains into "a single supernetwork," according to an emailed statement.
It will also bring together the best qualities of both blockchains, taking advantage of Bitcoin’s security and strength in holding value with Ethereum’s programmability and speed. The project also announced it had raised $15 million in a funding round led by Binance Labs last September.
The project is one of several looking to transform the broader blockchain landscape, particularly with regard to decentralized finance (DeFi), with regard to combining Bitcoin and Ethereum.
This is due in part to the huge sums invested in bitcoin (BTC), which at last report amounted to several times the total value locked (TVL) in all other digital assets combined.
However, Bitcoin’s coding lacks the ability to natively build some of the functions that DeFi requires, such as smart contracts or zero-knowledge proofs, hence the need to bridge this utility from Ethereum.
Hemi said it has signed up dozens of protocols for deployment on its chain, including decentralized exchange (DEX) Sushi, liquid staking token pumpBTC and oracles RedStone and Pyth. It did not disclose the terms of the partnerships.
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