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Cryptocurrency News Articles
Zero-Knowledge Rollup Citrea deploys a BitVM bridge on the Bitcoin testnet
Sep 25, 2024 at 05:56 pm
They aim to improve smart contract capabilities for Bitcoin similar to Ethereum, while maintaining a Zero-knowledge approach for computation.
Zero-knowledge rollup Citrea has deployed a BitVM bridge on the Bitcoin testnet as part of its efforts to expand smart contract capabilities for the flagship cryptocurrency.
The move comes as part of Citrea’s broader aim to improve the capabilities of Bitcoin and make it “the foundation for the world’s finance,” according to an emailed announcement on Tuesday.
The idea is to use the EVM-like BitVM, which was created last year, to allow Bitcoin to be used not just as a cryptocurrency, but also its network as zero-knowledge computations for Bitcoin Smart Contracts.
To do this, Citrea created the Clementine “trust-minimized two-way peg program,” which allows a way of locking up Bitcoin on the main chain and then minting an equivalent Bitcoin token for use on Citrea.
This Bitcoin-based token will then be able to be used in Bitcoin-based smart contracts without requiring changes to the Bitcoin infrastructure. After using it, those Bitcoin-based tokens can be burned and get back as Bitcoins to the main network.
It is also very important that Citrea retains compatibility with Ethereum, which makes it sound like this is where several bridges of the most important crypto assets and ecosystems converge.
“It’ll be better with time, because there’s like $1 trillion, as of now, sitting in the Bitcoin blockchain. It is the most secure, battle-tested, and decentralized blockchain. And we are bringing decentralized finance to it,” said Orkun Mahir Kılıç, CEO of Citrea builder Chainway Labs, in the statement.
“Citera is an EVM-compatible layer, meaning all the applications on Ethereum can simply deploy on Citera without having to change anything,” he added.
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