Layer-2 Network Bob has launched its test network ahead of Mainnet, which goes live for the 4th quarter of this year.
Bob’s goal that describes itself as a hybrid layer-2 is to combine Bitcoin’s security and reserves with Ethereum’s programmability using BitVM-Computing paradigm to create a decentralized financing (Defi) Hub.
BitVM was introduced by the end of 2023 by Robin Linus as a means of activating Rollups on top of Bitcoin, allowing faster and cheaper transactions without compromising the security of the network.
Bob’s Bridge Harnesses BitVM to allow BTC to be transferred to Rollup and later bring it back so it can be withdrawn.
The key of Bobs ethos is that it will use actually BTC rather than a wrapped version of the asset as fuel for defi services. Some projects use a form of wrapped Bitcoin to bring BTC’s value to their ecosystem for use in DEFI applications, such as stacking with its SBTC token.
“Like ETH, ‘Eth’ stays at Ethereum -Rollups like optimism and arbitum, BTC stays on Bob Native and simply called ‘BTC’,” Bob said in a message shared with Coindesk on Wednesday.
Rollups such as arbitum bundle -transactions, as it then settles at Ethereum on the cheap, using fraud evidence to ensure their correctness. Bob says it does something similar to this on Bitcoin.
Co -founder Alexei Zamyatin described this as a “clear distinction” between its offer and wrapped versions of BTC, in a telegram message to Coindesk.
Testnet debuts with the support of a number of major crypto companies that will run nodes on BitVM Bridge, such as efforts developers P2P.org and Lombard, Defi Platform Solv Protocol, Crypto Venture Capitalists Rockawayx and Digital Assets Manager Amber Group.
