The introduction of the Ordinals protocol and BRC-20 has paved the way for new possibilities within the Bitcoin network, attracting builders eager to explore BTC’s vast potential and foster a dynamic ecosystem. However, the surge in enthusiasm for inscription and BRC-20 token minting has placed immense pressure on BTC Layer1, leading to network congestion and rising transaction fees. These challenges highlight significant market opportunities for Layer-2 solutions.
Ordinals and BRC-20 have underscored a crucial insight: ‘Building various application scenarios on Bitcoin, not just speed,’ is essential for Bitcoin Layer2 development. BL2 emerges as an innovative BTC Layer2 solution, leveraging the VM (Virtual Machine Protocol) universal protocol. This enables migration of various protocol assets within the Bitcoin ecosystem to a more functional, cost-effective, and efficient Layer2 platform. BL2 also facilitates cross-chain interactions with other VM protocol blockchain networks, broadening BTC application scenarios while ensuring robust security.
Core Modules of BL2 Under Development:
1) VM General Protocol
Introduces smart contract capabilities to the Bitcoin network using the VM universal protocol, allowing for the creation of BTC-based dApps on BL2.
Supports rapid migration of various protocol assets, such as BRC20, une, ARC20, to Layer2, offering high-speed and low-cost transaction experiences. By optimizing the transaction data’s packaging and verification process, BL2 reduces dependence on Layer-1, effectively addressing slow confirmations and high transaction costs on the Bitcoin mainnet during high-frequency trading.
2) Security and Efficiency-Conscious Layer2
As a Layer2 solution for the Bitcoin network, BL2 establishes an independent Bitcoin block header verification and consensus framework, ensuring Bitcoin network security while avoiding mainnet congestion issues caused by the contract layer — critical for both developers and users.
3) Cross-Multi-Chain Interaction
BL2 plans to interact with other VM protocol chains in the future, enabling convenient access and trading of BTC assets for users on other chains. BTC users can also experience a diverse range of transactions and dApps on other chains. This cross-chain functionality will promote a rich DeFi application ecosystem, including staking, borrowing, and trading, ultimately leading to a ‘Layer3’ ecosystem based on cross-chain bridges.
For full-chain Inscription asset management and cross-chain functionality, users can manage Inscription assets from multiple chains on the BL2 platform.
4) Bitcoin Extension Community Based on BL2
Our goal is to establish an open community focused on the decentralization and scalability of Bitcoin, with $BL2 serving as a medium for value consensus. This will enable more individuals to participate in the development of the Bitcoin ecosystem.
We eagerly anticipate welcoming more individuals to join us in exploring new possibilities for the Bitcoin ecosystem.
