BEVM Layer 2 Project Unveils its Mainnet Launch

BEVM Layer 2 Project has Unveiled its Mainnet Launch

BEVM Layer 2 Project has Unveiled its Mainnet Launch

BEVM Layer 2 project has launched its mainnet, allowing asset transfers using official or third-party bridges. It operates via taproot consensus.

The BEVM Layer 2 project, which is compatible with the EVM and Bitcoin (BTC) itself, has launched its mainnet. Asset transfers to the mainnet are now possible using official BEVM bridges or third-party bridges. Their mainnet uses the chain ID 11501 and its named BEVM-Main.

According to their announcement on the social networking site X, their mainnet is a fully decentralized network that operates via taproot consensus.

The project introduced taproot consensus earlier this month; it’s a decentralized solution for Bitcoin Layer 2 that uses Bitcoin Simplified Payment Verification (SPV) and Musig2 technologies. Taproot consensus enhances the network’s consensus method overall, ensuring that it’s Developed with BEVM in mind as part of the Bitcoin Layer 2 suite of technologies, it is functionally and conceptually similar to the Ethereum Layer 2 rollup scaling solutions. The Taproot consensus is a decentralized solution for Bitcoin layer 2. It combines the native Taproot technology stack with the Byzantine Fault Tolerance (BFT) algorithm and a Proof-of-Stake (PoS) network made up of Bitcoin Simplified Payment Verification (SPV) nodes.

Raise $10 million to improve Bitcoin and Ethereum Virtual Machine Layer 2 compatibility via BEVM.

Their 111goal is to build a decentralized Bitcoin Layer 2 platform that is compatible with the Ethereum Virtual Machine (EVM). We will refer to this platform as the BTC EVM. This interoperability enables the easy deployment of a wide range of EVM ecosystem apps on their network. This opens up new opportunities for businesses and encourages more people to use Bitcoin. Since the project’s testnet launch in 2023, it has attracted approximately 100,000 on-chain users. In addition, there are over 30 active ecosystem projects, and the network has completed over 6 million transactions so far.

A number of investors, including RockTree Capital and Waterdrip Capital, contributed to BEVM’s recent $10 million seed and Series A funding rounds. The project’s $200 million valuation shows that investors are confident in its potential. They plan to use the freshly raised money to extend deployment activities and speed up international development operations.

BEVM-Stack” is an upcoming product from BEVM that will streamline the deployment of Bitcoin Layer 2 solutions for developers. To further facilitate the decentralized circulation of BTC across different blockchain networks, they will also launch the DBFX protocol.

Read Previous

OJK Takes Charge of Crypto Regulation

Read Next

Robinhood Receives 250M DOGE, 10% Spike in Dogecoin Price