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Los Angeles, April 3, 2024-The modular BTC Layer2 blockchain launch platform, UTXO Stack, has efficiently accomplished its seed funding spherical. This spherical was co-led by ABCDE and SNZ Capital, strategically invested by CKB Eco Fund, with extra participation from OKX Ventures, Waterdrip Capital, Matrixport, y2z Ventures, DRK Lab and UTXO Administration (the funding arm of BTC Inc., writer of Bitcoin Journal)
The Bitcoin ecosystem has undergone vital evolution with the issuance of property akin to Ordinals, BRC20, Atomicals, and Runes, marking a transition from its preliminary position as an easy transactional forex to a multifaceted platform supporting numerous digital property. Regardless of these developments, builders face substantial hurdles in leveraging Bitcoin’s full potential. They’re at present unable to create good contracts straight on the Bitcoin blockchain and infrequently deal with its inherently decrease efficiency. This example highlights a urgent want for ingenious options that streamline improvement processes on Bitcoin, enabling builders to harness its newly expanded functionalities to their fullest extent.
To handle these challenges, UTXO Stack has been launched. It’s constructed upon Bitcoin’s native UTXO mannequin, making certain seamless integration and compatibility with the Bitcoin blockchain. This modern structure helps builders create high-performance parallel chains, providing near-unlimited scalability with out compromising community safety, thus fostering the Bitcoin ecosystem’s development. With the UTXO stack, BTC Layer2 with the potential to create Turing Full contracts might be launched relaxed, and the launched chain’s safety is ensured by the staking of BTC, CKB, and different Bitcoin Layer1 property.
A big development of the UTXO Stack is the combination of the RGB++ protocol. The RGB++ protocol, a notable development in blockchain know-how, employs single-use seals mixed with client-side validation to effectively handle state modifications and transaction verification. This subtle method ensures enhanced safety and integrity in transaction processing. Moreover, the protocol makes use of isomorphic bindings, a way that successfully maps Bitcoin UTXOs (Unspent Transaction Outputs) to CKB Cells. This modern mapping course of facilitates the seamless switch of property issued on Bitcoin, enabling them to maneuver freely and securely. This function of RGB++ not solely broadens the scope of Bitcoin’s utility but additionally integrates it extra intently with different blockchain platforms, exemplifying a brand new period of interoperability within the crypto house. This protocol endows property on BTC with Turing-complete good contract capabilities. By means of its amalgamation with UTXO Stack, advanced good contracts could be executed straight on Bitcoin property. This integration additionally facilitates asset transfers with out counting on cross-chain bridges, streamlining operations and enhancing the effectivity of transactions on the Bitcoin community.
The staking mechanism inside UTXO Stack does extra than simply safeguard the safety of property issued on chains launched by it; it additionally provides tangible advantages to each participant within the ecosystem. Nodes can stake a wide range of property, together with BTC, CKB, BTC L1 property, to make sure safety of the applying particular chain and earn block rewards. Moreover, as UTXO Stack app chains have the potential to challenge their very own tokens, those that stake these particular tokens can even obtain block rewards. This complete method not solely reinforces community safety but additionally creates a rewarding and inclusive setting for all stakeholders concerned.
Cipher, the founding father of UTXO Stack and the creator of the RGB++ protocol, commented: ‘If RGB++ addresses the technical implementation challenges of the unique RGB protocol by offering Turing-complete good contract capabilities to BTC L1 property with out the necessity for cross-chain bridge, by isomorphic binding know-how, then UTXO Stack will provide a scalable UTXO Layer2 answer for BTC, enabling seamless interoperability throughout all blockchains.
Baiyu, a Companion at CKB Eco Fund, remarked: ‘With the growing issuance of UTXO property primarily based on the RGB++ protocol and different asset issuance protocols on Bitcoin, the conclusion of UTXO Stack is poised to convey an unprecedented stage of improvement to the BTC ecosystem. The synergy between UTXO Stack and RGB++ will provide incomparable benefits over different Bitcoin Layer 2 options.
Cell Studio: https://twitter.com/ckbcell
Contact: cipher@cell.studio
Disclaimer: This can be a paid launch. The statements, views and opinions expressed on this column are solely these of the content material supplier and don’t essentially signify these of NewsBTC. NewsBTC doesn’t assure the accuracy or timeliness of data obtainable in such content material. Do your analysis and make investments at your personal danger.
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