Layer 2 of Bitcoin In order to enable Bitcoin DeFi apps and deliver smart contracts and Bitcoin protocols to the market, Bitfinity has unveiled the Ethereum Virtual Machine (EVM).
Bitfinity connects with the Bitcoin network and enables asset bridging to other blockchains because to its foundation in the Internet Computer (ICP) protocol. Applications that utilize Solidity, Ethereum’s smart contract programming language, will be able to access tokens based on Bitcoin thanks to Internet Computer’s tech stack.
According to an email notification on Friday, the Bitfinity EVM is made to enable developers to implement Solidity smart contracts based on Bitcoin, enabling them to transfer Bitcoin, Ordinals, and Runes.
Like an operating system on a computer, an Ethereum virtual machine (EVM) is software that runs smart contracts.
By adding smart contract functionality to Runes, a new Bitcoin protocol that debuted around a month ago along with the halving event, Bitfinity hopes to pique interest in the protocol and utilize it as a platform for developing Bitcoin DeFi apps.
After a flurry of activity following its launch, Runes, which enables fungible tokens to be produced on the Bitcoin blockchain, immediately pushed network fees skyrocketing. However, activity has since somewhat decreased.
Bitfinity EVM: What is it?
Bitfinity is a next-generation EVM that operates at a blistering speed of 1000 TPS+. It acts as a Layer Two for on-chain assets related to Bitcoin. You can use Bitfinity to implement Solidity-written smart contracts for Bitcoin, Ordinals, and BRC-20. Bitfinity is based on a web browser.
In the Ethereum environment, layer-2 solutions are widely used and often rely on optimistic rollups or zero-knowledge cryptography to establish safe connections between the layer-2 and base layer-1 chains.
Bitfinity alternatively builds a safe, decentralized bridge between itself and the Bitcoin blockchain using a threshold cryptography system known as Chain-Key. The distinctive feature of chain-key is that no single node is ever able to obtain the threshold key since “moon-math” periodically regenerates the threshold key shares every 11 minutes.
