BEVM: The First Fully Decentralized EVM-Compatible Bitcoin L2
As the two most popular blockchains, Bitcoin and Ethereum are the basis for a lot of blockchain apps and web3 projects. However, many people who build on these chains run into compatibility issues because Bitcoin and Ethereum cannot communicate with each other easily. BEVM hopes to solve this problem by becoming one of the first EVM-compatible Bitcoin networks. It also claims to offer users unparalleled network scalability and decentralization. Keep reading to learn about this revolutionary new project.
Key Takeaways:
BEVM, a Bitcoin Layer 2 network that’s fully compatible with the Ethereum blockchain, is the first fully decentralized EVM-compatible Bitcoin L2 to use BTC as gas.
BEVM is collaborating with Bybit Web3 Airdrop Arcade’s Bitcoin Layer 2 Season Campaign. Users can claim a share of the substantial prize pool that exceeds $400,000 in TGE tokens.
What Is BEVM?
BEVM is a Bitcoin Layer 2 network that’s fully compatible with the Ethereum blockchain. Developers who create projects with this decentralized system can simultaneously access features of both Ethereum and Bitcoin.
What Is a Bitcoin Layer 2?
A Bitcoin Layer 2 is a type of scaling solution for the Bitcoin network. It processes transactions on the side, and then uploads the results to the main chain. A Bitcoin Layer 2’s ability to provide improved network scalability ultimately results in increased transaction speed and reduced fees.
What Does BEVM Aim to Achieve?
The first issue that the BEVM network has tackled is Ethereum compatibility. Many DApp developers want to build on Ethereum because it's versatile and easy to use, but they also want the accessibility and reliability of Bitcoin.
The BEVM project decided to design a system for cross-chain compatibility, creating a system with which people can build on Ethereum virtual machine (EVM) chains while still using BTC for gas fee payments. This capability will increase Bitcoin usage and help its network remain competitive in the face of so many Ethereum-based projects.
BEVM also hopes to distinguish itself by providing full decentralization. While some EVM-compatible Bitcoin projects do exist, they tend to be highly centralized. This stifles user creativity and leads to potential issues with centralization or excessive fees. By offering a decentralized BTC layer for Ethereum development, BEVM hopes to keep its system affordable, fair and available to everyone.
How Does BEVM Work?
Creating a system that can cooperate with multiple blockchains takes a lot of work. BEVM’s network relies on complex smart contracts and thoughtful coding to create a decentralized BTC layer that's also compatible with the EVM. Its platform is built on the Bitcoin Taproot upgrade, which sped up the Bitcoin network's transaction verification process. To provide users with a comprehensive set of development tools, the BEVM ecosystem runs four separate layers.
Cross-Chain Interaction Layer
This layer connects BEVM to Bitcoin, using Bitcoin light nodes and a robust proof of stake (PoS) consensus mechanism to ensure assets are handled in a fast, eco-friendly and decentralized manner. Bitcoin light nodes provide some of the primary ways to scale the system and speed up transactions. The cross-chain layer then takes data from BEVM and transmits it to Bitcoin while maintaining network security. By synchronizing Bitcoin block headers, this layer provides full data integrity assurance.
Consensus Layer
BEVM's robust consensus mechanism also includes a separate layer for securing transactions on the BEVM ecosystem. The consensus layer uses Byzantine fault tolerance and threshold signatures to verify transactions and establish Bitcoin block headers. It operates on up to 1,000 consensus nodes, so the network isn't bogged down by large numbers of transactions.
VM Layer
The VM layer uses Substrate framework to maintain compatibility with the EVM. It ensures that all projects built on BEVM adhere to EVM protocols so that they run smoothly on a variety of Ethereum-based chains.
DApp Layer
The DApp layer allows BEVM developers to access a variety of EVM development tools. It enables Ethereum ecosystem DApps that make it easier for developers to manage transactions, create user accounts and more. People can connect their projects to this layer to reduce the amount of time they have to spend designing basic items such as crypto wallets.
Features of BEVM
BEVM offers a wide range of features to its users. Whether you're interested in network security, complex smart contracts or decentralized autonomous organizations (DAOs), BEVM has something for you.
EVM Compatibility
Thanks to the BEVM mainnet, users have access to complete EVM-compatibility. Those who build on BEVM will ultimately end up with a DApp that runs on a Bitcoin Layer 2 network but can also communicate with the EVM. This enables Ethereum ecosystem DApps to provide services to Bitcoin developers, and vice versa. Such interoperability ends up maintaining data integrity assurance while still allowing people to access a variety of networks and services.
Taproot Integration
One of the big selling points of the BEVM project is that it works with the Bitcoin Taproot upgrade. This system improved network scalability by changing the way transactions are authenticated. By integrating Bitcoin Taproot usage into its underlying structure, BEVM provides users with a secure, flexible way of confirming transactions.
Decentralized Cross-Chain Bridge
BEVM offers a decentralized cross-chain bridge for those interested in Ethereum or Bitcoin usage. You can use BEVM's native bridge, which trades the BEVM token and BTC, or the built-in third-party bridging systems, which allow users to swap a variety of other tokens as well.
The Future of BEVM
BEVM started out as a fairly small project but has managed to attract some promising investors, including Waterdrip Capital, MH Ventures and ArkStream Capital. It's currently collaborating with Bybit Web3’s Airdrop Arcade Bitcoin Layer 2 Season Campaign. Participants can claim a share of the substantial prize pool that exceeds $400,000 in TGE tokens.
BEVM doesn't have an official road map, but its social media presence shows that its current focus is on gaining more community members. By doing so, the network can build more projects and better showcase the benefits of the BEVM ecosystem. It can also end up increasing Bitcoin usage by encouraging more people to use BTC as gas, and to build on the Bitcoin chain.
Will these plans for the future pay off? Only time will tell whether or not BEVM will become the next big cryptocurrency. However, this project does have excellent momentum right now, so it's likely that its airdrop with Bybit Web3 will attract a lot of users. As long as BEVM continues to produce quality products and attract users with its efficient marketing, it may become an essential part of the crypto ecosystem. There’s currently a need for EVM-compatible Bitcoin products, so BEVM may become an essential part of the Bitcoin ecosystem.
Closing Thoughts
BEVM's unique blend of network scalability, interoperability and decentralization makes it an exciting project. As it transitions from a work-in-progress to being fully operational, there may be many opportunities for Bitcoin network enthusiasts to get involved. Make sure to keep this project on your radar and see how its airdrop affects the Bitcoin ecosystem.
If you would like to learn more about the project and claim rewards, check out the Bybit Web3 Airdrop Arcade Bitcoin Layer 2 Season Campaign. We’re also having a Web3 livestream on May 8, 2024 on the biggest alpha from the Bitcoin economy. Stay tuned here! In the meantime, you can watch our April Web3 livestream where we covered trending Bitcoin Layer 2 projects.
#LearnWithBybit