Crypto 24X7 News Hubb
Advertisement
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
Crypto 24X7 News Hubb
No Result
View All Result
Home Crypto Currency

Crypto Twitter’s Mixed Reactions to a New Rollup Solution for Bitcoin

admin by admin
March 8, 2023
in Crypto Currency



A scalability solution unique to Ethereum is now compatible with Bitcoin. Rollkit allows for the storage of rollup information developed for Ethereum but on the Bitcoin network.

According to an official statement, Rollkit — a modular framework for rollups — was successfully launched on march 5, 2023. The solution could, at least in theory, help optimize the use of free space on the Bitcoin blocks, expanding the capabilities of the network:

Sovereign rollups on Bitcoin not only expand the possibilities for rollups, but also have the potential to help bootstrap a healthy blockspace fee market on Bitcoin, enabling a more sustainable security budget

A rollup is basically a way to compress or group a number of transactions into a single one, increasing privacy and making the network more efficient.

Extended Capabilities on Bitcoin

Rollkit supports different execution layers, including the Ethereum Virtual Machine and Cosmos’ CosmWasm. Every blockchain has an architecture made of different layers that support a number of characteristics. The execution layer is part of the application layer. Smart contracts, protocols, dApps, etc., are part of this layer.

The team shared a YouTube video showcasing how a Rollkit rollup using Ethermint for execution can use Bitcoin as its Data Availability layer.

If the application layer is the more sophisticated layer in the blockchain, the data layer is the most basic one —it basically is the order of the blocks in a blockchain guaranteeing that nodes operate in synergy, knowing what is going on in the network. The data availability layer guarantees that all nodes handle the same transaction data.

To achieve this, Rollkit relies heavily on Taproot and Ordinals. Taproot is a hard fork that increased the privacy and functionality of the Bitcoin network, paving the way for future developments like Ordinals, which are the equivalent of non-fungible tokens (NFTs) that store data on the Bitcoin network in hexadecimal format.

According to the Rollkit team, this integration makes it possible to “run the Ethereum Virtual Machine (EVM) on Bitcoin as a sovereign Rollkit rollup.” These, according to the developers, have the potential to expand the possibilities for these second-layer solutions, in addition to helping to create a healthy fee market on Bitcoin.

Crypto Twitter Reacts

The news was received with mixed reactions from Bitcoin enthusiasts. Some praised the development because of its ability to bring something new to the industry, even if such enthusiasm comes with its own reservations.

Sweet love to see people building in bitcoin layers, and this should be applauded. 👏

— patrick.1btc e/acc (@PatrickWStanley) March 5, 2023

Others criticized the tech. Some BTC users believe that the Bitcoin network should be used for financial transactions and nothing else. Using the network for other purposes might be detrimental for users as they will have to compete for the limited space of each block.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.





Source link

Previous Post

Vitalik dumps $700K worth of shitcoins that he never asked for

Next Post

Jack Dorsey’s Block asks for input on proposed ‘mining development kit’

Next Post

Jack Dorsey’s Block asks for input on proposed ‘mining development kit’

Recommended

John Ray III is Reportedly Considering to Relaunch FTX.com

January 22, 2023

SEC sues Do Kwon, Paxos ready to litigate, SBF’s VPN: Hodler’s…

February 19, 2023

Don't miss it

Crypto Mining

New Texas Resolution Aims to Protect Bitcoin Mining

March 22, 2023
Crypto Currency

Wasabi Wallet Releases Version 2.0.3, Adding Back Coin Control Amongst Other Updates

March 22, 2023
Ethereum

Bitcoin’s banking crisis surge will ‘attract more institutions’: ARK’s Cathie Wood

March 22, 2023
Crypto Currency

Core Scientific to Send $20M Worth of Mining Equipment to Settle Payment Dispute

March 22, 2023
Crypto Currency

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

March 22, 2023
Bitcoin

Yellen Says US Could Back All Deposits at Smaller Banks if Needed to Prevent Contagion – Finance Bitcoin News

March 22, 2023

© 2022 Crypto 24X7 News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

© 2022 Crypto 24X7 News Hubb All rights reserved.