Bitcoin Developer Burak Unveils New Layer 2 ‘Brollups’ to Advance DeFi Use Cases
Summary:
Bitcoin developer Burak, known for exposing a glitch in the Lightning Network, is developing a new Bitcoin Layer 2, “Brollups.” It aims to support over 90% of DeFi use cases without needing Bitcoin hard fork or a non-Bitcoin token. Brollups are in the design phase with a testnet rollout expected later this year. Burak previously created Ark Protocol, another Lightning Network competitor.
Renowned Bitcoin developer, Burak, noted for finding a loophole in the Lightning Network prompting an urgent update in 20, is pioneering a fresh Bitcoin layer 2. This is targeted at infusing more decentralized finance use cases to Bitcoin. Notably, Burak, who also developed the Lightning Network rival, Ark Protocol in the previous year, has now unveiled “Brollups.” Brollups offer a novel rollup design, native to Bitcoin, which allows for the bundling of transactions without necessitating a hard fork in Bitcoin or raising a non-Bitcoin token, as divulged by Burak.
Burak's post on Medium on June 21st conveyed that Brollups is still under construction. He hinted to Cointelegraph that a testnet launch later this year could be probable. According to Burak, Brollups is expected to endorse more than 90% of DeFi use cases when finally introduced.
The rollup solution Producers will manage Brollups, and their role would provide liquidity to the protocol and further the state of the rollup by appending Bitcoin transactions at fixed intervals. All transactions will be processed on the Bitcoin Virtual Machine.
Burak's efforts were laudable as he developed this solution without resorting to a hard fork in Bitcoin or spawning a new token. Notably, in October 2022, Burak identified a flaw in the Lightning Network by employing a 998-of-999 multi-signature Taproot transaction.
This identified issue prompted an urgent modification in the Lightning Network node operators due to Burak's meddling, causing all nodes to temporarily lose synchronicity. Despite the turmoil, no funds were pilfered, highlighting an unforeseen repercussion of the Taproot upgrade.
Subsequently, in January 2023, the Transaction volume of Taproot increased due to Casey Rodarmor launching the Ordinals protocol. As of December 2023, a record 46.4% of all Bitcoin transactions were Taproot transactions, although this percentage has since declined to 30% this month, as revealed by a Dune Analytics dashboard from Data Always.
Other projects similar to Brollups, such as Drivechain and Spiderchain, are concentrating on integrating DeFi functionality to Bitcoin, thereby enriching it. Earlier in May 2022, Burak introduced Ark – a Bitcoin layer-2 solution with a primary focus on removing the need for payment channels.
Published At
6/24/2024 6:06:06 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.