In an exciting announcement, Build on Bitcoin (BOB) has launched ‘OptiMine’, a solution that integrates Bitcoin's security with the advanced functionalities provided by Ethereum.
In Brief
The recently launched OptiMine by Build on Bitcoin (BOB) aims at connecting Bitcoin’s reliable security with Ethereum’s greater scalability, particularly through Layer 2 solutions.
Developed by the team at the Bitcoin DeFi platform Interlay, Build on Bitcoin (BOB) has introduced OptiMine, a groundbreaking feature aimed at bolstering the security of blockchain networks. Bitcoin This innovative security upgrade for Layer 2 (L2) blockchains leverages Bitcoin’s PoW (Proof-of-Work) model while facilitating connectivity with Ethereum and other compatible blockchains.
Alexei Zamyatin As Zamyatin, co-founder of BOB and Interlay's CEO, shared with Metaverse Post, OptiMine synthesizes the strengths of Bitcoin's security and Ethereum's smart contracts, while also enhancing scalability. He likens it to “Bitcoin’s response to Ethereum’s restaking initiative.”
In traditional rollup implementations, Sequencers play an essential role in creating and presenting new blocks, but current models for their verification haven't proven practical. Bitcoin .
"OptiMine effectively tackles this issue by incorporating Bitcoin miners in the validation process for rollup blocks, ensuring that integrity is upheld without placing complete reliance on Sequencers. This integration of Bitcoin’s PoW mechanism adds significant security and dependability to rollups, which enhances their overall strength,\" explained Zamyatin from BOB.
To drive engagement from the mining community in the development of OptiMine, BOB has secured a collaborative effort with an undisclosed Bitcoin mining firm.
"This collaboration is pivotal as it merges BOB's innovative technology with the practical knowledge and experience of the mining industry,\" he elaborated.
OptiMine Elevates Bitcoin’s PoW Security into Layer 2 Innovations
OptiMine introduces an inventive consensus methodology known as \"Optimistically Sequenced Merged Mining,\" which allows Layer 2 solutions like BOB to benefit from Bitcoin's security while interacting with other Layer 1 blockchains. Ethereum .
According to Alexei Zamyatin from BOB, this technology effectively addresses the issues of limited block space and soaring transaction costs by facilitating faster block production through mechanisms like rollups and sidechains that operate off the main chain. It does this by decoupling block creation from PoW finalization.
"With a quicker block production rate and less frequent PoW finalization, the system enhances overall blockchain efficiency. This innovative approach is crucial for managing blockchain load, potentially leading to a decrease in congestion and the high fees often associated with it,\" Zamyatin mentioned during his conversation with Metaverse Post.
Moreover, OptiMine presents miners with an additional income avenue through merged mining. As Bitcoin block rewards diminish due to halving, miners can utilize OptiMine to mine both Bitcoin and additional chains like the L2 solutions associated with BOB.
Zamyatin highlighted that this dual mining capability allows miners to engage with various networks simultaneously, offsetting the decline in Bitcoin rewards. This ensures their ongoing economic viability and keeps Bitcoin's technological relevance intact even as halving events occur. secure Nonetheless, the challenge of integrating Bitcoin’s PoW system with Ethereum and other EVM-compatible chains posed significant hurdles due to the different frameworks and consensus strategies employed by these blockchains.
Looking towards the future, Zamyatin envisions OptiMine will reshape the blockchain ecosystem by offering a secure, scalable, and efficient framework for L2 rollups and sidechains. He emphasized that the ultimate ambition for BOB is to enable rollups on the Bitcoin network, with OptiMine serving as an initial stepping stone in this journey.
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