With the advent of information technology, we are witnessing a revolutionary change in how decentralized applications work and it is the Blockchain innovations that are spearheading the change. There’s a new player in the market – Build On Bitcoin (BOB) – touted as a powerful tool for next-generation decentralized application (dApp) development.
Build on Bitcoin (BOB) has the unique ability to combine the attributes of the two biggest blockchains- Bitcoin and Ethereum. It serves as a magical connector between Bitcoin and Ethereum, enabling them to operate in sync, marking a significant advancement in the cryptocurrency realm. This hybrid solution has drawn the attention of the developers’ community after its total value locked reached a staggering $291 million in no time.
Let’s understand everything about Build on Bitcoin (BOB) and how it can transform the community. `
What is Build On Bitcoin (BOB)?
BOB, or Build on Bitcoin is a hybrid Layer-2 blockchain solution that combines the best features of Bitcoin and Ethereum. It leverages Bitcoin’s security and combines it with the functionality of Ethereum’s Virtual Machine (EVM) to promote interoperability and the development of decentralized applications.
Think of BOB as a powerful new platform that harnesses the robust security of Bitcoin and the versatile innovation capabilities of Ethereum. It’s akin to combining a strong, dependable robot with a smart, versatile gadget to create a superior tool.
What makes BOB unique is its ability to boost Bitcoin’s basic capabilities. While Bitcoin excels at secure transactions and storing value, it falls short on flexibility for things like smart contracts or app development. That’s where Ethereum shines—it manages the sophisticated, tech-savvy side of things.
Build on Bitcoin (BOB) combines these strengths, allowing developers to create innovative applications and services using Ethereum’s advanced tools, backed by the trusted security of Bitcoin.
BOB successfully secured $10 million in funding from a group led by Castle Island Ventures, with additional backing from entities like Mechanism Ventures, Bankless Ventures, CMS Ventures, and UTXO Management. Notable figures such as Dan Held and Domo, the creator of the BRC-20 token standard, also contributed. This robust investment underscores the strong confidence in BOB’s vision and its future impact.
The native currency of the Build on Bitcoin (BOB) platform, while deeply integrated into both Bitcoin and Ethereum ecosystems, appears to utilize Ethereum’s infrastructure for its economic activities.
Although detailed information on a unique “native” currency wasn’t directly specified in the sources, the use of Ethereum-based transactions and assets is indicated. This suggests that Ethereum’s cryptocurrency, Ether (ETH), may play a significant role in transactions and smart contract operations on the BOB platform.
Why BOB?
Opting for BOB offers developers and users an advanced solution that perfectly blends Bitcoin’s robust security with the sophisticated capabilities of Ethereum’s Virtual Machine (EVM).
This hybrid structure allows Build on Bitcoin to provide exceptional opportunities for innovation, maintaining a high standard of security and interoperability in the decentralized landscape.
Key Features of BOB
BOB, or “Build on Bitcoin,” boasts a range of innovative features that set it apart in the blockchain space:
1. Hybrid Architecture
BOB blends the security and liquidity of Bitcoin with the innovation and functionality of Ethereum’s Virtual Machine (EVM), creating a unique setup that allows smooth interaction between the two biggest blockchain networks.
2. EVM Compatibility
BOB works with Ethereum’s EVM standard, which lets developers use established tools, smart contracts, and systems from the Ethereum world while still on the Bitcoin blockchain.
3. Security and Scalability
BOB borrows the strong security of Bitcoin’s Proof of Work (PoW) system, ensuring safe transactions and smart contracts. It also offers layer-2 solutions that reduce network overload and improve transaction speed.
4. Interoperability
BOB makes it possible to use features from both Bitcoin and Ethereum, giving users access to a wide range of decentralized applications (dApps), decentralized finance (DeFi) protocols, stablecoins, non-fungible tokens (NFTs), and more.
5. Innovation Hub
As a centre for innovation, BOB allows developers to easily create decentralized applications using the top features from both the Bitcoin and Ethereum platforms. This encourages a dynamic environment of new ideas and experiments.
6. Dual Liquidity
BOB connects to both the Bitcoin and Ethereum networks, tapping into the liquidity of two of the largest blockchain ecosystems and offering unmatched access to DeFi services.
7. User-Friendly Development
Build on Bitcoin equips developers with a full set of tools and infrastructure for building on Bitcoin, including smart contract development kits, wallets, analytics, and essential blockchain components. This simplifies the development process and promotes quick innovation.
Funding Rounds
BOB’s recent funding round was organised by Galaxy Digital, a major investment firm with a focus on digital assets and blockchain technology.
The funding round also attracted a bunch of investors, including venture capital firms, strategic partners, and individual contributors. These investors have recognized BOB’s potential to transform the blockchain industry by connecting Bitcoin and Ethereum, and they are keen to support its goals of promoting innovation and interoperability within the space.
The significant investment from these top-tier backers highlights their confidence in BOB’s vision and technology.
BOB’s Rollups
Here’s a simpler explanation of BOB’s development roadmap, which is about improving how it handles transactions using a technology called rollups.
This technology helps process more transactions quicker by handling them off the main blockchain and then just finalising them there. This will be done in several stages, each with specific goals to make the system more secure and functional:
Phase 1 – Optimistic BOB
This first stage involves setting up a basic rollup system on the Ethereum blockchain. It focuses on completing transactions on Ethereum and includes a special bridge for transferring stablecoins and other digital assets. ‘Build on bitcoin’ will also be able to interact with Bitcoin in a way that ensures secure exchanges and activities across both blockchain networks.
Phase 2 – Enhanced Security with Bitcoin
In this stage, the rollup will start using Bitcoin’s security methods, specifically its mining process, to make it more secure. This step aims to reduce reliance on transaction processors (sequencers) and strengthen the connection with Bitcoin miners.
Phase 3 – BitVM Rollup
The final stage plans to use Bitcoin itself for completing transactions. It will introduce a method to handle fraud checks directly in Bitcoin’s programming language without needing to change Bitcoin’s software. This phase also plans to create a two-way connection between Bitcoin and BOB, making exchanges between them easier and more secure.
Overall, BOB’s plan is to make their network handle more transactions efficiently and securely by gradually integrating with major blockchain technologies like Ethereum and Bitcoin.
Bridges & Supported Networks
| Bridge Name | Supported Networks | Supported Tokens |
|---|---|---|
| BOB Bridge (OP Standard Bridge docs) | Ethereum | WBTC, tBTC, rETH, wstETH, STONE, USDT, USDC, DAI, eDLLR, ETH, eSOV, ALEX |
| Relay | 10 EVM Chains (including Optimism, Arbitrum, Linea, zkSync Era, Rari…) | ETH |
| Meson | BTC L2s (including Merlin, BEVM, Bitlayer, Core, ZetaChain…) Non-EVM (Solana, Tron, Aptos, Sui) EVM chains (including Arbitrum, Base, Immutable X, Scroll, zkLink, Mode, Manta…) |
wBTC, ETH, USDT |
| Orbiter Finance | BTC L2s (including Merlin, BEVM, Bitlayer, ZetaChain…) Non-EVM (Solana, Starknet) EVM chains (including Arbitrum, Polygon, Base, Immutable X, Scroll, opBNB, Mode, Mantle, Manta…) |
wBTC, ETH |
| LayerZero | L1s (Including BNB, Avalanche, Fantom, BNB) EVM Chains (including Polygon, Optimism, Arbitrum, zkEVM, Astar…) |
ETH, USDC, Omnichain Fungible Tokens (OFTs) |
| Owlto Finance | BTC L2s (including Merlin, BSquare, BEVM, Bitlayer, Taproot…) Non-EVM (Solana, Starknet) EVM chains (40+) |
BTC, ETH, USDC, USDT |
Benefits of Build on Bitcoin
1. Enhanced Security
BOB uses Bitcoin’s robust security methods along with Ethereum’s advanced features to ensure transactions and contracts are very secure.
2. Interoperability
BOB connects the Bitcoin and Ethereum networks, allowing users to smoothly use a variety of blockchain applications, including apps that handle unique digital items (NFTs) and financial services (DeFi).
3. Scalability
BOB increases the number of transactions the system can handle at once by processing them more efficiently. This is done through a technology called rollups, which lightens the load on the main blockchain.
4. Innovation Hub
BOB is a place where developers can create new blockchain applications and smart contracts, promoting new ideas and technological advancements within the blockchain world.
5. Community Engagement
Build on Bitcoin encourages its users and developers to take part in decision-making and platform development, creating a dynamic and active community.
Overall, BOB merges the best features of Bitcoin and Ethereum to provide a forward-thinking solution that aims to lead the next generation of blockchain innovations.
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