Since the rise of ordinals, there has been a steady rise in innovations on the BTC network. Today we look at BOB (build on bitcoin), the first layer 2 solution to the BTC network that supports EVM (Ethereum Virtual Machine).
What is BOB?
BOB (Build on Bitcoin) enables DeFi and innovation across all fields of Bitcoin use cases & experimentation. Whatever you’re building, BOB is your toolkit for all things build on Bitcoin.
At the core, BOB leverages the Ethereum Virtual Machine (EVM) to enable the creation and execution of smart contracts, ensuring compatibility with existing developer tooling and infrastructure.
Why choose Bitcoin(BTC) layer 2’s?
Secured by Bitcoin, natively connected to Ethereum, which provides Roll-up functionality and Bitcoin network security.
- Scalability: BTC layer 2 solutions enable faster and more scalable transactions by processing transactions off-chain. This reduces congestion on the main BTC blockchain.
- Reduced Fees: Layer 2 solutions typically offer lower transaction fees compared to on-chain transactions. This makes microtransactions and everyday use of BTC more cost-effective.
- Instant Transactions: Layer 2 networks facilitate near-instantaneous transactions, enabling users to send and receive BTC almost instantly. This improves the user experience and usability of the cryptocurrency.
- Privacy: Many layer 2 solutions enhance privacy by settling transactions off-chain. This reduces the amount of transaction data visible on the public blockchain. This provides users with increased privacy and anonymity.
Airdrop potential for early adopters.
The BTC ecosystem is growing and with it, the rise of community rewards. Don’t miss the chance to join the BOB airdrop. We have a detailed guide on how to participate here.
Conclusion.
We have looked at a brief introduction to BOB and its innovation in the bitcoin ecosystem. Join us at Crypto University to stay informed and up-to-date with whatever is happening in the crypto space.