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Bittime - Beyond Layer 2, highlighting the limitations of Bitcoin's existing layer 2 solution, the paper argues for a new approach that builds directly on Bitcoin to achieve scalability, while addressing capital efficiency, liquidity issues, and other barriers to mass adoption.
Also read: Exploring Blockchain Layers and Revealing the Differences between L0 and L1
Unlocking Bitcoin's DeFi Potential
Core Chain's vision paper proposes a strategic roadmap to unlock Bitcoin's enormous potential in the decentralized finance (DeFi) ecosystem, with the goal of transforming Bitcoin from just a passive store of value into an active productive asset, both in Bitcoin L1 and in DeFi.
Core Chain, a leading blockchain technology company, has released a vision paper titled “Unlocking Bitcoin DeFi,” which outlines a breakthrough approach to integrating Bitcoin with the decentralized finance (DeFi) ecosystem.
This research presents a strategic road map for harnessing Bitcoin's vast, untapped potential, by opening the gates to a trillion-dollar Bitcoin economy.
Also read What is Layer 2 on the Blockchain
In the paper's vision, Core Chain introduces innovative solutions such as non-custodial Bitcoin staking and core native wrapped Bitcoin (coreBTC), aiming to transform Bitcoin from a passive store of value to an active productive asset in the DeFi space.
This advancement is set to revolutionize the way Bitcoin interacts with decentralized applications, making it one of the main pillars of the emerging DeFi economy.
Also Read : What is DeFi?
"Unlocking Bitcoin DeFi isn't just about increasing Bitcoin's utility; it's about restructuring the future of finance. This paper's vision lays the foundation for a trillion-dollar Bitcoin economy, where Bitcoin's value is fully realized and accessible to everyone, everywhere.
We are on the threshold of a new financial revolution, and Core Chain is leading the way," said Rich Rines, Early Contributor at Core Chain.
Connecting Bitcoin with DeFi
This paper emphasizes the importance of equating Bitcoin with DeFi to open up new realms of financial innovation and liquidity.
By leveraging Core Chain's unique Satoshi Plus consensus mechanism and its integration with Ethereum Virtual Machine (EVM) compatible smart contracts, Core Chain facilitates Bitcoin holders' active participation in the DeFi market without compromising security or custody.
Also Read How To Buy Crypto:
New Economic Paradigm
With approximately $1 trillion in Bitcoin in circulation, the potential for growth and innovation in the Bitcoin DeFi ecosystem is enormous. The Core Chain vision paper discusses the transformative impact that the expression of this value could have on the global financial landscape, ushering in a new era of economic freedom, innovation and opportunity.
Core Native Wrapped Bitcoin (coreBTC)
A key highlight of the paper's vision is the introduction of coreBTC, Core's native wrapped Bitcoin designed to address the centralization and trust issues associated with traditional wrapped Bitcoin solutions. coreBTC enables seamless interoperability between Bitcoin and other blockchain networks, facilitating a wide range of DeFi applications and services while adhering to the principles of decentralization and trust.
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About Core Chain
Core Chain is a layer one blockchain powered by Bitcoin for EVM compatible smart contracts. It uses the innovative Satoshi Plus consensus mechanism, integrating the best aspects of Proof of Work and Proof of Stake.
With 50% of Bitcoin mining hash power participating in consensus in exchange for unlocking Bitcoin utility and rewards, Core Chain becomes the most Bitcoin-aligned EVM blockchain (BTCfi, Bitcoin staking, etc.).
This breakthrough has attracted a large community of 2.2 million Twitter followers, 250K Discord members, and others that has translated into millions of CORE holders, over 14 million unique addresses, and 225 million transactions since launching on mainnet a year ago.
How to Buy Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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