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Bittime - Marathon Digital, one of the Bitcoin in the world, announced its newest project called Anduro. It is a multichain layer 2 network on top of Bitcoin.
Anduro aims to expand Bitcoin's functionality and innovation by enabling the creation of various sidechains that can run blockchain-based applications.
Anduro is the result of Marathon Digital's incubation designed to accelerate Bitcoin development and adoption. Anduro wants to be the application layer that supports Bitcoin's Proof-of-Work incentive system.
Anduro also integrates a decentralized governance system, with a focus on being the most reliable and developer-friendly Bitcoin layer 2 network.
While Marathon Digital has helped grow Anduro, the network is intended to be community-led and driven. Marathon Digital is also working on the first two sidechains on Anduro, namely Coordinate and Alys.
Coordinate offers a cost-effective UTXO (unspent transaction output) stack for the Ordinals community, while Alys is an Ethereum-compatible sidechain for institutional asset tokenization.
Also read How to Buy Crypto:
Anduro uses a new system called merge-mining, which allows miners like Marathon Digital to earn revenue from transactions that occur on the Anduro sidechain while still mining Bitcoin in the base layer without interruption.
According to Litepaper Anduro, network governance is carried out by “a diverse consortium of Bitcoin-backing entities known as the Collective.” However, these will be replaced by less trust-requiring alternatives once they are ready for production.
Fred Thiel, Chairman and CEO of Marathon Digital, said that his company has a vested interest in supporting innovation in the Bitcoin ecosystem. This includes incubating projects like Anduro.
“We believe in testing, iterating and letting the market determine which ideas work. We believe Anduro is one of those ideas that provides value for Bitcoin holders and developers, while strengthening the long-term sustainability of Bitcoin Proof-of-Work,” said Thiel.
The next step for the company is to recruit “influential and aligned partners” to invest at the forefront of Bitcoin adoption, Anduro's Litepaper reads.
Meanwhile, Bitcoin prices continued to rise throughout 2023, reaching a new record high above $57,000 or around IDR 888 million in early February 2024. This increase in Bitcoin prices not only attracted the attention of investors around the world, but also shifted focus to new investment opportunities in the market crypto, including layer 2 projects like Anduro.
Bitcoin layer 2 is a solution that aims to increase the scalability, speed and efficiency of Bitcoin by moving some transactions from the base layer to a separate second layer. In this way, the load on the base layer can be reduced, transaction costs can decrease, and confirmation times can be accelerated. Some other examples of Bitcoin layer 2 projects are Lightning Network, Liquid Network, and RSK.
These Bitcoin layer 2 projects offer a variety of benefits and challenges for Bitcoin users and developers. The benefits include improving Bitcoin's functionality and innovation, expanding financial access and inclusion, and increasing Bitcoin's competitiveness with other cryptocurrencies.
Challenges include maintaining Bitcoin's security and decentralization, overcoming interoperability and adoption issues, and facing competition and regulation from other parties.
Anduro is one attempt to overcome these challenges and provide a reliable, flexible and community-oriented Bitcoin layer 2 solution. With Anduro, Marathon Digital hopes to contribute to the future development and growth of Bitcoin.
How to Buy Crypto on 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 Bappbeti.
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.
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.
Also read:
Bitcoin Futures and Bitcoin Options: Bitcoin Financial Contracts, What's the Difference?
What is Bitcoin Halving and How Does It Affect Bitcoin?
Mining Bitcoin vs Validating Bitcoin Transactions
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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