Bittime - Blockchain technology continues to develop and span various sectors, including physical infrastructure. The latest collaboration between Elastos, a Bitcoin (BTC) focused blockchain platform, and IoTeX, a Decentralized Physical Infrastructure Network (DePIN) network, marks a significant step forward in integrating digital assets with physical assets in the real world.
This partnership not only aims to improve digital identity validation through DePIN IoTeX technology with DID (Decentralized Identifier), but also brings the advantages of Bitcoin, namely security and trust, into the DePIN network.
This marks a big leap in realizing the integration of digital assets and physical assets using Bitcoin.
Core Innovation Core Focus on Leveraging the Power of Bitcoin's Layer-2
The essence of this collaboration lies in leveraging Bitcoin's Layer-2 capabilities. The Elastos approach enables increased functionality and accessibility of real-world assets (RWA) such as buildings, equipment, and other capital-intensive assets.
The integration of these assets with blockchain technology and the Internet of Things (IoT) aims to create a seamless, secure and efficient ecosystem for the management and monetization of physical infrastructure.
Raullen Chai, Co-founder and CEO of IoTeX, called the direct integration with Bitcoin's Layer-2 a "momentous achievement." He explained,
"Providing our services onto the Elastos Smart Chain (ESC) offers several exciting benefits, including direct integration with Layer-2 Bitcoin. This means deals can be embedded and settled directly in the world's most popular and trusted digital currency. This is an important capability when DePIN is becoming more mainstream."
Bitcoin Layer-2 Integration Strengthens Security and Transparency
This integration allows agreements to be embedded and settled directly in Bitcoin. This capability will become increasingly important as DePIN becomes more popular, offering a secure and transparent mechanism for managing agreements and transactions in the physical infrastructure space.
The key technology facilitating this integration is Elastos' BeL2's BTC Oracle. BeL2's BTC Oracle enables secure and efficient communication between Bitcoin and the EVM blockchain via zero-knowledge proofs (ZKPs). This technology paves the way for complex decentralized applications (dApps) to operate directly on Bitcoin's Layer-2 .
Bitcoin Layer-2 Strengthens Connectivity and Data Integration
IoTeX plays a critical role in providing the infrastructure necessary to connect smart devices and real-world data to the blockchain. Their modular infrastructure platform connects smart devices and real-world data to the blockchain, while their middleware solution, W3bstream, brings real-world data on-chain.
This capability is critical to seamlessly integrating IoT devices with blockchain technology, ensuring data integrity, and optimizing speed and scalability.
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Gateway to the Future DePIN
The collaboration between Elastos and IoTeX marks a new chapter in the evolution of DePIN. Bitcoin Layer-2 integration opens up new opportunities to improve security, transparency, and efficiency of physical infrastructure management.
Jonathan Hargreaves, Global Head of Business Development & ESG at Elastos, described the partnership as Web3's "frontier." By reducing intermediaries and increasing transparency and privacy in the physical domain, Elastos and IoTeX bridge the gap between the digital and physical worlds, backed by the security and trust of Bitcoin.
Impact of Collaboration
This collaboration has the potential to have a positive impact on various parties:
- Physical Infrastructure Providers: Gain access to new markets and increase asset management efficiency.
- End Users: Gain access to more secure, transparent and efficient infrastructure services.
- Blockchain Industry: Expanding the scope of blockchain applications to the physical infrastructure sector.
Challenges and Potential
While this collaboration offers many opportunities, there are several challenges to consider:
- Regulation: The regulatory framework for DePIN and digital assets is still evolving.
- Market Adoption: Education and incentives are needed to encourage widespread adoption of DePIN.
BTC/USDT Bitcoin Price Today
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On April 05, 2024, Bitcoin BTC/USDT price was at $66,540 per coin, up 0.47% in 24 hours.
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The Future of DePIN
Collaboration between Elastos and IoTeX could be a major driver in the development of DePIN. Bitcoin Layer-2 integration has the potential to revolutionize the way physical infrastructure is managed, paving the way to a more integrated, secure and efficient future.
Conclusion
The Elastos and IoTeX collaboration marks a new chapter in the evolution of DePIN. Bitcoin Layer-2 integration opens up new opportunities to improve security, transparency, and efficiency of physical infrastructure management.
Although there are several challenges that need to be overcome, this collaboration has the potential to have a positive impact on various parties and encourage widespread adoption of DePIN.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at 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 the complete guide on how to buy Bitcoin (BTC) 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 solicitation 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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