NewYork, United States, January thirty first, 2024, Chainwire

This week, the much-anticipated Bitcoin L2 resolution Merlin Chain went reside on its testnet, whereas its mainnet is scheduled to be launching inside a month as properly.

Bitcoin’s Community Congestion Dilemma and Scaling Options

The evolution of Ordinals over the previous yr has introduced the eye again to the Bitcoin ecosystem after a protracted interval. Whereas enhancing the thrill of the bitcoin ecosystem, it has additionally elevated the exhaustion of community sources. The more and more excessive value of transactions, coupled with the rising value of Bitcoin itself, has added additional congestion to the community and discouraged new customers from turning into desirous about Bitcoin.

(Bitcoin Each day Common Transaction Charge $: YCharts)

The thought of creating an EVM-compatible L2 community has been acknowledged because the one that might ship the outcomes first because of the simpleness of its implementation path.

Merlin Chain can be one of many EVM-compatible L2 chains, being developed by Bitmap Tech (previously Recursiverse) , the workforce that constructed BRC-420 protocols and Bitmap.recreation, and is very valued by the neighborhood because of the workforce’s previous successes.

BRC-420

The BRC-420 protocol helps the mix/recursion of any file format to type a extra advanced inscription. Whether or not it’s a personality picture, a recreation script, a digital machine or an AI mannequin, it may well grow to be an asset on Bitcoin.

Its core asset, the Blue Field, has risen from an inscription value of $0.15 to an ATH ground value of $26,000, and different belongings similar to Mineral and This Tune About NFTs are among the many most actively traded belongings on the OKX market. It now has 1000+ builders and 600+ collections, and has been a superb performer even through the bear market, the worth solely going up and by no means falling.

Bitmap.Recreation

Bitmap.Recreation is a completely on-chain, absolutely decentralized, fair-launch metaverse challenge. It’s based mostly on the Digital Matter Principle that underlies Bitcoin, and is open-sourced in order that it may be run or verified by any shopper, reflecting the idea of “shopper agnosticism” in absolutely onchain video games.

Throughout this time, Bitmap’s market capitalization has risen from $3 million to a ATH of $290 million. With greater than 30,000 holders, Bitmap has surpassed the Sandbox because the metaverse asset with the best variety of holders throughout all blockchains.

Unlocking Bitcoin’s Potential By Revolutionary Magic

Merlin Chain believes that L2 of Bitcoin mustn’t simply be about transferring cash inexpensively, or simply about having the ability to have the DApps, however must be about additional innovating to unlock the potential of Bitcoin by way of its native belongings, customers and protocols.

For instance, as Bitmap is a very decentralized asset, the best way to make video games based mostly on it, in order that Bitmap customers can enter numerous meta-universes at a low value; or for the DeFi protocols based mostly on BRC-420, the best way to give two-way empowerment to NFT and FT; and for minting inscriptions, the best way to mint L1 belongings on L2 in a less expensive and versatile approach. Solely these “Bitcoin-native” improvements can proceed to empower the ecosystem, reasonably than replicating the way in which Ethereum works.

Up to now, Merlin Chain has constructed a robust DApp ecosystem, the liquidity considerations have been successfully addressed, and is planning for additional enlargement.

Leveraging ZK-Rollup for Environment friendly and Safe Scaling

The various ecosystem and belongings additionally indicate larger throughput necessities and a few security dangers. To resolve this downside, Merlin Chain has adopted ZK-Rollup which permits the compression of numerous transaction proofs right into a easy check-sum to enhance transaction effectivity and scalability.

The sequencer nodes on Merlin Chain are answerable for accumulating and batching transactions, producing compressed transaction knowledge, ZK state roots, and proofs through zkEVM. The compressed transaction knowledge and ZK Proofs are then uploaded through the decentralized Oracle community to the taproot on Bitcoin L1, which is obtainable to your entire community to make sure transparency and safety.

The decentralized Oracle community nodes will probably be required to stake $BTC to stop improper actions. Customers can provoke challenges to the ZK-Rollup based mostly on compressed knowledge, ZK state roots, and ZK Proof. Profitable challenges lead to a rollback to the final verified state, and the forfeiture of the Oracle node’s locked $BTC, guaranteeing the system’s safety and trustworthiness.

By the mixing of those applied sciences, Merlin Chain has proven its superior technical capabilities and is on observe to construct an environment friendly, safe, and native Bitcoin L2 resolution.

Native Integration – Merlin Chain’s Bitcoin-Centric Method

In comparison with different Bitcoin L2s which are making makes an attempt in the meanwhile, one of many key options of Merlin Chain is that it’s “Bitcoin Native”.

As a powerful believer in Bitcoin for a few years, Merlin Chain is extraordinarily dedicated to the event of the Bitcoin ecosystem, and seeks to carry extra customers and belongings to Bitcoin by way of their work, reasonably than serving different ecosystems within the identify of Bitcoin. As such, Merlin Chain locations a excessive worth on the native bitcoin nature of its ecosystem’s tasks and customers.

Merlin Chain helps bitcoin-native wallets. Empowered by the Particle Community’s account abstraction, customers can use their bitcoin wallets to seamlessly swap between L1 and L2 . Customers may expertise $BTC swaps with different tokens, similar to stablecoins, at any time with out having to change to an EVM pockets.

As well as, Merlin Chain will assist a lot of the main protocols on Bitcoin L1, together with, however not restricted to, BRC-20, Bitmap, BRC-420, Atomicals, SRC20, and Pipe. All inscriptions on L1 will probably be routinely whitelisted by Merlin Chain, permitting customers to securely and affordably commerce on it.

Consistent with its pursuit of “Bitcoin Native”, Merlin Chain plans to undertake BRC-20 as its governance token. This makes much more sense than different Bitcoin L2s which are at present utilizing Ethereum commonplace tokens as governance tokens. The token will probably be launched by way of a good launch, apart from a small portion that will probably be distributed to VCs and the workforce, which will probably be given a 48-month launch interval that won’t begin inside two years, demonstrating the workforce’s and buyers’ confidence in Merlin Chain.

Bridging the Hole – Simplifying Bitcoin Adoption and Gasoline Progress

One other difficult problem for the builders within the Bitcoin ecosystem is the dearth of latest customers and new cash coming in. Whereas the Ordinals issues have continued to be on fireplace, the variety of lively deal with has not seen important development. It’s simply the identical group of individuals concerned in several tasks. A really elementary motive for that is the complexity of Bitcoin. In addition to the necessity to obtain a Bitcoin pockets, inscribing can be not very straightforward to grasp, and customers might want to spend not less than two blocks of their time inscribing, in addition to three blocks of their time for affirmation, which is sophisticated and time-consuming.

(Each day Lively Bitcoin Deal with: Glassnode)

Merlin Chain will remedy this downside. At the moment, Merlin Chain has been linked to 40 Ethereum chains, so for these customers who will not be acquainted with Bitcoin, they will use their acquainted wallets, similar to MetaMask, and their acquainted belongings, similar to stablecoins, $ETH, $BNB, and so forth. to work together on Merlin Chain. Customers don’t must know the ideas behind Bitcoin, and even what BRC-20 and Atomicals are, earlier than they will expertise Bitcoin in its native method of their acquainted approach.

For this objective, Merlin Chain goes to combine the primary multi-chain inscription DApp, which is able to permit customers to inscribe belongings on different layers, together with Bitcoin L1, on Merlin Chain. It would solely take one block to attend for. On the similar time, a launchpad may even be accessible on Merlin Chain, with a mechanism that enables each inscription launched on it to be valued at 100,000 FDV, permitting extra customers to simply buy belongings such because the BRC-20/ BRC-420/ Atomicals/ Runes at a really low value. Moreover, as a part of its dedication to decentralization, Merlin Chain goes to launch most of its governance tokens to the neighborhood.

Customers can keep tuned for the upcoming mainnet launch – the way forward for Bitcoin is about to unfold with Merlin Chain on the helm.

About Merlin Chain

Merlin Chain is a Bitcoin Layer2 that integrates ZK-Rollup community, decentralized oracle community, and on-chain BTC fraud proof modules. Merlin Chain is dedicated to empowering Bitcoin’s native belongings, protocols, and merchandise on Layer1 by way of its Layer2 community, to Make Bitcoin Enjoyable Once more. Merlin Chainis a subsidiary product line of Bitmap Tech, a premier OG workforce boasting an total market cap exceeding $500 million. The BRC-420 “Blue Field” assortment beneath Bitmap Tech has grow to be one of many hottest belongings on Ordinals.

Customers can begin following Merlin Chain’s Twitter for extra updates.

Contact

Jeff
Merlin Chain
bitmap@bitmap.tech