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

This week, the much-anticipated Bitcoin L2 resolution Merlin Chain went dwell 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 an extended 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 worth of Bitcoin itself, has added additional congestion to the community and discouraged new customers from changing into all in favour of Bitcoin.

(Bitcoin Every day Common Transaction Price $: YCharts)

The concept 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 staff that constructed BRC-420 protocols and Bitmap.recreation, and is very valued by the neighborhood because of the staff’s previous successes.

BRC-420

The BRC-420 protocol helps the mix/recursion of any file format to kind a extra complicated inscription. Whether or not it’s a personality picture, a recreation script, a digital machine or an AI mannequin, it may well turn out 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 worth of $26,000, and different property corresponding to Mineral and This Tune About NFTs are among the many most actively traded property on the OKX market. It now has 1000+ builders and 600+ collections, and has been a superb performer even through the bear market, the value solely going up and by no means falling.

Bitmap.Sport

Bitmap.Sport is a completely on-chain, totally decentralized, fair-launch metaverse venture. It’s primarily based on the Digital Matter Concept 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 totally 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 Via Modern 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 ought to be about additional innovating to unlock the potential of Bitcoin by its native property, customers and protocols.

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

Thus far, Merlin Chain has constructed a strong DApp ecosystem, the liquidity issues have been successfully addressed, and is planning for additional growth.

Leveraging ZK-Rollup for Environment friendly and Safe Scaling

The varied ecosystem and property additionally indicate greater throughput necessities and a few security dangers. To unravel this drawback, 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 information, ZK state roots, and proofs by way of zkEVM. The compressed transaction information and ZK Proofs are then uploaded by way of the decentralized Oracle community to the taproot on Bitcoin L1, which is offered to all the community to make sure transparency and safety.

The decentralized Oracle community nodes will likely be required to stake $BTC to stop improper actions. Customers can provoke challenges to the ZK-Rollup primarily based on compressed information, 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.

Via 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 Strategy

In comparison with different Bitcoin L2s which are making makes an attempt in the intervening time, 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 property to Bitcoin by their work, moderately than serving different ecosystems within the title 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 also can expertise $BTC swaps with different tokens, corresponding to stablecoins, at any time with out having to modify 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 likely 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 presently utilizing Ethereum commonplace tokens as governance tokens. The token will likely be launched by a good launch, except for a small portion that will likely be distributed to VCs and the staff, which will likely be given a 48-month launch interval that won’t begin inside two years, demonstrating the staff’s and buyers’ confidence in Merlin Chain.

Bridging the Hole – Simplifying Bitcoin Adoption and Gas Progress

One other tough subject for the builders within the Bitcoin ecosystem is the shortage of recent customers and new cash coming in. Whereas the Ordinals issues have continued to be on fireplace, the variety of lively tackle has not seen vital development. It’s simply the identical group of individuals concerned in numerous tasks. A really elementary purpose for that is the complexity of Bitcoin. In addition to the necessity to obtain a Bitcoin pockets, inscribing can be not very simple 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.

(Every day Lively Bitcoin Handle: Glassnode)

Merlin Chain will remedy this drawback. Presently, Merlin Chain has been linked to 40 Ethereum chains, so for these customers who should not acquainted with Bitcoin, they’ll use their acquainted wallets, corresponding to MetaMask, and their acquainted property, corresponding to stablecoins, $ETH, $BNB, and so forth. to work together on Merlin Chain. Customers don’t must know the rules behind Bitcoin, and even what BRC-20 and Atomicals are, earlier than they’ll expertise Bitcoin in its native method of their acquainted manner.

For this function, Merlin Chain goes to combine the primary multi-chain inscription DApp, which can permit customers to inscribe property 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 also be out there 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 property such because the BRC-20/ BRC-420/ Atomicals/ Runes at a really low worth. 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 property, protocols, and merchandise on Layer1 by its Layer2 community, to Make Bitcoin Enjoyable Once more. Merlin Chainis a subsidiary product line of Bitmap Tech, a premier OG staff boasting an general market cap exceeding $500 million. The BRC-420 “Blue Field” assortment below Bitmap Tech has turn out to be one of many hottest property on Ordinals.

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

Contact

Jeff
Merlin Chain
bitmap@bitmap.tech