Development company behind the Aurora blockchain, Aurora Labs, announced the release of its Bitcoin Light Client and Relayer, connecting the Bitcoin network with the NEAR protocol for the first time and facilitating the development of new decentralized finance (DeFi) applications as well as improving Web3 interoperability.
“There’s a lot of untapped value in the Bitcoin ecosystem. NEAR Chain Signatures are a solid step forward, but to really unlock Bitcoin’s potential, we need the ability to read and act on its state,” said Alex Shevchenko, CEO of Aurora Labs, in a written statement. “That’s why we created a trustless Bitcoin Light Client that functions as a smart contract. With this and Chain Signatures together, we’re opening the door for Bitcoin to finally enter the DeFi world,” he added.
The Bitcoin Light Client, created by Aurora Labs, functions as a smart contract on the NEAR network. It enables NEAR decentralized applications (dApps) to verify Bitcoin transactions and guarantees NEAR has access to the most current state of Bitcoin. This light client represents the basis for a forthcoming Bitcoin bridge that will facilitate the utilization of Bitcoin assets on the NEAR network.
Aurora Labs Introduces Relayer Service To Synchronize Light Client With Bitcoin Network
In addition, Aurora Labs has unveiled a Relayer Service that keeps the light client synchronized with the Bitcoin network. This service functions as a bridge, continuously renovating the smart contract on NEAR with the latest Bitcoin transactions. The release of these Bitcoin-related products is accompanied by the roll out of a blockchain signature service for NEAR, developed by Proximity Labs. This service facilitates the creation of native Bitcoin bridges by enabling the transfer of BTC to and from the NEAR network.
Aurora Labs manages a network of Virtual Chains that merge NEAR’s scalability with infrastructure designed for the straightforward deployment of preconfigured blockchains. By incorporating a high-performance Ethereum Virtual Machine (EVM), the trustless Rainbow Bridge, and advanced Cross Contract Call technology, Aurora extends beyond complete Ethereum compatibility and facilitates a multichain ecosystem.
The introduction of the Bitcoin Light Client represents a key advancement towards creating a unified Web3 experience, enabling seamless asset transfers between Bitcoin and NEAR. Its deployment sets the stage for a range of innovations that will broaden the use cases available to developers working on the NEAR platform.
The upcoming deployment of the Satoshi Bridge will enhance this capability by enabling direct BTC deposits into NEAR and interaction with its dApps. This bridge will not only make BTC available on NEAR but also facilitate the integration of Runes and Ordinals, paving the way for the development of new DeFi applications that leverage both Bitcoin and NEAR.
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