BitcoinOS achieves breakthrough with Bitcoin ZKP: $250 million liquidated
BitcoinOS successfully verified the first zero-knowledge proof (ZKP) on the Bitcoin main chain, marking a major technical milestone. This achievement was made possible by the BitSNARK software library, allowing trustless BTC movement between the Bitcoin main chain and layer 2 rollups, opening a new chapter for Bitcoin's scalability and functionality.
BitcoinOS: Zero-knowledge proof brings revolution
At the Bitcoin 2024 conference, BitcoinOS (BOS) verified Bitcoin's first zero-knowledge proof, demonstrating the huge potential of this technology. This breakthrough by BOS does not require Bitcoin Improvement Proposals or soft forks, making Bitcoin upgrades more flexible and efficient. Edan Yago, a major contributor to BitcoinOS, pointed out that this breakthrough reduces the reliance on traditional upgrade proposals and brings Bitcoin closer to its original vision of becoming a decentralized, trustless, peer-to-peer digital currency.
The core technology BitSNARK enables developers to create layer 2 rollups and trustless bridges on Bitcoin, enabling BTC transfers between the Bitcoin main chain and L2 rollups. Unlike existing models that rely on centralized entities, BOS provides a decentralized approach that ensures the security and efficiency of the system through a dynamic set of operators.
Market Turbulence: Bitcoin Price Drops and Long Liquidations
Meanwhile, the cryptocurrency market faced turbulence, with Bitcoin prices plummeting to $64,000, a 4% drop, resulting in the liquidation of $261.47 million in long positions. This was the largest liquidation since early July, reflecting that the market remains volatile despite major technical breakthroughs.
According to the Coinglass report, Binance led other exchanges in liquidations, with a liquidation amount of $118 million, followed by OKX and Huobi, with liquidations of $88.3 million and $31.5 million, respectively. Meanwhile, Ethereum (ETH) also suffered heavy losses, with $101 million liquidated, including $97.5 million from long positions and $4 million from short positions, and the price fell 8.2% to $3,167. The decline was mainly due to outflows from the newly launched ETH ETF.
