Cipher Wang, founder of Nervos Network, a Bitcoin expansion plan, announced on the afternoon of the 13th that UTXO Stack has officially transformed into the Bitcoin Lightning Network pledge layer, which means that staking CKB and BTC will be rewarded. The Nervos Network token CKB rose as high as 0.0143 after hearing the news, an increase of 67%.
BTC expansion plan is once again in competition, with CKB token rewards driving a 67% increase
The most FOMO thing in the Bitcoin ecosystem recently is the Covenant Attested Token Protocol on Fractal Bitcoin. Everyone’s rush to get CAT-20 has pushed the gas fee of Fractal Bitcoin to 5000 sat/byte.
(The main network of the Bitcoin extension network Fractal Bitcoin will be launched in September, and 80% of the tokens will be allocated to the community)
However, the old Bitcoin expansion plan Nervos Network is not willing to fall behind. As soon as the news came out that the transformation of UTXO Stack was good for CKB, CKB rose by 67%, which can be said to be a unique star in the recent market.
Cipher Wang Full text:
UTXO Stack announces transformation into Lightning Network staking layer
We are excited to announce that the UTXO Stack has officially transitioned to the Lightning Network staking layer. The decentralized staking protocol provides better liquidity and a better revenue model for the Lightning Network, paving the way for the large-scale popularization of the Lightning Network.
As part of this transformation, we plan to launch a token incentive mechanism to incentivize staking CKB and BTC to enhance the liquidity of state channels. These incentives will help us build a more efficient and scalable Lightning Network.
This transformation is not only consistent with our vision to build the next generation value network, but also inherits Satoshi Nakamoto’s vision of creating a peer-to-peer electronic cash system. By providing liquidity incentives, we will work to bring the Lightning Network to the public and strive to build a more scalable Bitcoin ecosystem. Specific reward details will be announced later.
(Mempool founder FUDs Bitcoin: Fractal is just a shitfork)
BTC isomorphic L2, Nervos achieves Bitcoin compatibility through UTXO mapping
In addition to being the founder of Nervos Network, Cipher Wang is also the founder of UTXO Stack and the author of the RGB++ protocol. His academic experience is equally amazing. In addition to graduating with a master's degree from Tsinghua University in Beijing, he also served as the product director of the China Banknote Blockchain Technology Research Institute.
Nervos Network started the project as early as 2018, and it can be regarded as a veteran Bitcoin expansion plan. Nervos Network is influenced by the concept of Bitcoin UTXO (Unspent transaction output is a spent transaction output) and will mark used tokens as used. This public chain claims to be the first Layer 2 that is completely isomorphic to BTC (PoW and UTXO design). Provide a more decentralized, secure and Bitcoin-compatible expansion solution.
The RGB++ protocol is an extension of RGB. As an asset standard on Nervos, it maps BTC's UTXO to Nervos cells. Such asset standards allow CKB and BTC Layer 1 to achieve cross-chain interoperability. This means that assets (Ordinals, Runes, Taproot) based on Bitcoin mainnet UTXO can be directly transferred to Nervos.
UTXO Stack is also a modular development tool launched by Cipher Wang. UTXO Stack can be used to create a CKB-like BTC Layer 2. BTC Layer 2 developed by UTXO Stack also has interoperability between Layer 1 and Layer 2, allowing direct asset transfer without any cross-chain operations.
This article UTXO Stack announces the transformation of the Lightning Network staking layer! The news that CKB surged 67% first appeared on Chain News ABMedia.
