Quick take:
The network has already secured 5000 BTC commitments from institutional node operators.
GOAT Network will launch with a decentralised sequencer model, enabling sequencer node operators to secure the network.
It also allows them to earn a yield on their Bitcoin and fees from block production and transactions.
ZKM has unveiled GOAT Network, a decentralised Bitcoin layer-2 solution scheduled for launch in Q3 2024. The company is building what it calls a “Universal Layer-2” with the Bitcoin ecosystem as the first to be integrated. The network uses ZKM’s Entangled Rollup technology to enable the security features of Bitcoin’s Layer-1 blockchain.
GOAT Network will leverage ZKM’s zero-knowledge-proof system that enables seamless interoperability between blockchains to integrate with more chains as part of its goal of building a “Universal Layer 2”.
“GOAT Network’s launch of a Bitcoin L2 is a powerful first step in ZKM’s quest to unite the fragmented Web3 universe,” said GOAT Network Core Contributor Kevin Liu. “We believe strongly in decentralization, and we’re excited to enable a shared-ownership model from day one.”
According to an announcement on Monday, the company plans to add Ethereum, TON, Cosmos and many others following the integration of Bitcoin. “The goal is to solve fragmented liquidity issues in the blockchain world by enabling any L1 to seamlessly connect to any L2, without the vulnerabilities of a traditional third-party bridge.”
GOAT Network uses “recursive zero-knowledge (ZK) proofs” to sync the different states of L1s and L2s thus enabling the deployment of entangled rollups.
According to ZKM, “This enables messaging and asset transfers across many different networks, without the use of a third-party bridge or any other cross-chain mechanism subject to the kinds of vulnerabilities typically found in bridges.”
GOAT Network is trying to address one of the most exploited vulnerabilities of blockchain interoperability networks, the use of bridges. Billions of dollars have been stolen by hackers over the past few years, including the “Ronin bridge exploit” where $625 million in ETH and USDC was reported to have been stolen in March 2022.
Explaining how entangled rollups address this problem, GOAT Network wrote: “Entangled Rollup is designed to roll up the transaction state, messaging and ZKP of a transaction from one source chain and verified in another chain. In this way, liquidity in different chains can be unified and leveraged by cross-chain applications. Since it is the roll-up smart contract that makes the cross-chain transaction happen, no bridge MPC will be needed.”
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The post Interoperability Protocol ZKM Unveils Bitcoin L2 GOAT Network appeared first on NFTgators .
