On May 20, 2024, the Bitcoin Layer2 development team BEVM released the technical yellow paper titled 'Taproot Consensus: A Decentralized BTC Layer2 Solution.'
Press Release– On May 20, 2024, the Bitcoin Layer2 development teamreleased the technical yellow paper titled"Taproot Consensus: A Decentralized BTC Layer2 Solution." This paper details the implementation of Taproot Consensus, leveraging native Bitcoin technologies such as Schnorr signatures, MAST, and Bitcoin SPV nodes to build a fully decentralized BTC Layer2 solution.
The Taproot Consensus solution by BEVM builds on these advancements, combining Schnorr signatures and MAST to manage multi-signature addresses and enable complex business scenarios in Bitcoin Layer2.The yellow paper begins by highlighting Bitcoin's non-Turing complete nature and limited functionality for smart contracts. It argues for using Bitcoin's existing capabilities to build a decentralized Layer2 solution rather than modifying Bitcoin Layer1.
In the BEVM system, each validator holds a BTC private key for Schnorr signatures. The aggregated public key forms a MAST tree, enabling BTC transfers and inscriptions to the threshold signature address. Validators act as Bitcoin SPV light nodes, synchronizing the BTC network state securely and permissionlessly. Aura+Grandpa ensures the Layer2 network's security and trustworthiness, with assets managed by BFT consensus.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BEVM Unveils Groundbreaking Taproot Consensus for Decentralized Bitcoin Layer 2 SolutionCrypto Blog
Read more »
Bitcoin Layer2 BEVM Announces Investment from BitmainBitcoin Layer2 BEVM Announces Investment from Bitmain
Read more »
Bitcoin Layer2 BEVM Announces Investment From BitmainIts Bitcoin mining machines previously commanded over 70% of the global market share. Notably, this marks Bitmain's sole investment in the Bitcoin Layer2 domain
Read more »
Roger Ver Arrest Major Statement Made by Samson MowBitcoin maximalist Samson Mow has shared his take on recent arrest of Bitcoin OG Roger Ver
Read more »
Smart Bitcoin Statement Issued by Michael Saylor as BTC Dumps 4.15%Prominent Bitcoin advocate Saylor has made smart Bitcoin statement, addressing his X community
Read more »
'Bitcoin Prize' Tweet Issued by Michael Saylor, Here's His Price HintProminent Bitcoin proponent Saylor has hinted at next Bitcoin price high to be reached soon
Read more »