Key Points
- A Bitcoin developer, Burak, has launched a new layer 2 solution called “Brollups” for the Bitcoin network.
- Despite this development, the price of Bitcoin continues to drop significantly.
Burak, a Bitcoin developer, recently introduced a new layer 2 solution for Bitcoin named “Brollups”. This technology aims to enhance Bitcoin’s functionality in the DeFi sector.
Brollups: A New Layer 2 Solution
Brollups is a layer 2 solution that uses a “Bitcoin-native rollup design”. This enables it to bundle transactions together without the need for a complex hard fork of the Bitcoin protocol or the creation of a new token specific to Brollups.
The design phase of Brollups is ongoing, with the goal of integrating it seamlessly with Bitcoin. Burak stressed that Brollups is deeply embedded in Bitcoin and will function natively with Bitcoin as a payable construct.
Brollups’ functionality will be monitored by “operators”. These operators are crucial for maintaining liquidity within the protocol and keeping the Brollups state updated by regularly chaining Bitcoin transactions on the Bitcoin Virtual Machine.
Impact on the Bitcoin Community
Brollups has been well-received in the Bitcoin community as it meets its objectives without disrupting the core Bitcoin protocol or introducing a new token. This approach could potentially address over 90% of DeFi use cases on Bitcoin. It could also streamline and secure DeFi applications built on Bitcoin, eliminating the need for intermediaries and fostering a more decentralized financial ecosystem.
Burak previously made headlines in October 2022 when he revealed a vulnerability in the Lightning Network using a complex multisignature Taproot transaction. This event drew attention to potential issues within the Taproot upgrade, a significant update launched in November 2021 to enhance Bitcoin’s privacy, efficiency, and smart contract capabilities.
Despite the introduction of the Ordinals protocol by Casey Rodarmor in January 2023, Taproot initially saw limited adoption. However, by December 2023, Taproot transactions accounted for over 50% of all Bitcoin transactions.
As of now, the price of Bitcoin is $61,072.78, a decline of 5.12% in the last 24 hours.
