Opinions expressed by Digital Journal contributors are their own.
Blockchain technology is a rapidly evolving realm where innovation is the only way to thrive. Elastos, a trailblazer in decentralized operating systems for the internet, has embraced the spotlight for its latest unveiling, the BTC Oracle. This new platform is poised to revolutionize the crypto industry with cross-chain operability. With this innovation, Elastos is breathing new life into dormant Bitcoin and empowering it to be at the forefront of all blockchains.
Elastos is a public blockchain project on a mission to redefine the internet as it is today. Its SmartWeb platform empowers organizations to take control of their data while fostering a more accessible and privacy-centric digital landscape. Elastos aims to help developers worldwide, driving innovation to unlock new opportunities online.
Elastos envisioned a world where every EVM-compatible blockchain would seamlessly integrate with Bitcoin, unlocking countless possibilities for investors. This vision became a reality with Elastos’ BTC Oracle, a groundbreaking solution that bridges the gap between Bitcoin and EVM intelligent contracts. BTC Oracle will likely be a game-changer, representing the most comprehensive approach to cross-chain operability.
Elastos’ Bitcoin Layer 2 (BeL2) forms the core of BTC Oracle. It is a marvel of ZK-based technology. The BeL2 facilitates the direct development and management of Bitcoin-native intelligent contracts and is the foundation for the BTC Oracle. Powered by zero-knowledge proofs, this oracle is a real-time data feed to provide vital Bitcoin information to EVM contracts across the blockchain universe.
BTC Oracle functions through seamlessly integrated technologies to form the BeL2 ecosystem. From the application layer to the ELA-powered relay network, every component is crucial in decentralizing the process while prioritizing reliability. The BTC Oracle generates zero-knowledge proofs and transmits essential events from Bitcoin to EVM contracts with unparalleled efficiency.
The launch of BTC Oracle has marked a significant milestone in Elastos’s journey. According to Sasha Mitchel, Head of Bitcoin Layer 2, BTC Oracle and BeL2 leverage the most advanced cryptographic verification techniques to expand Bitcoin’s utility in the DeFi space. The innovative technology reflects Elastos’ commitment to decentralization and privacy. It is the platform’s first step to a future filled with innovative financial products and decentralized applications.
Elastos strives to empower every EVM-compatible blockchain to use intelligent contracts denominated in Bitcoin. The goal is to open the door to boundless possibilities in the blockchain world. This idea has earned the support of developers and enthusiasts alike, who are looking forward to a new era of collaboration and growth within the crypto ecosystem.
Elastos’ recent development with BTC Oracle reflects more than just a technological breakthrough in the realm of blockchain. This innovation symbolizes progress and collaboration within the blockchain community that will benefit everyone associated with the crypto world. Looking into the future, Elastos is confident that its journey towards a more decentralized Internet will unlock more gateways to possibilities on the internet, making it a trusted name among developers and crypto enthusiasts worldwide.
