Devs to Launch New DeFi and Smart Contract Solution on Bitcoin
The post Devs to Launch New DeFi and Smart Contract Solution on Bitcoin appeared on BitcoinEthereumNews.com.
The dream of decentralized finance (DeFi) on the Bitcoin blockchain has eluded developers for nearly as long as it the dominant blockchain has existed. But a crucial component of DeFi, smart contracts, are not native to the Bitcoin blockchain. A group of developers, however, is set to launch the OP_NET testnet on Wednesday, which they say will bring the programmable feature to Bitcoin. OP_NET takes advantage of the Tapscript component of the Bitcoin Taproot upgrade, which also made Ordinals and Runes possible. According to pseudonymous OP_NET co-founder Chad Master, the objective is to build a meta protocol system that is permissionless and allows anyone to deploy decentralized applications and smart contracts on the Bitcoin network. “We want to actually see DeFi on Bitcoin in full force,” Chad Master told Decrypt, providing a preview of the testnet launch and noting that the mainnet should come online in late September. Aug 7th. 5pm EST. OP_NET Litepaper + WebsiteOP_NET Testnet + Regtest (30sec blocks)OP_NET NPM Dev Packages + DocsOP_WALLET Download@MotoswapBTC NEW Testnet + Regtest@opscanbtc Testnet + RegtestOP_NET Regtest Faucet All live tomorrow AND Spaces at 5:30pm EST… pic.twitter.com/Zywl7fDSwM — OP_NET (@opnetbtc) August 7, 2024 “People want to be able to use Bitcoin without compromise and without having to move it to another blockchain—one with less security and decentralization,“ the co-founder continued. “In a permissionless and open-source manner, as true to BTC as possible, we’re bringing that solution with the introduction of OP_NET.” As Chad Master explained, OP_NET uses WebAssembly (WASM), which means smart contracts can be written in multiple languages, including AssemblyScript/Typescript, Rust, Python, C++, and more. According to the OP_NET light paper, only Bitcoin is required to pay transaction fees, rather than sidechain tokens. OP_NET transactions submitted to the Bitcoin network are labeled in an arbitrary data field with the string “BSI,”…
Filed under: News - @ August 8, 2024 1:16 pm