Hemi Labs focused on ‘marrying the king and queen of crypto’
The post Hemi Labs focused on ‘marrying the king and queen of crypto’ appeared on BitcoinEthereumNews.com.
Hemi Labs, the brainchild of former Bitcoin core developer Jeff Garzik, has secured $15 million in a funding round led by Binance Labs, Breyer Capital and Big Brain Holdings to develop its new blockchain network, Hemi. The network is designed to integrate Bitcoin and Ethereum into a single, modular system. The investment will support Hemi’s development ahead of its planned mainnet launch in late 2024. The project’s incentivized testnet is already live. Garzik is skeptical of most of the projects calling themselves layer-2’s whether on Ethereum or Bitcoin. He prefers an approach that tries to “unify the experience across both chains.” “What comes next after Bitcoin L2s? A next generation network marrying the king and queen of crypto, Bitcoin and Ethereum,” Garzik told Blockworks. A central feature of the network is the Hemi Virtual Machine (hVM), which embeds a Bitcoin node within the Ethereum environment, specifically a custom version of the Geth execution client. Hemi’s consensus mechanism, Proof-of-Proof (PoP), is also novel, arising out of field tests by Veriblock, prior to Hemi Labs’ acquisition of the company in 2023. Veriblock co-founder Max Sanchez came aboard as Hemi’s CTO. “We have myself, Max and other Bitcoin core dev-level developers building deep in the Geth and Bitcoin core engine,” Garzik said. This integration allows developers to create dapps that operate across both networks using familiar Ethereum tools. Both Bitcoin and Ethereum are evolving into settlement layers, with transaction activity migrating to connected networks. “Where we think our special sauce is on the Ethereum side, where there is very little strong marriage to Bitcoin,” Garzik said, in contrast to the “ton of L2s” on Bitcoin. “They’re all staple gunning [Ethereum Virtual machine (EVM)] on some sort of Bitcoin anchoring, but it’s a very poor integration.” The hVM incorporates new byte codes into the…
Filed under: News - @ September 18, 2024 1:27 pm