Home Finance BOB, a ‘Hybrid’ Layer-2 Blockchain Mixing Bitcoin and Ethereum, Raises $10M

BOB, a ‘Hybrid’ Layer-2 Blockchain Mixing Bitcoin and Ethereum, Raises $10M

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BOB, a ‘Hybrid’ Layer-2 Blockchain Mixing Bitcoin and Ethereum, Raises $10M

BOB’s (“Construct on Bitcoin”) purpose is to roll out the primary Bitcoin layer-2 community that is suitable with the Ethereum Digital Machine (EVM) normal.

The seed spherical was led by Fort Island Ventures.

BOB, a hybrid layer-2 community – sitting atop the Bitcoin blockchain, however with Ethereum compatibility – has raised $10 million in seed funding.

The spherical was led by Fort Island Ventures and included participation from Mechanism Ventures, Bankless Ventures, CMS Ventures, UTXO Administration, together with angel buyers Dan Held and Domo, creator of the BRC-20 token normal.

BOB’s purpose is to roll out the primary Bitcoin layer 2 with Ethereum Digital Machine (EVM) compatibility. EVM is Ethereum’s native processing system that enables builders to create good contracts. The identify BOB is an acronym for “Construct on Bitcoin.”

Bringing Ethereum-style contracts to Bitcoin is seen as one thing of a sticky wicket because of considerations that the computations would place a pressure on the community and degrade efficiency for different customers.

Nonetheless, the spirit of creating atop Bitcoin acquired some recent impetus final 12 months by way of the BitVM proposal, as specified by a whitepaper in October. Underneath BitVM, computations could be carried out off-chain after which verified on-chain, just like the mechanics of optimistic rollups on Ethereum, which means there could be no threat of clogging up the community at different customers’ expense.

Learn Extra: Satoshi-Period Bitcoin Operate ‘OP_CAT’ Dusted Off as Growth Fervor Grows

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