Core DAO, the only Layer 1 blockchain that combines the decentralization and security of Bitcoin with the scalability and utility of Ethereum, announces a unique integration with LayerZero, an omnichain interoperability protocol, and Avalanche to expand access to Bitcoin (BTC) through a BTC.b token bridge.
This integration allows Core users to convert their Bitcoin into BTC.b using LayerZero’s token bridge. Then, users can transfer and access BTC.b on the Core blockchain and immediately use it on Core dApps and decentralized exchanges. By enabling access to a Bitcoin-backed asset and expanding on the existing symbiotic relationship Core has with Bitcoin, BTCB.b will allow for unique developments atop a scalable, EVM-compatible Core.
Core network utilizes a novel consensus mechanism called Satoshi Plus, which integrates Delegated Proof of Stake and Proof of Work via an incentive structure that rewards Bitcoin miners for delegating their hash power to Core. Currently, more than 40% of the Bitcoin network is delegating hash power to Core, contributing to a healthier and more sustainable mining ecosystem that preserves Bitcoin’s governance across both networks without further congesting Bitcoin.
“Given the increased demand for additional use cases on the Bitcoin network, we know it cannot currently scale and support new use cases on its own,” initial Core DAO contributor Brendon Sedo said. “The Core blockchain was designed to leverage the security and decentralization benefits of Bitcoin, while offering the composability of EVM to enable endless use cases. This integration with BTC.b fits perfectly with our Bitcoin focus by bringing the utility of Bitcoin to our ecosystem.”
BTC.b is a DeFi-compatible token originally launched on the Avalanche blockchain that represents Bitcoin (BTC) and is backed 1:1 by actual BTC locked on the Bitcoin network. It has provided its users with access to BTC.b through a bridge directly to the Bitcoin blockchain since June 2022.
““We’re thrilled to see the expansion of BTC.b onto the Core Blockchain. Utilizing the Omnichain Fungible Token (OFT) Standard, BTC.b can now easily move to and from Core’s bitcoin hash powered blockchain,” said Max Power, Special Projects, LayerZero.
In November of 2022, BTC.b became a LayerZero Omnichain Fungible Token (OFT), making it capable of quickly and securely operating on other blockchains, allowing for greater benefits such as stability and enhanced utility within the DeFi space. As an OFT, BTC.b offers maximum token composability without needing to rely on intermediary custodians. With this integration, smart contracts from the Core ecosystem can now enable the creation of more complex financial instruments that leverage BTC.b, and Core DeFi dApps can use the asset as a means of payment
Core DAO is a Bitcoin powered blockchain that uses a novel Satoshi Plus consensus mechanism, integrating the best aspects of Proof of Work and Proof of Stake. This approach leverages the existing Bitcoin infrastructure for security and decentralization. Core is EVM-compatible, allowing focus on scaling and creating use cases that otherwise would not be possible on Bitcoin.