Bitcoin second-layer network BOB completes US$10 million in seed round financing, led by Castle Island Ventures

2024-03-28 00:05:09BlockBeatsShare to:

According to BlockBeats news, on March 28, BOB (abbreviation for “Build on Bitcoin”), which aims to launch the first Bitcoin second-layer network compatible with the Ethereum Virtual Machine (EVM) standard, has raised US$10 million in seed round financing. . The round was led by Castle Island Ventures, with participation from Mechanism Ventures, Bankless Ventures, CMS Ventures and UTXO Management. Angel investors include Dan Held and Domo, the creator of the BRC-20 token standard. As a hybrid second-layer network, BOB not only sits on top of the Bitcoin blockchain, but is also compatible with Ethereum. The EVM is Ethereum’s native processing system that allows developers to create smart contracts. Bringing Ethereum-style contracts to Bitcoin is seen as a complex issue because of concerns that these calculations will burden the network and reduce performance for other users. However, the spirit of developing on Bitcoin received new impetus last year with the BitVM proposal. According to a white paper released in October last year, BitVM proposes that calculations be performed off-chain and then verified on-chain, similar to the optimistic convolution mechanism on Ethereum, meaning there is no risk of clogging the network and affecting other users.

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