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Bitcoin developers have unveiled a new project meant to open up the Bitcoin blockchain to decentralized finance (DeFi)
Dubbed BitcoinOS, it uses Sovryn rollups instead of the popular zero-knowledge (Zk) rollups
The project comes with in-built fraud control features
The success of Bitcoin NFTs or Ordinals inscriptions has pushed Bitcoin developers to team up and open the Bitcoin blockchain to the DeFi world currently ruled by Ethereum. Known as BitcoinOS, it uses Sovryn rollups instead of Zk rollups to be able to support DeFi applications without the need for smart contracts, a capability missing from the BTC-powered network. BitcoinOS comes with in-built fraud control features, giving Bitcoin-based DeFi applications an edge over similar apps on other blockchains.
Interoperable Apps and Chain on Bitcoin
In an X (formerly Twitter) post, the developers disclosed that BitcoinOS is “a super layer of interoperable rollups turning Bitcoin into a global operating system.” Sovryn’s website states that the technology allows “anyone to build interoperable apps and chains on Bitcoin.”
Does Bitcoin seem frozen in time? Other chains have smart contracts, scaling layers, rollups – and Bitcoin?
Introducing BitcoinOS: a superlayer of interoperable rollups turning Bitcoin into a global operating system.
Innovation is coming to Bitcoin!#BitcoinOS
Link⬇️ pic.twitter.com/4BV7E5Xn5G
— Sovryn | DeFi for Bitcoin (@SovrynBTC) January 25, 2024
Speaking to Decrypt, BitcoinOS core contributor Edan Yago disclosed that Sovryn rollups make the Bitcoin blockchain “a data availability layer” making up for the lack of smart contract capabilities on the network.
According to Sovryn, the project’s fraud system enables a single honest entity to flag and stop “fraudulent transactions.”
Sovryn added that BitcoinOS allows rollups and applications to interact, a feature that resembles what Polygon is doing on the Ethereum blockchain. According to Yago, such interaction between BitcoinOS-powered rollups enables DeFi applications to “share users and activity.”
Building a World on Bitcoin
Yago added that the arrival of BitcoinOS is the second phase in pushing Bitcoin’s boundaries, revealing that the third phase will be characterized by building “a world on Bitcoin.”
The BitcoinOS project comes despite the Bitcoin community being divided on whether Bitcoin should be left in the state that its founder Satoshi Nakamot left it or whether developers should keep adding more functionalities to the network.
Some Bitcoin Core developers like Luke Dashjr have even vowed to kill the Ordinals project saying it thrives on a weakness on the blockchain.
With DeFi coming to Bitcoin, it’s to be seen whether the community will rally behind the idea and whether Bitcoin will be able to handle the traffic considering its slow transaction speeds.
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