Elastos launches BeL2 to power Bitcoin transactions beyond simple transfers

quick take

Elastos has launched BeL2, a groundbreaking ‘Bitcoin rollup’ solution that elevates the digital currency to a layer 2 powerhouse. BeL2 enables smart contracts, giving Bitcoin holders the possibility to stake their assets, lowering transaction fees and eliminating the need for intermediaries. This innovation represents a significant step forward toward a more distributed and autonomous digital future.

BeL2 has the potential to transform Bitcoin into a comprehensive layer 2 powerhouse.

In a significant development for the blockchain and cryptocurrency world, Elastos today announced the launch of BeL2, an innovative ‘Bitcoin roll-up’ solution with the potential to transform the digital currency into a comprehensive layer 2 powerhouse. This strategic move aims to address some of the capacity and functionality limitations that are preventing Bitcoin from achieving mainstream adoption.

As described in a recently published white paper, the roll-up of BeL2 promises to usher in a new era of sophistication for Bitcoin transactions. Introducing smart contract functions beyond simple transfers, Blockchain technology enables irreversible digital contracts between parties. What sets BeL2 apart is that these smart contracts can be defined, managed, tracked, modified and orchestrated with complete integrity without the need for third-party intermediaries.

Sasha Mitchel, Head of Strategy and Operations, Elastos BeL2; We emphasize that BeL2 makes Bitcoin ‘smart’. He noted that this change opens up the possibility for Bitcoin holders to stake their assets directly and potentially earn interest on their holdings. According to Sasha, This change could unlock more than $700 billion in value that has traditionally remained dormant between Bitcoin transactions..

But the implications of BeL2 go beyond individual Bitcoin holders. Node managers can now earn money through their Bitcoin holdings, similar to how Ethereum and other stakingable tokens work. Moreover, BeL2’s rollup has the potential to significantly reduce or even eliminate transaction fees because transactions are native to Bitcoin and do not require third-party channels.

Jonathan Hargreaves, Global Head of Business Development and ESG at Elastos, said: We highlighted the real-world impact of BeL2. He explained that BeL2 will allow consumers and businesses to communicate directly with each other and settle transactions via Bitcoin without any intermediaries. For businesses, BeL2 provides transparency and security through Bitcoin-denominated smart contracts, allowing them to fulfill transactions directly with buyers.

BeL2 is not just a technological innovation. It has the potential to revolutionize everyday life by enabling disintermediation across a variety of domains. Elastos plans to unveil a series of BeL2-enabled partnerships and use cases in sectors such as financial services, entertainment, and real-world assets (RWA) in the coming months.

What makes BeL2 different from existing Bitcoin Layer 2 solutions is that it facilitates the creation, recognition, management, and exchange of Bitcoin-denominated smart contracts directly between parties, eliminating the need for intermediaries, sidechains, or additional applications. This is consistent with the vision of the Smart Web, bringing us closer to a more decentralized and autonomous digital future.

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