OptiMine Strengthens Rollup to Bitcoin Security with New Security Building Blocks
January 31, 2024 – ‘Built on Bitcoin‘(BOB), a layer 2 stack developed by the leading Bitcoin DeFi platform team. interlayToday we announced OptiMine, an enhanced Bitcoin security feature for the blockchain.
Optimine A security building block that brings Bitcoin PoW security to L2, including ETH rollups and Bitcoin sidechains, while maintaining high performance and throughput. It brings a new level of cryptocurrency economic security to the industry by combining the robustness of Bitcoin’s proof-of-work (PoW) with the flexibility and scalability of Ethereum and other EVM-compatible blockchains.
“OptiMine allows us to strengthen our L2 solutions with Bitcoin’s PoW security and provides a powerful tool to make rollups more robust and reduce trust in sequencers.” said Alexei Zamyatin, co-founder of BOB. “OptiMine can be thought of as Bitcoin’s answer to Ethereum’s re-staking, aligning miners for the upcoming Bitcoin L2 wave.”
The protocol was developed in collaboration with leading Bitcoin mining companies and highlights the importance of L2 solutions for the Bitcoin mining community.
OptiMine’s technological innovations
OptiMine introduces a new hybrid consensus technology called “Optimal Sequential Merge Mining” that allows L2s like BOB to inherit Bitcoin security while being connected to other L1s like Etheruem. This dual functionality is an industry first and is consistent with BOB’s vision to be the connecting layer between the Bitcoin and Ethereum ecosystems. This technology not only addresses serious gaps in the blockchain space, but also effectively solves the problems of scarce block space and rising transaction fees. OptiMine achieves Bitcoin security for Bitcoin assets (BTC, Ordinals, BRC20) on L2 and Ethereum security for Ethereum assets (ETH, stablecoins, ERC20) on L2, bringing together the strengths of both ecosystems. It is the first step toward BOB’s ultimate goal of integrating .
OptiMine’s approach to securing the cryptocurrency economy is as follows:
Bitcoin PoW Security: A sequencer is a node that collects and organizes transactions for efficient processing in a Bitcoin-based blockchain network. OptiMine utilizes full nodes run by miners to ensure that roll-up block producers, such as sequencers, produce blocks correctly.
Fast block time: Achieving fast block times is critical to modern blockchain applications. OptiMine allows you to maintain c through rollups. The block time is 2 seconds and secure PoW finalization occurs at slower intervals of approximately 1 minute.
Recovery Mechanism: OptiMine introduces a fallback protocol to maintain functionality and trust even in the event of potential sequencer or miner failures.
Distributed sequencer. OptiMine can also be used as a mechanism to sample Bitcoin miners into a set of active sequencers after the rollup has achieved sequencer decentralization.
A necessity in today’s cryptocurrency environment
OptiMine allows Bitcoin miners to mine simultaneously on both the Bitcoin network and BOB’s L2 solution, seamlessly aligning Bitcoin’s L2 solution with the original Bitcoin blockchain and its miners, thus enabling the blockchain It represents a significant advancement in technology. OptiMine therefore provides additional incentives and rewards to miners, which is especially beneficial in light of Bitcoin halving, which reduces direct mining rewards. This innovative approach increases OptiMine’s role in providing miners with an alternative revenue stream, increasing its appeal and usability.
For more information, please visit: www.gobob.xyz.
About Bob
‘Build on Bitcoin’ (BOB) is at the forefront of blockchain innovation and provides a unique Bitcoin rollup stack that integrates Rust smart contracts, native Bitcoin libraries, and full EVM compatibility. With the addition of OptiMine, BOB sets a new standard for blockchain security and diversity, providing a platform for developers to explore and expand the boundaries of blockchain technology.
Visit: www.gobob.xyz
Contact information: (email protected)
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