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Conflux Network: Bitcoin L2 Introduced, Date of Release and More

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Conflux Network: Bitcoin L2 Introduced, Date of Release and More
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Conflux has developed a unique consensus protocol to tackle the scalability challenge within the blockchain industry. The Tree-Graph consensus mechanism ensures fast transaction processing without compromising security or decentralization.

Developers favor Conflux due to its combination of fast transaction processing, high security, and low cost. It is an excellent choice, especially for beginners who want to enter the blockchain world seamlessly.

Conflux offers a user-friendly environment for developers, addressing the scalability issue. It is Ethereum-compatible, enabling DApps to be easily transferred to Conflux without hassle. This interoperability reduces barriers to entry for developers and DApp users, facilitating innovation without platform constraints.

Investors, such as Fundamental Labs and IMO Ventures, have shown interest in Conflux’s impressive technology stack. To expand its ecosystem and attract more developers to its platform, Conflux has raised over $68 Million.

What is Conflux Network’s Bitcoin Layer 2 

Conflux Network has introduced an EVM-compatible Bitcoin Layer 2 solution, which merges the robustness of Bitcoin with the versatility of Ethereum. This development is a game-changer in the blockchain sphere.

The key features of this initiative include the use of BTC for gas fees and the ability to bridge various assets from the Bitcoin network. The platform simplifies asset transfers back to Bitcoin, enhancing user convenience. Furthermore, it provides unparalleled security for third-party smart contracts and boosts credibility with BTC staking in its Proof of Stake (PoS) consensus protocol.

Conflux Network prioritizes security by adopting a decentralized BTC asset management system using Verifiable Secret Sharing (VSS) based key sharing across its 300-node network, mitigating the risks of single points of failure.

The network’s PoS consensus protocol records the root hash of the latest ledger state onto the Bitcoin network, acting as a Bitcoin Oracle. This functionality allows on-chain contracts to access events on the Bitcoin blockchain efficiently.

By launching Conflux’s Bitcoin Layer 2 solution, it combines Bitcoin’s value-storage properties with Conflux’s advanced technology. Users can now partake in network security and explore a wider range of decentralized applications.

What is the Expected Date For the Release

The mainnet for Conflux’s BTC L2 solution is expected to launch by May, with a testnet anticipated by the end of March to attract early users and developer activity.

Conflux, known for its unique integration of proof-of-stake and proof-of-work blockchain models, aims to leverage the design of its BTC L2 solution to offer new decentralized applications and products.

The BTC L2 solution is set to capitalize on the increasing popularity of inscriptions, ordinals, and BRC-20 tokens, introducing decentralized finance to Bitcoin. Despite the controversies surrounding such cryptocurrencies, they have gained traction among participants, growing into a multi-billion dollar market.

The Securities and Exchange Commission (SEC) is expected to approve US spot BTC ETFs, attracting significant capital to Bitcoin and its expanding ecosystem. The initial trading days of the new investment products have already recorded substantial trading volumes and inflows in the billions over the past week.

Conclusion

Conflux Network has launched an EVM-compatible Bitcoin Layer 2 solution that combines the robustness of Bitcoin with the versatility of Ethereum. Key features include BTC for gas fees, bridging various assets from the Bitcoin network, simplified asset transfers back to Bitcoin, and enhanced security for third-party smart contracts.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

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