“Now we are able to scale Bitcoin,” says cofounder Orkun Kilic. Citrea goals to handle safety funds issues in addition to the dearth of DeFi on the world’s most useful blockchain.
Bitcoin continues to maneuver previous its pet rock section.
Leveraging zero-knowledge know-how, a brand new scaling resolution dubbed Citrea launched on Feb. 6, aiming to handle the dearth of DeFi on the business’s oldest blockchain. ZK rollups work by bundling a whole bunch of transactions right into a single transaction which then will get posted to the bottom chain.
“As an alternative of buying and selling BRC-20s, we are able to now construct DeFi on Bitcoin,” mentioned Orkun Kilic, co-founder of Chainway Labs, the event group behind Citrea.
He instructed The Defiant that Citrea will assist create a speedier and cheaper Bitcoin whereas additionally addressing the safety funds issues. “Citrea contributes to Bitcoin’s long-term well being by paying a lot of charges to miners, growing the hashrate and safety,” Kilic mentioned.
Citrea makes use of BitVM, a computing paradigm that provides Turing completeness on Bitcoin. BitVM permits for good contract programmability, opening the door to DeFi functions not seen earlier than on the community.
ZK rollups are fashionable within the Ethereum ecosystem, the place they’re trustless. On Citrea, they’re trust-minimized as a result of some limitations from BitVM. Nevertheless, in response to Kilic, they solely require one celebration to remain trustworthy to take care of the safety mannequin.
Kilic claims that Bitcoin’s scalability had been beforehand restricted to off-chain options. With Citrea now providing on-chain verifiability and information availability, it is going to permit for a large enhance in transaction throughput with out sacrificing safety on the Bitcoin base chain.
In accordance with the developer, the group goals to open supply the challenge’s code repository in March, and launch a testnet in April.
