The undertaking introduces the Hemi Digital Machine and leverages Proof-of-Proof consensus to inherit safety from Bitcoin.
Jeff Garzik, a former Bitcoin core developer who beforehand labored alongside Satoshi Nakamoto, is launching a Layer 2 community.
On July 24, Hemi Labs, a growth crew co-founded by Garzik, introduced Hemi Community, a modular Layer 2 community facilitating Ethereum sensible contract performance secured by the Bitcoin community.
“By approaching Bitcoin and Ethereum as parts of a single supernetwork, Hemi delivers the capabilities of each,” Hemi Labs mentioned. “Makes an attempt to combine and scale Bitcoin and Ethereum have tended to handle the issue inside their respective communities, leading to a fractured ecosystem.”
Hemi’s incentivized testnet is already dwell, whereas Hemi Community will launch on mainnet through the Bitcoin 2024 convention in Nashville — which kicks off on July 25. Hemi is designed to host decentralized finance and synthetic intelligence purposes.
Hemi Community
Hemi Labs was additionally co-founded by Maxwell Sanchez, the co-founder of VeriBlock, a blockchain safety and software program growth firm.
The chain introduces the Hemi Digital Machine (hVM), which integrates a full Bitcoin node throughout the Ethereum Digital Machine (EVM) — Ethereum’s core sensible contract engine.
HVM permits builders to create sensible contracts that work together with Bitcoin’s state, unlocking Bitcoin-based DeFi purposes together with staking, lending markets, and “democratized MEV marketplaces.” Hemi Labs described trustlessly launching mentioned Bitcoin-based purposes as beforehand being “impractical or unimaginable.”
The community makes use of the Proof-of-Proof (PoP) consensus mechanism, which Sanchez pioneered, permitting Hemi to inherit its safety from Bitcoin’s Proof of Work miners.
“Hemi inherits Bitcoin’s full safety in a very decentralized and permissionless method, attaining better-than-Bitcoin finality, or ‘superfinality’ in just some hours,” Hemi Labs mentioned. “PoP’s modular nature permits Hemi to increase this safety effectively to different blockchains.”
Hemi Labs mentioned its Tunnels protocol permits cross-chain asset transfers with out utilizing standard bridges.
Bitcoin Layer 2s develop
Hemi’s launch comes because the race to convey DeFi performance to Bitcoin is heating up.
Bitlayer lately emerged as the most important Bitcoin L2 by complete worth locked (TVL), with 15 protocols internet hosting $394.4 million, in keeping with DeFi Llama. On July 23, Bitlayer introduced the completion of an $11 million Collection A funding spherical led by Franklin Templeton and ABCDE.
Merlin is available in second with $306 million, adopted by the sidechains Stacks with $211.3 million, and Rootstock sidechain with $178.5 million. Bouncebit, a Bitcoin staking protocol, additionally boasts a TVL of $318.6 million.
Different Layer 2 initiatives promising to launch EVM performance on Bitcoin embody Citrea, Bitfinity, Botanix, and Conflux — all of that are at present dwell on testnet.
