Exploring Bitcoin L2s w/ BOB
Bob intends to bolster blockchain interoperability by combining Bitcoin and Ethereum functionalities into a single hybrid chain, with operations beginning after the upcoming Bitcoin halving. Bob, led by founders with extensive cryptography knowledge, intends to improve Bitcoin's programmability and expand its usage across a variety of applications.
The launch of Bob's pre-mainnet campaign, Bob Fusion, demonstrates their dedication to engaging the community and motivating involvement through distinctive incentive schemes. As Bob prepares to debut, it welcomes developers and projects to explore its distinct ecosystem, which supports a wide range of applications from DeFi to GameFi. Those interested in the cutting-edge intersection of Bitcoin's solid security and Ethereum's rich programmability will find the AMA's deep insights valuable. Stay tuned to Bob's channels for the most recent updates and developments as they work toward a transformational blockchain synthesis.
X Spaces: Exploring Bitcoin L2 with BOB
Speakers:
Index:
- Introduction to Bob's Hybrid Chain
- Technical Features of Bob
- Mainnet Start amd Particiapting Projects
- Bob Fusion Campaign
- Bitcoin Asset Availability on Bob
- Bitcoin Landscape and Impact on Bob
- Final Remarks and Updates
1. Introduction to Bob’s Hybrid Chain
- Bob is a hybrid chain mixing Bitcoin and Ethereum features:
"Bob is a hybrid chain. Hybrid meaning it's an intersection between Bitcoin and Ethereum.”
- Founders Alexei and Dom have cryptography PhDs from Imperial College London:
"Our team has been building on Bitcoin for many years. In fact, our founders, Alexei and Dom, were actually PhDs from Imperial College London studying cryptography, specifically on the interoperability and cross-chain possibilities for Bitcoin.”
- They first created Interlay, a bridge for Bitcoin to the Polkadot ecosystem:
"So years ago we developed a cross-chain bridge called Interlay. Maybe some of you have heard. It is a bridge to bring Bitcoin to the Polkadot ecosystem and it existed as a parachain.”
- Realized the need for more infrastructure to improve Bitcoin's programmability and wide use:
"To truly scale Bitcoin and truly bring mass adoption to Bitcoin because there is so much limitation to Bitcoin, not just with cross-chain, but also with programmability, especially seeing all of the growth that's in other ecosystems like Ethereum with all of the smart contracts and the creative things that you can do.”
- Made a roll-up on Ethereum using the Optimism stack to be compatible with Ethereum standards (ERC20s, ERC721 for NFTs):
"We reached the conclusion that we want to build a roll-up on Ethereum. We chose the Optimism stack, meaning that our technicality is very similar to Base or OPBMB. We're compatible with all of the other L2s that is using the same technology provided by Optimism. And all of the... Assets that's available in the Ethereum world, like ERC20s or ERC721 for NFTs,”
2. Technical Features of Bob
- Bob is connected to Bitcoin; can read and post Bitcoin messages through a light client; meant for developers:
"We have a light client that is reading and posting messages on Bitcoin. So through this light client, you can build a program, you can build smart contracts that can interact with Bitcoin, but on Ethereum.”
- Made a demo for peer-to-peer swap between UTXOs and ERC-20 assets:
"Thing. Some of the use cases I can, like one example is that we built this demo. which is a peer-to-peer swap between UTXOs and ERC-20 assets. So people can send, for example, Bitcoin.”
- Plans to start merge mining with Marathon Digital to produce Bitcoin blocks and Bob blocks at the same time:
"After our mainnet launch, we have the plans to implement merge mining with the help of Marathon Digital, which means when the miner produce a Bitcoin block, it's also going to be producing blocks on Bob at the same time.”
3. Mainnet Start and Participating Projects
- Scheduled for a date after the Bitcoin halving:
"You. Well, first of all, our mainnet launch is planned for some time after halving. I'm not going to name a date just because with the development.”
- Sovereign, an OG Bitcoin DeFi project, plans to move to Bob:
"We already have an announcement with Sovereign, which is one of the oldest and most OG Bitcoin DeFi projects. They are migrating to Bob, meaning that you can basically trade and set up liquidity pools for between ERC-20 assets and TBTC, WBTC on Sovereign.”
- Other partnerships include DEXs like Velodrome, Layer Bank (lending and borrowing), and not shared NFT marketplaces:
"Sovereign. And we will also have Velodrome in the DeFi sector. We will have Layer Bank, which is providing like lending and borrowing. On the other side, we will also be supporting NFTs. I cannot really disclose the NFT marketplaces because we are working with them to understand. a clearer timeline on when this will be available”
- GameFi projects are making mini-games for Bob, tied to the ongoing Fusion campaign:
“And we also have some GameFi projects that are slowly building mini games for Bob. And this could be tied to like the Fusion campaign that is going on, which I recommend everybody to check out, which is like a point system that we use to incentivize people to interact with Bob as soon as possible.”
4. Bob Fusion Campaign
- Bob Fusion is a pre-mainnet campaign with a referral program offering SPICE points as rewards for participation:
"Bob Fusion campaign is one way that we provide users with early exposure to Bob. (...) So before the mainnet launch, we developed a contract. It's non-custodial. It's just a contract where people can deposit certain assets into the contract. These assets, we have different tiers of the assets. So, for example, if you deposit Bitcoin related assets, it's probably going to give you more rewards. (...) We invite people to start depositing it and once you deposit even just if it's just one dollar worth of assets you will receive a referral code which you can share with your friends or families. And when they do deposit their assets you are going to receive a spice points. We call it spice. This is a Dune movie inspired campaign. So you will receive SPICE also from their referrals. This way we want to build a community of Bob users.”
5. Bitcoin Asset Availability on Bob
- WBTC and TBTC, popular Bitcoin assets on Ethereum, will be available on Bob:
"Bob. So the two most popular Bitcoins in Ethereum are WBTC and TBTC. WBTC being the largest in terms of volume, but it's a more centralized approach in terms of the way that it's bridged. And there's TBTC, which is the second largest Bitcoin asset on Ethereum,” Users can bridge using the native optimism bridge or an on-ramp feature being made to deposit Bitcoin and get WBTC or TBTC on Bob's chain: "like WBTC or TBTC, you can use the native optimism bridge to bring it over to Bob. It's going to be a little bit slower, but what is very exciting is that we are building a on-ramp feature where people will be able to deposit their Bitcoin into an address and immediately receive either WBTC or TBTC of their choice on Bobchain.”
6. Bitcoin Landscape and Impact on Bob
- Negativity regarding Bitcoin's limited programmability has shifted with the start of the Ordinal protocol:
"So the past few years a lot of the A lot of the feedback that we received from, you know, talking to VCs or projects is that people were pessimistic about Bitcoin because of the limited programmability and the limited action and change that was happening to Bitcoin. (...) once Ordinal was live, a lot of the users coming from the Ethereum community, Solana community, starts to pay attention to Bitcoin because what they could do only on Ethereum is now possible also on Bitcoin.”
- Ordinals give non-fungible features to satoshis, creating a new layer of value:
"When like inscription and order basically changed the entire landscape of Bitcoin because it provides. a non-fungible aspect of SATs. So Satoshi's means differently. Like previously, maybe like two years ago, if I send you a SAT, 10 SATs, and you send me 10 SATs, it's exactly the same. But ever since last year, when the serial number, when the numbering system gave new meaning to Satoshi's, it's no longer the same.”
- BRC20 assets have come up, expanding use cases and connection with DeFi communities:
"And this also led to the birth of BRC20 assets, which is the, you know, first possible. The potential for having something similar to like meme coin which can actually engage with the DeFi community in terms of not just culture but also like incredible amount of different kind of utilities” Bob aims to support developers to connect with the Bitcoin base chain via Solidity contracts and cater for Ordinal-inspired development: "Bitcoin. Of course, the developers are also going to get into it. And a lot of these developers start to build on Bitcoin, learn about UTX load, learn about what Bitcoin protocol is.”
7. Final Remarks and Updates
- Follow Bob on social media for news on advances and the mainnet start post-Bitcoin halving:
"We have a dedicated website for this. So definitely go up there. If you need an early access link, feel free to join our Discord and our Telegram channels. I'm sure there are a lot of people providing their codes for you to access.”
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