Modular BTC layer 2 blockchain launch platform UTXO Stack completes seed funding round, co-led by ABCDE and SNZ Capital
Los Angeles, April 3, 2024-UTXO Stack, a modular BTC layer 2 blockchain launch platform, has successfully completed its seed funding round. The round was co-led by ABCDE and SNZ Capital, with strategic investment from CKB Eco Fund, as well as OKX Ventures, Waterdrip Capital, Matrixport, y2z Ventures, DRK Lab, and UTXO Management (an investment arm of BTC Inc., publisher) also participated. Bitcoin Magazine)
The Bitcoin ecosystem has undergone significant evolution with the issuance of assets such as Ordinals, BRC20, Atomicals, and Runes, moving from its initial role as a simple transaction currency to a multifaceted platform supporting a wide variety of digital assets. It shows the transition. Despite these advances, developers still face significant hurdles in leveraging Bitcoin’s full potential. Currently, smart contracts cannot be created directly on the Bitcoin blockchain and often suffer from their inherently low performance. This situation highlights the urgent need for creative solutions to streamline the Bitcoin development process and allow developers to take full advantage of newly expanded features.
To address these challenges, the UTXO stack was introduced. It is built on Bitcoin’s native UTXO model, ensuring seamless integration and compatibility with the Bitcoin blockchain. This innovative architecture helps developers create high-performance parallel chains, provides near-unlimited scalability without compromising network security, and fosters the growth of the Bitcoin ecosystem. The UTXO stack allows you to easily launch BTC Layer 2 with the ability to create Turing-complete contracts, and the security of the launched chain is ensured by staking BTC, CKB, and other Bitcoin Layer 1 assets will be done.
A major advancement in the UTXO stack is the integration of the RGB++ protocol. A notable advancement in blockchain technology, the RGB++ protocol employs single-use seals combined with client-side validation to efficiently manage state changes and transaction validation. This sophisticated approach enhances the security and integrity of transaction processing. Additionally, the protocol utilizes isomorphic binding, a technique that effectively maps Bitcoin UTXOs (unspent transaction outputs) to CKB cells. This innovative mapping process facilitates the seamless transfer of assets issued in Bitcoin, allowing them to move freely and securely. This feature of RGB++ not only expands the scope of Bitcoin’s utility, but also integrates Bitcoin more closely with other blockchain platforms, exemplifying a new era of interoperability in the crypto space. This protocol gives assets on BTC Turing-complete smart contract functionality. Integration with the UTXO stack allows complex smart contracts to be executed directly against Bitcoin assets. This integration facilitates the transfer of assets without relying on cross-chain bridges, streamlining operations and increasing the efficiency of transactions on the Bitcoin network.
The staking mechanism within the UTXO stack not only protects the security of the assets issued on the chain launched by it. It also provides tangible benefits to all participants in the ecosystem. Nodes can stake a variety of assets, including BTC, CKB, and BTC L1 assets, to ensure application-specific chain security and earn block rewards. Additionally, since the UTXO Stack app chain has the ability to issue its own tokens, those who stake these specific tokens can also receive block rewards. This holistic approach not only strengthens network security, but also creates a rewarding and inclusive environment for all stakeholders involved.
Cipher, founder of the UTXO stack and author of the RGB++ protocol, said: “RGB++ provides Turing-complete smart contract functionality to BTC L1 assets without the need for cross-chain bridges, making it possible to improve the technical capabilities of the original RGB protocol. I hope we can address some of the implementation challenges.” , through isomorphic binding technology, the UTXO stack provides a scalable UTXO Layer2 solution for BTC, enabling seamless interoperability across all blockchains.
Baiyu, partner at CKB Eco Fund, said: “With the increasing issuance of UTXO assets based on the RGB++ protocol and other asset issuance protocols on top of Bitcoin, the realization of the UTXO stack will bring an unprecedented level of development to the BTC ecosystem. We are ready to bring you.” . The synergy of the UTXO stack and his RGB++ provides unparalleled advantages over other Bitcoin layer 2 solutions.
Cell Studio: https://twitter.com/ckbcell
Contact: cipher@cell.studio
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