BEVM
Initially, Bitcoin was conceived as a decentralized and secure payment system. However, as its popularity grew and the industry matured, the first cryptocurrency encountered serious limitations in scalability and the ability to develop new blockchain use cases.
The average block creation time of 10 minutes and a throughput of seven transactions per second (TPS) struggle to cope with the load during peak activity periods. This leads to increased fees and significant transaction processing delays.
The limitations of the Script language - the programming language on which the Bitcoin blockchain is written - hindered the development of complex smart contracts and decentralized applications on this network. In response to this, the concept of second-layer networks for the first cryptocurrency emerged.
What are L2 solutions on Bitcoin?
L2 solutions for Bitcoin are protocols built on top of the main blockchain, aimed at extending its capabilities and improving network performance. L2 solutions process transactions outside of the base (first) layer, reducing the load on it and ensuring
They also contribute to the development and expansion of the Bitcoin ecosystem. Therefore, second-layer solutions are extremely important for the development of the Bitcoin ecosystem. They address key challenges and create new opportunities for mass cryptocurrency adoption.
The new flagship L2 on Bitcoin:
The BEVM project is an EVM-compatible L2 blockchain for the Bitcoin network, allowing for reducing transaction costs on the blockchain, as well as deploying decentralized applications already developed on Ethereum to the Bitcoin network.
By utilizing the Taproot consensus, Schnorr signatures, MAST contracts, and the Bitcoin Light Node Network, BEVM achieves the highest level of decentralization and security among all BTC Layer 2 solutions.
Let's delve into what this means and what the uniqueness of the BEVM technology is.
Taproot Consensus = Schnorr Signature + MAST Contract + Bitcoin Light Node Network
- Schnorr Signature is a cryptographic signature method used to confirm the sender and integrity of messages in the blockchain. It allows for creating simpler and less space-consuming signatures compared to traditional signatures used in Bitcoin. The key feature of the Schnorr signature is the ability to aggregate multiple signatures into one, making it ideal for multi-signature transactions, improving network scalability, and confidentiality. BEVM aggregates up to 1000 signatures into one to achieve scalability and decentralization.
- MAST contract (Merkelized Abstract Syntax Trees) is a blockchain technology that simplifies and makes transaction conditions more private. This is achieved by combining many possible transaction execution conditions into one structure. MAST allows network participants to verify only the conditions actually used in the transaction, thereby increasing blockchain efficiency and confidentiality. The BEVM team has implemented multi-signature control encoding, which no longer requires human signatures but relies on code management.
- Bitcoin Light Node Network is a simplified version of nodes in the Bitcoin network that require fewer resources to operate. Unlike full nodes, light nodes do not store a complete copy of the blockchain but only use the necessary information to verify transactions. This makes them more accessible to devices with limited computational power and helps expand the network, increasing its decentralization and efficiency.
- All of these technologies form the basis of the Taproot Consensus - a technological improvement in the Bitcoin blockchain. It includes more efficient use of space and privacy. Taproot simplifies the creation and use of smart contracts and multi-signatures on the Bitcoin platform, making them safer and less noticeable on the blockchain.
Today, BEVM is the most original, innovative, and creative second-layer solution for Bitcoin.
- Native L2 blockchain for BTC: BEVM uses BTC as gas and stores transaction data in the main BTC network, ensuring compatibility with the original Bitcoin protocol, which stimulates innovation and activity in the ecosystem.
- Decentralization: a fully decentralized solution for Bitcoin Layer 2
- Compatibility with EVM and extended functionality: this means that developers can seamlessly port their decentralized applications created on the Ethereum Virtual Machine to BEVM, expanding the scope of these applications in the Bitcoin ecosystem.
- Innovative incentives and economic model: 7 years of experience in developing the ecosystem and the best partners in the crypto industry, such as Binance
BEVM - a project in an advanced stage of readiness: mainnet launched
The ecosystem is rapidly evolving:
- Several working DeFi applications are already launched on the BEVM network: DEX exchange, lending protocols, exchange, asset insurance.
- Integration with wallets is operational: Binance Wallet, TokenPocket, OKX exchange wallet.
- There are as many as 5 working bridges through which assets can be transferred to the blockchain.
- There is its own NFT Marketplace, launchpool, GameFi, and SocialFi projects are coming out, and much more.
Binance Wallet and BEVM
BEVM is the first and only BTC L2 currently collaborating with Binance Wallet
The BEVM project has allocated 0.5% of the total token supply for an open airdrop.
This is the first case where Binance Wallet collaborates with a Bitcoin L2 to launch a token giveaway, seeing greater potential in BEVM.
BEVM is a powerful L2 blockchain with innovative and original technology that is rapidly developing, and its ecosystem of protocols and applications is already being built. BEVM expands the capabilities of the main Bitcoin blockchain and increases the network's performance. It reduces transaction costs on the Bitcoin network and allows for easy migration of any already developed EVM-compatible applications to L2 BEVM.
Team
An experienced team of developers with a solid background in working projects behind them, based in Singapore.
The team has been developing advanced technologies for the Bitcoin ecosystem for the past 7 years, and before implementing the BEVM project, they created the original L2 solution Taproot Consensus Bitcoin, as well as the financial blockchain for crypto assets, ChainX.
- Its co-founder Gavin Guo previously participated in research and development of digital currency for one of the central banks and wrote the first working demo version of a central bank digital currency (CBDC) based on the Bitcoin and Ethereum blockchains in 2016. In 2017, he wrote the code for the well-known Bytom public network. At the end of 2017, he left Bytom and founded the current BEVM team. In 2018, Gavin launched ChainX, an L2 BTC solution based on Polkadot. In 2021, based on the Bitcoin Taproot upgrade, a new L2 BTC solution was developed - Taproot Consensus Bitcoin.
- Peter M Moricz - the second founder of BEVM, previously worked as a trader on the futures market in London and Rotterdam. Former vice president of compliance at JP Morgan Private Bank in London. He has been involved in blockchain technologies since 2014. As a strategy director at the Brussels-based company CoinFabric, he advised many projects in the cryptocurrency world.
The established team has been working for a long time, participating in crypto conferences for many years. They are recognizable in the BTC community. An example of the latest panel discussion at a crypto conference in Dubai on April 20, where they were among the organizers and key speakers:
Investors
Strong investor composition, which can be roughly divided into two parts:Bitcoin-oriented funds, such as ViaBTC Capital, Waterdrip Capital, Satoshi Labs, as well as Web3 European and American funds, including Rocktree Capital, Cogitent Ventures, MH Ventures, ArkStream Capital, and others.
- ViaBTC — the largest mining pool and cryptocurrency exchange. It has its investment division, ViaBTC Capital, specializing in investments in Bitcoin infrastructure but not limited to the BTC ecosystem. The fund's investment portfolio includes Arbitrum, Merlin Chain, Port3, ZeroLend, and others.
- Waterdrip Capital —a well-known Chinese venture capital fund founded in 2017, specializing in the crypto industry, invested in more than 150 blockchain projects, actively supporting the development of the Bitcoin ecosystem. An influential fund with significant media connections in Southeast Asia, will help our project enter the market of this region, gain attention from Cointelegraph Chinese, Bitwires, Lichang, and other popular media resources in China. The fund has a solid portfolio, investing in Polkadot, Cosmos, Filecoin, TheGraph, Casper, Raydium, and others.
- Rocktree Capital —a prominent investment company in the cryptocurrency sphere in the USA, led by Omer Ozden, a renowned entrepreneur with influential connections in financial circles in China and the USA. Ozden, known for his work with Zhen Fund and legal consultations for Facebook (now Meta), and his company have invested in a number of leading crypto projects and possess strong capabilities for investments and startup support. Their creative website in metaverse style is noteworthy.
In addition to Rocktree Capital, it is worth noting Mapleblock, which has invested in well-known projects such as the Polyhedra Network platform, the DAO Maker launchpad-incubator, and the centralized exchanges Kraken and Huobi; Akstream Capital, which has invested in renowned projects such as AAVE, Flow, Manta, and Particle; MH Ventures, which has invested funds in the blockchains Celestia and Sei Network. It is worth mentioning that with MH Ventures and Cogitent Ventures, we have jointly invested in the Entangle project, which gave returns of 80x from the listing price.
Token Utility
The $BEVM tokens are a key element of the ecosystem, performing several important functions and used for:
- Governance token: token holders can influence the project's development and vote on new initiatives. Provides token holders with voting rights on network protocols, products, new features, updates, and maintenance.
- For staking: token holders are interested in staking their tokens to protect the network and receive rewards from the protocol's revenue.
Tokenomics
- Token: $BEVM
- Our round: Series A
- Token price: $0.095
- Terms: 10% unlocked at TGE, 6-month cliff, then linear unlock over 2 years
- TGE planned for October 2024
- IDO: Negotiations are ongoing with launchpads DAO Maker and Coinlist.
Social networks & links:
🌐 Website: https://www.bevm.io/
🐦 Twitter: https://twitter.com/BTClayer2
💻 Discord: https://discord.com/invite/AGcRqkTBAV
💻 Medium: https://medium.com/@BTClayer2
💻 Blog: https://bevm-blog.webflow.io/
💻 Github: https://github.com/btclayer2/BEVM
💻 Explorer: https://scan.bevm.io/
The social networks of this project really deserve attention. BEVM is a very popular project with a community of over half a million followers! They have 257 thousand followers on Twitter, 260 thousand members on Discord, and all this in less than a year - excellent marketing activity!
BEVM is a major, large-scale project developing the Bitcoin network. It's a fundamental infrastructure project in the mainnet stage, with a whole ecosystem of protocols and decentralized applications already being built on their L2 blockchain. They have a large team that has been working together for 7 years and has implemented a number of projects on BTC. With strong investors and a popular project in the crypto community with powerful social networks, it offers excellent conditions for entry into the investment round. We definitely recommend diversifying your crypto portfolio with this promising and potentially top-tier project.