Singapore, Asia, July 29, 2024, Chainwire
- Elastos BeL2 to partner with StarkWare to integrate Starknet ZKPs and Cairo programming language with BeL2 for native DeFi applications
- Starknet integration allows BeL2 to offer smart contracts and decentralized applications without moving Bitcoin assets off the mainnet
- Starknet grant validates BeL2's strength of innovation and leadership in the native Bitcoin ecosystem
Elastos BeL2 (Bitcoin Elastos Layer2) has secured a $25,000 grant from Starknet, a technology leader in zero-knowledge proofs (ZKPs). This significant backing highlights Elastos’ BeL2 infrastructure and its critical role in advancing Bitcoin-native DeFi, particularly Bitcoin-native lending. By integrating Starknet’s ZKPs and the Cairo programming language, Elastos’ BeL2 will enhance its ability to deliver smart contracts and decentralized applications (dapps) without moving Bitcoin (BTC) assets off the mainnet. This strategic partnership with Starknet demonstrates the growing acceptance and maturity of the BeL2 infrastructure, reinforcing Elastos’ commitment to market leadership in the evolving Bitcoin DeFi market.
Starknet, developed by StarkWare, is recognized for its advancements in ZKP technology, which improves the privacy and security of blockchain transactions. ZKPs allow one party to prove to another that a statement is true without revealing any information beyond the validity of the statement itself. This technology is critical to scaling blockchain networks, which will improve BeL2’s ability to integrate complex smart contracts while maintaining the integrity and security of Bitcoin.
“We are thrilled to receive this grant from Starknet and announce our partnership to build tighter integrations with their ZKP technology and Cairo programming language,” said Sasha Mitchell, Head of Bitcoin Layer 2, Elastos. “This is an important milestone for BeL2 and a real endorsement of the maturity and capabilities of our core technology. This support will allow us to continue to develop our innovation in Bitcoin-native lending, as we look to capitalize on the growing acceptance of Bitcoin as a viable alternative financial system.”
Closer integration with Cairo will enable BeL2 to use this powerful programming language to enhance Bitcoin’s capabilities and deliver secure, efficient, and scalable decentralized finance (DeFi) applications. Specifically, the relationship with Cairo strengthens BeL2’s core technical innovations, including:
- ZKPs to ensure secure and private verification of transactions
- Decentralized arbitration using collateralized nodes to monitor and enforce fairness in Bitcoin-native DeFi
- BTC Oracle (NYSE:) facilitates cross-chain interactions where information, not assets, is exchanged while Bitcoin remains on the main infrastructure
BeL2’s vision goes beyond technical innovation and aims to pioneer a new financial system. The goal is to build a Bitcoin-backed Bretton Woods system that addresses global debt crises and enhances Bitcoin’s role as a global hard currency. This new system will be underpinned by the integrity and security of Bitcoin, providing a stable foundation for decentralized financial applications.
As integration with Starknet and the Cairo programming language expands, BeL2 will offer further advancements in smart contract capabilities, decentralized arbitration, and innovative financial products. At Token 2049, BeL2 will demonstrate further innovations in its core technologies, particularly around arbitrators, underscoring Elastos’ vision of delivering a more equitable decentralized financial system based on Bitcoin.
About Elastos
Elastos is a public blockchain project that integrates blockchain technology with a set of redesigned platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and ownership of digital assets. The mission is to create accessible, open-source services for everyone, so that developers can create an Internet where people own and control their data.
The Elastos SmartWeb platform enables organizations to recalibrate how the Internet works so they can better control their own data.
ContactPublic Relations LeaderRoger DarashahElastos[email protected]
This article was originally published on Chainwire
