SINGAPORE, July 31, 2024 - (ACN Newswire) - Elastos BeL2 (Bitcoin Elastos Layer2) has secured a $25,000 grant from Starknet, a technology leader in zero-knowledge proofs (ZKP). This significant endorsement highlights the Elastos BeL2 infrastructure and its critical role in advancing Native Bitcoin DeFi, particularly native Bitcoin lending.

- Elastos BeL2 will partner with StarkWare to integrate Starknet ZKPs and Cairo programming language with BeL2 for Native Bitcoin DeFi apps

- Starknet integration enables BeL2 to deliver smart contracts and dapps without moving Bitcoin assets off the mainnet

- Starknet Grant validates strength of BeL2 innovation and leadership in the Native Bitcoin ecosystem

By integrating Starknet ZKPs and the Cairo programming language, Elastos' BeL2 will enhance its ability to deliver smart contracts and decentralized apps (dapps) without moving Bitcoin (BTC) assets off the main network. 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 renowned for its advances in ZKP technology, which enhance 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 fundamental to scaling blockchain networks, which will enhance BeL2's ability to integrate complex smart contracts while maintaining Bitcoin's integrity and security.

"We are delighted to receive this Starknet grant and announce our partnership to build tighter integrations with its ZKP technology and the Cairo programming language," said Sasha Mitchell, Head of Bitcoin Layer 2, Elastos. "This is a major milestone for BeL2 and a real endorsement of the maturity and capabilities of our core technology. This support will allow us to further build out our Native Bitcoin lending innovation, as we look to leverage 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 leading technical innovations, which include:

- ZKPs to ensure secure and private transaction verification

- Decentralized arbitration using collateralized nodes to supervise and enforce eairness in Native Bitcoin DeFi

- BTC Oracle facilitating cross-chain interactions where information, not assets, are exchanged while Bitcoin remains on the main infrastructure

BeL2's vision extends beyond technical innovation to pioneering a new financial system. The goal is to build a Bitcoin-backed Bretton Woods system, addressing global debt crises and enhancing Bitcoin's role as a global hard currency. This new system will be anchored by the integrity and security of Bitcoin, providing a stable foundation for decentralized financial applications.

As the integration with Starknet and the Cairo programming language expands, BeL2 will deliver 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 arbiters, which will underline the Elastos vision to deliver a more equitable, decentralized financial system anchored by Bitcoin.

About Elastos

Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership. The mission is to build accessible, open-source services for the world, so developers can build an internet where individuals own and control their data.

The Elastos SmartWeb platform enables organizations to recalibrate how the Internet works for them to better control their own data.

https://elastos.info
https://www.linkedin.com/company/elastosinfo/

Media Contact
Roger Darashah
roger.darashah@elastoselavation.org

Topic: Press release summary
Source: Elastos
Sectors: Crypto, Exchange, Blockchain Technology, FinTech
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