Connect with us
  • tg

Cryptocurrency

BEVM Unveils Groundbreaking Taproot Consensus for Decentralized Bitcoin Layer 2 Solution

letizo News

Published

on

[PRESS RELEASE – Cardiff, 英国, May 26th, 2024]

On May 20, 2024, the Bitcoin Layer2 development team BEVM released the technical yellow paper titled “Taproot Consensus: A Decentralized BTC Layer2 Solution.” This paper details the implementation of Taproot Consensus, leveraging native Bitcoin technologies such as Schnorr signatures, MAST, and Bitcoin SPV nodes to build a fully decentralized BTC Layer2 solution. Taproot Consensus represents a significant leap in native Bitcoin scalability, combining existing Bitcoin technologies innovatively without modifying Bitcoin’s core code.

I. History of Bitcoin’s Technical Iterations

  • October 31, 2008: Satoshi Nakamoto published “Bitcoin: A Peer-to-Peer Electronic Cash System,” introducing Bitcoin and the concept of SPV (Simple Payment Verification).
  • January 3, 2009: Nakamoto mined the Genesis Block, launching Bitcoin. The original code used ECDSA for digital signatures instead of the more suitable Schnorr signatures, which were under patent protection at the time. Schnorr signatures retain all the functionalities and security assumptions of ECDSA and can surpass the 15-signature limit of ECDSA, enabling the management of Bitcoin with thousands of addresses without affecting signing speed.
  • 2018: Bitcoin core developers proposed integrating Schnorr signatures into the Bitcoin network.
  • November 14, 2021: The Taproot upgrade integrated Schnorr signatures and introduced MAST (Merkelized Abstract Syntax Trees), enabling smart contract-like capabilities and decentralized multi-signature management.
  • The Taproot Consensus solution by BEVM builds on these advancements, combining Schnorr signatures and MAST to manage multi-signature addresses and enable complex business scenarios in Bitcoin Layer2.

II. Overview of the Taproot Consensus Solution:

The yellow paper begins by highlighting Bitcoin’s non-Turing complete nature and limited functionality for smart contracts. It argues for using Bitcoin’s existing capabilities to build a decentralized Layer2 solution rather than modifying Bitcoin Layer1.

BEVM’s Taproot Consensus combines Bitcoin’s Taproot technology (Schnorr signatures and MAST), Bitcoin SPV light nodes, and the BFT PoS consensus mechanism to create a decentralized and consistent Layer2 network.

III. Detailed Explanation of Taproot Consensus Architecture

The Taproot Consensus architecture comprises three main components: Schnorr+MAST, Bitcoin SPV, and Aura+Grandpa.

· Schnorr+MAST: Uses these technologies from the Taproot upgrade to achieve decentralized Bitcoin multi-signature management driven by Bitcoin code.

· Bitcoin SPV: Allows synchronization and verification of Bitcoin transactions without running a full node.

· Aura + Grandpa: Advanced PoS consensus protocols for Byzantine fault tolerance, ensuring high consistency among network nodes.

In the BEVM system, each validator holds a BTC private key for Schnorr signatures. The aggregated public key forms a MAST tree, enabling BTC transfers and inscriptions to the threshold signature address. Validators act as Bitcoin SPV light nodes, synchronizing the BTC network state securely and permissionlessly. Aura+Grandpa ensures the Layer2 network’s security and trustworthiness, with assets managed by BFT consensus.

The operating principle of Taproot Consensus is: “In the BEVM system, each validator holds a BTC private key for Schnorr signatures. The characteristic of Schnorr signatures enables efficient signature aggregation, thereby enhancing the system’s security and efficiency. The aggregated public key Pagg, generated through the Musig2 multi-signature scheme, forms a large MAST (Merkle Abstract Syntax Tree). After generating the root hash of the MAST tree, validators perform BTC transfers and inscriptions to the threshold signature address generated by the MAST tree, enabling the submission of data from the BTC mainnet to the BEVM network. Each validator also acts as a Bitcoin SPV (Simplified Payment Verification) light node, allowing them to securely and permissionlessly synchronize the BTC network state.”

IV. Other Technical Details in the Yellow Paper – True Decentralization

The yellow paper also details the implementation of Schnorr signatures, MAST, Bitcoin SPV light nodes, and Aura+Grandpa, providing a comprehensive technical outline for those interested in Bitcoin technologies. It explains the Musig2 implementation and contrasts with other BTC Layer2 projects like Mezo, which uses the tBTC protocol. Unlike tBTC, which relies on a network of nine signatories, Taproot Consensus integrates multi-signature networks with BFT PoS consensus, achieving true decentralization.

Moreover, the yellow paper explains the implementation process of Musig2 and the differences between other BTC Layer2 projects like Mezo and Taproot Consensus. Mezo’s underlying technical structure is based on the tBTC protocol, which uses Bitcoin multi-signature to construct a threshold signature network, offering strong consistency compared to traditional distributed networks. However, tBTC still relies on a network of nine signatories, whereas a truly decentralized system should be consensus-driven, combining multi-signature networks with BFT PoS (Byzantine Fault Tolerance Proof of Stake) consensus mechanisms. This is the difference between distributed networks and blockchains; distributed networks emphasize distribution but lack Byzantine fault-tolerant consensus, whereas blockchains, while also being distributed networks, are driven by Byzantine fault-tolerant consensus, achieving true decentralization. The Taproot Consensus solution adopts this more advanced design. By integrating Schnorr signatures, MAST, Bitcoin SPV light nodes, and Aura and Grandpa Byzantine fault-tolerant consensus mechanisms, it constructs a highly consistent and secure decentralized Layer2 scalability solution. This integration enhances the scalability and usability of the Bitcoin network and ensures the security and consistency of the BEVM network.

Conclusion

The BEVM team’s technical yellow paper comprehensively describes Taproot Consensus, a Bitcoin Layer2 solution built entirely on native Bitcoin technologies. It respects and innovates on Bitcoin’s original technological direction, making it a true evolution of native Bitcoin scalability technology. As the Bitcoin ecosystem evolves, solutions like Taproot Consensus will be crucial for its development, serving as major cornerstones for truly decentralized Bitcoin Layer2 solutions.

About BEVM

BEVM is the first fully decentralized, EVM-compatible Bitcoin Layer 2 solution. It allows Ethereum ecosystem DApps to operate on Bitcoin, using BTC as gas. BEVM enhances Bitcoin’s utility by providing a secure and scalable platform for decentralized applications. The system integrates advanced consensus mechanisms, cross-chain interaction, and robust data integrity to ensure a seamless experience. BEVM aims to innovate within the Bitcoin ecosystem by offering increased scalability, security, and compatibility with popular Ethereum tools and applications.

For more information, users can visit BEVm’s official website or follow BEVM on Twitter.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Cryptocurrency

Bitcoin Whales Are Back: Could BTC Be Poised for a Breakout?

letizo News

Published

on

Bitcoin whales are continuing to increase their holdings, with the number of wallets having between 1,000 and 10,000 BTC reaching 1,993, the highest since December 2024.

This surge in heavyweight investor activity comes as Bitcoin’s prices fluctuated between $81,000 and $84,000 in the past few days.

Whale Accumulation on Multi-month High

According to data from market intelligence platform Santiment, the rise in whale wallets is seen as a sign of growing confidence from institutional investors and high-net-worth individuals. These large holders have increased by 2.6% in the past five weeks.

Bitcoin has experienced significant volatility in 2025, with the flagship cryptocurrency reaching an all-time high of $109,225 on January 20, followed by a 20% correction.

The first quarter of the year also marked BTC’s worst Q1 performance since 2019, accompanied by a 25% decline from its peak. The asset has continued to show weakness in price movement, with limited upside momentum over the past several weeks. At the time of writing, it was trading at $83,770, marking a 1.9% increase over the past 24 hours.

Tracking Bitcoin whales is important because their large positions can impact price movements. An increase in such addresses often indicates rising confidence among key stakeholders in the crypto space. With the current count at a multi-month high, Santiment suggests that despite the ongoing market instability, these players may be preparing for a potential upward price movement.

Short-Term Holders Show Signs of Distress

On the other hand, short-term holders (STHs) are showing signs of distress. A recent analysis by CryptoQuant’s Darkfost highlighted that the Short-Term Holder Spent Output Profit Ratio (SOPR) has remained below 1.0 for over two months.

“When this ratio drops below 1, it signals capitulation among STHs, often leading to short-term price declines,” said the CryptoQuant analyst.

This trend is often seen as a sign of capitulation, suggesting that many are offloading Bitcoin amid the ongoing market upheaval.

Meanwhile, Bitwise CIO Matt Hougan recently highlighted that this is the best time in history to buy Bitcoin. He explained five key factors driving support for the cryptocurrency’s price growth in 2025, including a bullish falling flag pattern, Trump’s tariff pivot in March, and the resurgence of spot Bitcoin ETFs. He also pointed to positive social sentiment around the asset and news that the White House is considering selling gold to purchase the digital asset.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Cryptocurrency

Bitunix Launches the World’s First K-Line Ultra App with TradingView Integration

letizo News

Published

on

[PRESS RELEASE – Kingstown, St. Vincent and the Grenadines, April 1st, 2025]

Bitunix exchange has announced that it has launched the Ultra version of the K-line (candlesticks) on its mobile app integrated with TradingView. This advanced charting system transforms the mobile trading experience for cryptocurrency traders, allowing them to enjoy a smooth candlestick experience.

Bitunix is the first exchange in the industry to integrate TradingView professional-grade features on its app, making this an Industry-Leading feature integration. This launch marks a significant milestone for the crypto exchange on a journey that began nearly four years ago.

Users can set stop-loss and take-profit levels, place limit orders, and interact with charts in real time, easily syncing with the web platform. The app offers a smooth trading experience with easy-to-use charts that allow swiping, zooming, and dragging. Traders can customize their view with various chart styles, technical indicators, and drawing tools. Plus, a refined slider feature makes order placement even more precise and user-friendly.

Traders can activate the Ultra Version K-line by navigating to the settings in the Bitunix app and selecting the Ultra Version K-line option.

Commenting on the launch and integration of this version, KX Wu, COO of Bitunix, said that this is a unique feature that no one has offered before. “We are the first to offer this version to our users. This has come as a result of the fact that we are always looking to introduce new features for our traders. Now everything will be easier for them with our TradingView Integrated K-Line Ultra App Version,” he said.

All TradingView Functions Now Available on Bitunix Mobile App

With the Ultra Version K-Line offering improved tools, better customization options, and an improved interface, users can analyze the market more effectively and execute trades with greater ease. Here are some of the key upgrades and features:

  • Chart Customization: Traders can change colors, styles, and chart settings.
  • Advanced Tools: Traders can adjust candlestick shapes and use technical indicators.

  • Live Trading Data: See transaction history, opening costs, and active orders.
  • Clearer Interface: A bigger layout makes charts easier to read and use for traders.
  • Drag-and-Drop Trading: Ability to move stop-loss, take-profit, and limit orders directly on the chart.
  • More Time Frames & Drawing Tools: Traders can use trendlines, Fibonacci retracements, and other tools for deeper analysis.

Setting a New Industry Standard for Mobile Trading

Candlestick charts, or K-lines, are critical tools for cryptocurrency traders, enabling market analysis and strategic decision-making. Historically, mobile apps have struggled to match the sophistication of web-based charting tools. This version redefines mobile crypto trading by delivering a professional, web-level experience on mobile devices.

Bitunix continues to prioritize user experience, following the latest insights from the industry. According to a report on the importance of user experience in crypto trading apps, by Blockchain Magazine, improving the trading platform’s usability is crucial for attracting and retaining users in an increasingly competitive market hence the launch of the K-Line Ultra.

Breaking Records Since 2021

Since its launch in 2021, Bitunix has continuously improved its platform. Version 1 introduced spot and futures trading, followed by Version 2 in 2022, which added third-party fiat payment integration.

In 2023, Bitunix expanded with a P2P market, and in 2024, it introduced Convert and Copy Trading features along with a Multi-asset margin function. It also launched an advanced multi-window trading interface, where users can open up to 16 windows on one screen at the same time, becoming the only exchange in the world to have this feature. Looking ahead, 2025 will see the launch of Earn products and COIN-M futures trading, further elevating user experience.

In 2024, the platform demonstrated its Proof of Reserve, showcasing its commitment to security and transparency, and secured a $5 million insurance fund for its users. This led to Bitunix being ranked among the top 15 exchanges on CoinMarketCap and CoinGecko, a testament to its rapid growth and reliability. Recently Bitunix was also ranked among the top 10 crypto exchanges on CoinGlass.

During these years, Bitunix has created partnerships with industry leaders like Moonpay, Volet, Coinify, and Alchemy Pay, making purchasing crypto securely and easier. Additionally, Hacken, Certified, and Salus security audits have reinforced its commitment to user safety.

Bitunix participated at Blockchain Life 2024 conference in Dubai, was a Silver Sponsor at Token2049 Singapore, Golden Sponsor at ETH Riyadh 2024, and Title Sponsor at Web3 Amsterdam. The exchange will also participate in Paris Blockchain Week and Token2049 Dubai in 2025, among other key conferences.

The launch of the Ultra Version K-line is the culmination of all the efforts that the Bitunix team has made to make trading as easy as possible for traders. As the world’s fastest-growing crypto exchange, Bitunix has been committed to continuous improvements and remains dedicated to ongoing innovation and user-driven improvements.

About Bitunix

Bitunix is a global crypto derivatives exchange founded in 2021, committed to offering simple, secure, transparent, and cost-effective trading services to its users. Bitunix specializes in both spot trading and perpetual futures, with over 700 trading pairs and leverage of up to 125x.

With features such as top-tier liquidity, 24/7 customer support, and a strong commitment to regulatory compliance, Bitunix remains at the forefront of providing a reliable trading experience for the global crypto community. Bitunix has attracted more than 2,000,000 users from over 100 countries, facilitating a daily trading volume exceeding $5 billion on its platform.

Website | Telegram | X | LinkedIn

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Continue Reading

Cryptocurrency

XRP, DOGE Shoot up as BTC Price Reclaims $84K Level (Market Watch)

letizo News

Published

on

Bitcoin’s nosedive was finally halted as the asset bounced off the $81,000 support and has added three grand since then.

The altcoins have reacted well to the recent crash, too, with most charting impressive gains over the past day. ETH, XRP, DOGE, and ADA lead the pack from the larger caps.

BTC Rises Above $84K

The previous business week started on the right foot for BTC as the asset broke out of its weekend consolidation levels of around $84,000 and jumped to a 17-day peak of almost $89,000. Although it was stopped there, it managed to remain close to that line for the next few days.

However, the landscape started to change for the worse as the week progressed. The culmination was on Friday when BTC fell from $87,500 to $83,500 within hours. Its recovery attempt was short-lived, and the bears kept the pressure on, pushing the asset south to $81,600 on Saturday.

After another unsuccessful bounce-off attempt during the weekend, bitcoin plunged to $81,200 on a couple of occasions on Sunday evening and on Monday.

This support was able to hold, and BTC finally started to recover. In the past 24 hours, the asset gained more than three grand and now sits above $84,000. Its market cap has risen to $1.670 trillion on CG, while its dominance over the alts is still north of 59%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Recover

Most altcoins have turned green today. ETH leads the pack with a 5% surge that has pushed its price to almost $1,900. XRP has increased by a similar percentage (5.5%) and is close to $2.2. Other notable gainers from the larger-cap alts include DOGE, ADA, TON, LINK, SUI, SHIB, AVAX, and XLM.

The most impressive price pumps come from EOS (14%), Sonic (13%), Render (11%), Aave (10%), BONK (10%), and PEPE (10%).

The total crypto market cap has added over $70 billion in a day and has risen to $2.830 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved