- Burak launched “Brollups”, a new technological update for the lightning network.
- Despite this positive development, the price of BTC continued to decline.
Bitcoins [BTC] The price has dropped significantly in recent days. However, the new updates on the Bitcoin lightning network could help BTC.
The Bro Code
Burak, a Bitcoin developer known for his previous exploit that exposed a bug in the Lightning Network, has now made headlines for a different reason.
He is behind a new layer 2 solution for Bitcoin called ‘Brollups’. This innovation aims to significantly expand Bitcoin’s capabilities in the DeFi space.
Brollups, as Burak explains, is a layer 2 that uses a “Bitcoin-native rollup design.” This means it can bundle transactions without the need for a complex hard fork of the Bitcoin protocol or the creation of a new token specifically for Brollups.
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Brollups is currently in the design phase and is designed to integrate seamlessly with Bitcoin. Burak emphasizes that Brollups are “deeply ingrained in Bitcoin” and “will of course work with Bitcoin as an affordable construct.”
Brollups’ functionality will be supervised by ‘operators’. These operators will play a crucial role in maintaining liquidity within the protocol and keeping the Brollups status up to date by regularly linking Bitcoin transactions on the Bitcoin Virtual Machine.
Burak’s solution has received widespread praise within the Bitcoin community for achieving its goals without disrupting Bitcoin’s core protocol or introducing a new token. This approach positions Brollups to potentially address more than 90% of DeFi use cases on Bitcoin.
Brollups has the potential to streamline and secure DeFi applications built on Bitcoin. This could eliminate the need for intermediaries, paving the way for a more decentralized financial ecosystem.
A blast from the past
It is important to note that Burak is no stranger to making waves in the Bitcoin landscape. In October 2022, he exposed a vulnerability in the Lightning Network using a complex multi-signature Taproot transaction.
This incident highlighted potential issues within the Taproot upgrade, a major update deployed in November 2021 aimed at improving Bitcoin’s privacy, efficiency, and smart contract capabilities.
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Although Taproot initially saw limited adoption after launch, its features gained momentum in January 2023 with the introduction of the Ordinals protocol by Casey Rodarmor.
Read Bitcoin’s [BTC] Price forecast 2023-24
In December 2023, Taproot transactions surpassed 50% of all Bitcoin transactions.
At the time of writing, BTC was trading at $61,072.78 and the price had fallen 5.12% over the past 24 hours.
Source: Santiment