News Report Technology
January 30, 2024

Build on Bitcoin (BOB) Unveils ‘OptiMine’ to Bridge Bitcoin Security with Ethereum Capabilities

Build on Bitcoin (BOB) Unveils ‘OptiMine’ to Bridge Bitcoin Security with Ethereum Capabilities

Build on Bitcoin (BOB), the Layer 2 stack developed by the team Bitcoin DeFi platform Interlay, announced an enhanced Bitcoin security feature for blockchains named ‘OptiMine’. The new security feature enhances Bitcoin security for Layer 2 (L2) blockchains by leveraging Bitcoin’s Proof-of-Work (PoW) mechanism and connects with the scalability of Ethereum and other EVM-compatible blockchains.

Alexei Zamyatin, co-founder of BOB and co-founder and CEO of Interlay told Metaverse Post that Optmine combines the strengths of both – Bitcoin’s security and Ethereum’s smart contract capabilities, while adding scalability. He compared OptiMine to “Bitcoin’s answer to Ethereum’s restaking”.

In typical rollups, Sequencers play a crucial role in creating and proposing new blocks. Existing models for ensuring their correctness are not yet practical on Bitcoin.

“OptiMine addresses this challenge by involving Bitcoin miners in validating rollup blocks, thereby ensuring integrity without relying solely on Sequencers. This integration of Bitcoin’s PoW system adds an extra layer of security and reliability to rollups, contributing to their overall robustness,” said BOB’s Zamyatin.

To ensure the involvement of the mining community in developing OptiMine, BOB has partnered with a Bitcoin mining company (without revealing its name).

“This partnership is significant as it represents a fusion of interests and expertise between BOB’s technological innovation and the practical, operational insights of the mining community,” he added.

OptiMine Propels Bitcoin’s PoW Security into Layer 2 Solutions

OptiMine introduces a novel hybrid consensus technique called “Optimistically Sequenced Merged Mining,” enabling Layer 2 solutions like BOB to inherit Bitcoin security while being connected to other Layer 1 blockchains like Ethereum.

BOB’s Alexei Zamyatin said the technology addresses the challenges of sparse block space and high transaction fees by allowing more efficient block production through rollups and sidechains, which handle transactions off-chain. It achieves this by separating block production from PoW finalization.

“Blocks are produced at a faster rate, and the PoW finalization occurs less frequently, optimizing the blockchain’s performance. This technique helps in managing the load on the blockchain, thereby potentially reducing congestion and the associated high transaction fees,” Zamyatin told Metaverse Post.

Additionally, OptiMine offers miners an additional revenue stream through merged mining. With Bitcoin halvings decreasing direct rewards, miners can use OptiMine to simultaneously mine Bitcoin and auxiliary chains like BOB’s L2 solutions.

Zamyatin explained that this allows miners to secure multiple networks at once, compensating for reduced Bitcoin rewards. This ensures miners remain financially viable and keeps Bitcoin technology relevant in the crypto landscape post-halving events.

However, integrating Bitcoin’s PoW with Ethereum and other EVM-compatible blockchains was a complex challenge due to the differing architectures and consensus mechanisms of these blockchains.

Looking ahead, Zamyatin believes OptiMine will impact the blockchain landscape by providing a secure, scalable, and efficient solution for L2 rollups and sidechains. He added that BOB’s ultimate goal is to enable rollups on Bitcoin – and OptiMine is a first piece of the puzzle.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

More articles
Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

Hot Stories
Join Our Newsletter.
Latest News

Exploring Blockchain Gaming: Recap of 2023 and Sneak Peek into 2024

Footprint Analytics' report analyzes the performance data of blockchain gaming in 2023 and discusses potential trends for ...

Know More

RGB Bolsters Bitcoin and Lightning Network’s Scalability and Privacy Capabilities

RGB is a layer 2/3 solution on Bitcoin and Lightning Network that bolsters scalability and privacy capabilities ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Bitcoin’s Rally to $44,500 Benefits 90% of Holders Amid Whale Accumulation
Markets News Report
Bitcoin’s Rally to $44,500 Benefits 90% of Holders Amid Whale Accumulation
February 8, 2024
Solana-based Code Raises $6.5M Funding to Develop Fast Micropayments Solution
Business News Report
Solana-based Code Raises $6.5M Funding to Develop Fast Micropayments Solution
February 8, 2024
Axiology Raises Over $2M Funding to Advance Tokenized Securities Infrastructure
Business News Report
Axiology Raises Over $2M Funding to Advance Tokenized Securities Infrastructure
February 8, 2024
BlackRock and Fidelity’s Bitcoin ETFs Outperform Grayscale on Liquidity Metrics, says JPMorgan
Business News Report
BlackRock and Fidelity’s Bitcoin ETFs Outperform Grayscale on Liquidity Metrics, says JPMorgan
February 8, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.