© Reuters
Elastos has launched BeL2, a Layer 2 solution that aims to infuse the Bitcoin network with smart contract capabilities. This innovation, as shared by Sasha Mitchel and Jonathan Hargreaves, is designed to facilitate advanced transactions and provide the option for users to directly stake Bitcoin assets. The launch of BeL2 stands to activate approximately $700 billion in dormant Bitcoin reserves.
BeL2 distinguishes itself by eliminating the need for intermediates such as side chains. This approach aims to streamline trade execution and increase transparency in business transactions. The technology is a strategic component of Elastos’ broader Smart Web vision, which prioritizes user privacy, security in digital asset ownership, and aims to transform infrastructure current internet.
The significance of BeL2 is significant and wide-ranging. It is poised to make a significant impact on various industries including financial services, entertainment and real-world asset (RWA) markets. By enabling ‘Bitcoin native’ smart contracts, Elastos not only enhances the functionality of Bitcoin but also has the potential to reshape how digital transactions and asset management are performed across multiple sectors .
This article was created and translated with the help of AI and has been reviewed by an editor. For more information, see our Terms & Conditions.