bitcoin

"OP_NET Testnet Brings DeFi and Smart Contracts to Bitcoin Blockchain"

The Big Whale

— 1 min read
  • OP_NET testnet launching to bring DeFi to Bitcoin using Tapscript.
  • Smart contracts on Bitcoin possible with OP_NET's meta protocol system.
  • OP_NET uses WebAssembly for smart contracts in multiple languages.
  • Hemi Network by Jeff Garzik offers modular layer-2 blockchain for Bitcoin and Ethereum.
  • OP_NET supports fungible and non-fungible tokens comparable to ERC-20 and ERC-721 standards.
  • USDh stablecoin backed by BTC offers up to 25% yield, tapping into Bitcoin liquidity.

Summary :
A group of developers is launching the OP_NET testnet, which aims to bring decentralized finance (DeFi) to the Bitcoin blockchain. OP_NET utilizes the Tapscript component of the Bitcoin Taproot upgrade to enable smart contracts on the network. The objective is to create a permissionless meta protocol system that allows for the deployment of decentralized applications and smart contracts on Bitcoin. The testnet is set to launch on Wednesday, with the mainnet expected to go live in late September. OP_NET uses WebAssembly (WASM), allowing smart contracts to be written in multiple languages. Transactions on OP_NET are labeled with the string "BSI" and processed in the OP_NET virtual machine (OP_VM), similar to the Ethereum Virtual Machine. The project aims to provide a DeFi ecosystem on Bitcoin without compromising security and decentralization. OP_NET also supports fungible and non-fungible tokens, comparable to the ERC-20 and ERC-721 standards on Ethereum. The launch of OP_NET follows the announcement of the Hemi Network, a layer-2 blockchain network built for scaling, security, and interoperability between Bitcoin and Ethereum. The Hemi Network's testnet is also set to go live on Wednesday.

Sources :

- Decrypt

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