What is BitBolt ?
BitBolt Network is the first Bitcoin Layer 2 network dedicated to Bitcoin payments and the Ordinals ecosystem. It leverages Account Abstraction and Threshold ECDSA technologies to maximize Bitcoin’s potential for the future.
Who are the Founders ?
Jacob and Ashley are the founders and developers of BitBolt. They have been faithful believers in Bitcoin since 2017. After extensive participation in Ethereum’s DeFi and NFT projects, they strongly felt that the Bitcoin ecosystem needed fresh vitality. Before developing BitBolt, Jacob and Ashley were seasoned Layer1 developers. Upon seeing the emergence of Ordinals and BRC20, they felt these were perfect underlying assets for Bitcoin and could be used to build new ecosystem projects. Therefore, BitBolt was born as a Bitcoin Layer2 solution.
The intention behind the project
BitBolt was conceived with a specific intention in mind: addressing the shortcomings of the Bitcoin network. As it currently stands, the Bitcoin network operates based on a decentralized consensus mechanism known as Proof-of-Work (PoW). However, this framework often demands a significant amount of time to reach final consensus on transactions, which can leave markets that trade directly on the Bitcoin network vulnerable to Double Spending Attacks. Such vulnerabilities can put intense strain on the Bitcoin network. Furthermore, considering that Bitcoin represents the most decentralized and consensus-focused network, its block space is of significant value. As a possible remedy to these issues, the team behind BitBolt believes that the issuance of assets on the Bitcoin network and their trading on Bitcoin Layer 2 can help alleviate network congestion. This strategy is seen as the future path for BRC20 and Ordinals NFT developments.
What are your future plans?
The future plans are as follows: The first initiative is to launch BitBolt, which will support fast transfers of BRC20 and Ordinals NFTs. The second plan is to launch a BRC20 IDO platform. The team will also be developing and launching multi-signature wallets for Bitcoin, BRC20, and Ordinals NFTs, which will be accompanied by smart contract wallets. The final major undertaking is the launch of a decentralized exchange/market based on Bitcoin, BRC20, and Ordinals NFTs. These initiatives aim to bolster the Bitcoin ecosystem by enhancing its functionality and accessibility.
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BitBolt provides a range of solutions that aim to enhance the Bitcoin and Ordinals ecosystem. Firstly, they have managed to reduce transaction fees for Bitcoin transactions to just 10 satoshis per transaction. Secondly, they have speed up the process of reaching final consensus in Bitcoin transactions, enabling quicker transaction confirmations that take approximately 8 seconds. BitBolt also enables decentralized indexing and transfer of assets inscribed with the Ordinals protocol, further enhancing its usability. Additionally, they’ve created a way for real-time decentralized synchronization of data on the Bitcoin network, providing developers with greater capabilities. All these features are anticipated to open up new use cases for Bitcoin and strengthen the Ordinals ecosystem, thereby promoting further growth in the decentralized BTC ecosystem.