PRESS RELEASE
Cardiff, UK – May 26th, 2024 – Chainwire.
BEVM, the Bitcoin Layer2 development team, has recently released a technical yellow paper titled “Taproot Consensus: A Decentralized BTC Layer2 Solution” on May 20, 2024. This paper provides a detailed explanation of Taproot Consensus, a fully decentralized BTC Layer2 solution that utilizes native Bitcoin technologies such as Schnorr signatures, MAST, and Bitcoin SPV nodes. The implementation of Taproot Consensus represents a significant advancement in Bitcoin’s scalability without the need to modify its core code.
To understand the significance of Taproot Consensus, it is important to look back at the history of Bitcoin’s technical iterations. In 2008, Satoshi Nakamoto introduced Bitcoin and the concept of SPV (Simple Payment Verification) through the publication of “Bitcoin: A Peer-to-Peer Electronic Cash System.” In 2009, Nakamoto mined the Genesis Block, marking the official launch of Bitcoin. However, the original code used ECDSA for digital signatures instead of the more suitable Schnorr signatures, which were protected by patents at the time. Schnorr signatures offer improved functionalities and security assumptions compared to ECDSA, allowing for efficient management of Bitcoin with thousands of addresses.
In 2018, Bitcoin core developers proposed integrating Schnorr signatures into the Bitcoin network. This proposal came to fruition on November 14, 2021, with the Taproot upgrade, which integrated Schnorr signatures and introduced MAST. This upgrade enabled smart contract-like capabilities and decentralized multi-signature management. BEVM’s Taproot Consensus builds on these advancements by combining Schnorr signatures and MAST to manage multi-signature addresses and enable complex business scenarios in Bitcoin Layer2.
The yellow paper provides an overview of the Taproot Consensus solution. It emphasizes the non-Turing complete nature of Bitcoin and argues for utilizing Bitcoin’s existing capabilities to build a decentralized Layer2 solution instead of modifying Bitcoin Layer1. BEVM’s Taproot Consensus achieves this by combining Bitcoin’s Taproot technology (Schnorr signatures and MAST), Bitcoin SPV light nodes, and the BFT PoS consensus mechanism. This combination creates a decentralized and consistent Layer2 network.
The Taproot Consensus architecture consists of three main components: Schnorr+MAST, Bitcoin SPV, and Aura+Grandpa. Schnorr+MAST utilizes the Taproot upgrade technologies to achieve decentralized Bitcoin multi-signature management. Bitcoin SPV allows for the synchronization and verification of Bitcoin transactions without the need to run a full node. Aura+Grandpa, on the other hand, provides advanced PoS consensus protocols for Byzantine fault tolerance, ensuring high consistency among network nodes.
In the BEVM system, each validator holds a private key for Schnorr signatures. These validators collectively form a MAST tree, enabling BTC transfers and inscriptions to the threshold signature address. Validators also act as Bitcoin SPV light nodes, securely and permissionlessly synchronizing the BTC network state. The Aura+Grandpa consensus mechanism ensures the security and trustworthiness of the Layer2 network, with assets managed by BFT consensus.
The operating principle of Taproot Consensus is as follows: each validator in the BEVM system holds a private key for Schnorr signatures. The characteristic of Schnorr signatures allows for efficient signature aggregation, enhancing the system’s security and efficiency. The aggregated public key, generated through the Musig2 multi-signature scheme, forms a large MAST tree. Validators perform BTC transfers and inscriptions to the threshold signature address generated by the MAST tree, enabling the submission of data from the BTC mainnet to the BEVM network. Additionally, each validator acts as a Bitcoin SPV light node, securely and permissionlessly synchronizing the BTC network state.
The yellow paper also delves into other technical details, emphasizing the true decentralization achieved by Taproot Consensus. It explains the implementation of Schnorr signatures, MAST, Bitcoin SPV light nodes, and Aura+Grandpa, providing a comprehensive technical outline for those interested in Bitcoin technologies. It highlights the differences between Taproot Consensus and other BTC Layer2 projects like Mezo, which relies on the tBTC protocol and a network of nine signatories. In contrast, Taproot Consensus integrates multi-signature networks with BFT PoS consensus, achieving true decentralization.
In conclusion, BEVM’s technical yellow paper provides a comprehensive description of Taproot Consensus, a Bitcoin Layer2 solution built entirely on native Bitcoin technologies. This solution respects and innovates on Bitcoin’s original technological direction, representing a true evolution of native Bitcoin scalability technology. As the Bitcoin ecosystem continues to evolve, solutions like Taproot Consensus will play a crucial role in its development, serving as major cornerstones for truly decentralized Bitcoin Layer2 solutions.
About BEVM:
BEVM is the first fully decentralized, EVM-compatible Bitcoin Layer 2 solution. It enables Ethereum ecosystem DApps to operate on Bitcoin, utilizing BTC as gas. BEVM enhances Bitcoin’s utility by providing a secure and scalable platform for decentralized applications. The system integrates advanced consensus mechanisms, cross-chain interaction, and robust data integrity to ensure a seamless experience. BEVM aims to innovate within the Bitcoin ecosystem by offering increased scalability, security, and compatibility with popular Ethereum tools and applications.
For more information, please visit BEVM’s official website or follow BEVM on Twitter.
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