In a major step towards blockchain innovation and interoperability, Cardano has announced… New partnership With BitcoinOS (BOS), the smart contract operating system for Bitcoin, the world’s first and largest cryptocurrency. The new alliance aims to release $1 trillion in Bitcoin liquidity ADA investors And creating new opportunities for cross-chain capabilities for Web3.
Cardano announces partnership with BitcoinOS
In official Blog post On Thursday, October 24th imorgothe Cardano blockchain founding entity revealed that it will work with BitcoinOS to bridge the gap Bitcoin’s massive liquidityWorth $1.3 trillion, in Cardano’s decentralized finance (DeFi) ecosystem. This means that Cardano users and ADA investors will be able to directly and securely use Bitcoin’s vast capital base in Cardano’s DeFi applications.
Expressing optimism about the new collaboration, Ken Kodama, Founder and CEO of EMURGO, highlighted the importance of the alliance, stressing that BOS has the ability and potential to offer new cross-chain capabilities that leverage Cardano users and ADA investors. , Projects within the ecosystemand developer security and trustless access to the Bitcoin ecosystem.
Furthermore, Kodama revealed that the partnership with BOS will support greater access and connectivity Web environment 3 across multiple blockchains, ultimately leading to more innovation and adoption of DeFi and other decentralized solutions.
EMURGO revealed that the first technical milestone in the new partnership will be the integration of the BOS Grail Bridge into Cardano’s open source blockchain ecosystem. The Grail Bridge is an underlying technology that will facilitate secure and trustless pegs between Bitcoin and Bitcoin-based assets using the BitSNARK verification protocol powered by BOS’ Zero Knowledge (ZK).
BitSNARK is the first verification protocol that allows zk-SNARKS (Short Non-Interactive Argument Knowledge) to run on Bitcoin without any changes to the underlying Bitcoin protocol. Using this innovative approach with the Grail Bridge will effectively allow Bitcoin liquidity to flow seamlessly into Cardano’s DeFi applications, providing enhanced interoperability and scalability.
Implications of the new partnership
The new partnership with EMURGO and BOS will see Cardano become the first layer-one blockchain ever to leverage BitcoinOS ZK based solutionspositioning it as a major player in the DeFi ecosystem.
Moreover, by integrating Bitcoin on Cardano, DeFi applications like Fluid Tokens and many other DeFi platforms on… Cardano blockchain It will be able to allow its users to directly and easily interact with Bitcoin. This innovative approach will significantly increase the liquidity pool and attract more users and developers to its ecosystem, which could lead to a significant increase. Blockchain adoption.
Furthermore, Bitcoin itself is set to benefit from the EMURGO and BOS partnership. With BOS enabling more use cases by allowing ecosystems like Cardano to leverage it Bitcoin liquidity With ZK’s proof, Bitcoin, already the world’s most popular cryptocurrency, will become a more diversified asset, strengthening its position in the Web3 space.
Also speaking about the new collaboration, BitcoinOS CEO, Edam Yago, stated that BOS’s ZK-based solutions have constantly opened up new expansion possibilities for Bitcoin, and now this feature will be expanded to various ecosystems outside of Bitcoin, driving further growth in the industry. . .
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