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Dec 15, 2023

Bitcoin Elastos Layer2 (BeL2) FAQ

BeL2 FAQ

Bitcoin Elastos Layer2 (BeL2) FAQ document.

The Elastos Foundation has recently introduced support for the ‘Bitcoin Elastos Layer2‘ (BeL2), a new Layer 2 solution built using SmartWeb technology to significantly enhance Bitcoin’s capabilities. BeL2 integrates the Elastos Smart Chain (ESC) with Bitcoin, offering a sophisticated approach to Bitcoin transactions and smart contract implementation. These smart contracts, immutable and transparent, operate without the need for third-party intermediaries. Distinguishing itself from existing solutions like the Lightning Network, BeL2 enables true staking and transaction recognition across Bitcoin and secondary networks, utilizing zero-knowledge proof technology for enhanced transaction authenticity and security.

For node managers, BeL2 introduces a new opportunity to earn Bitcoin through staking as a “relayer”, previously unfeasible in the Bitcoin framework. The additional advent of Bitcoin-denominated smart contracts is expected to increase blockchain activity, providing more transactions for verification and the potential for higher gas fee revenues.

Aligning with Elastos founder Rong Chen’s vision of a ‘SmartWeb’, BeL2 fosters a decentralized internet ecosystem where users control their data, empowered by blockchain technology and direct interactions. This positions BeL2 as a key player in transforming Bitcoin into a more versatile and powerful digital currency, as detailed in the BeL2 whitepaper, a comprehensive guide to this innovative approach. Read the full BeL2 FAQ document here.

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