The BeL2 team is excited to announce the latest update to our Bitcoin-Elastos Layer 2 (BeL2) ecosystem: the Loan App Demo 0.2, now live at lending.bel2.org. This update is a significant step forward in integrating Bitcoin with smart contract functionalities, enhancing both usability and security. Please remember this is a demo app today and not commercial, it is being built to showcase the underlying BeL2 technology as part of the larger roadmap. Let’s jump straight in!
What’s New in Loan App Demo 0.2
Since the last production release, showcased in Hong Kong, BeL2 has introduced several enhancements to improve user experience and functionality:
- Enhanced Order Details: Comprehensive order details now include the status of Zero-Knowledge Proofs (ZKP).
- Manual BTC Transfer Confirmation: Borrowers and lenders can manually confirm BTC transfers before ZKP completion, saving time.
- Tip Functionality: Borrowers and lenders can provide tips to each other to encourage faster confirmations.
- Lender Time Unlock Branch 3: Adds flexibility for lenders.
- Wallet Compatibility: Unisat is now supported throughout the entire process, expanding beyond the Essentials wallet.
- Dynamic Timelock Values: The UI now dynamically follows timelocks provided by the contract, no longer relying on hardcoded values.
- Repayment Countdown Bug Fix: Addressed the repayment countdown duration bug.
- Order Cancellation: Lenders can cancel an order if it remains unpaid for more than six hours.
- New Order Status Filter: A new “ongoing” status filter has been added.
- Bug Fixes: Various minor bugs have been resolved.
Updates to Essentials Wallet
To support the BeL2 loan app, Essentials has also received crucial updates:
- Direct APK Download: Android users can now download the latest version (3.1.5) directly from d.web3essentials.io.
- iOS Version Update: The iOS version has been updated and is available on the App Store.
BeL2: Expanding Bitcoin’s Capabilities
BeL2 enhances Bitcoin’s scalability, programmability, and privacy, leveraging the Elastos Smart Chain (ESC) while preserving Bitcoin’s integrity. BeL2 enables Bitcoin to interact with smart contracts on EVM-compatible blockchains using Zero-Knowledge Proof (ZKP) technology.
Decentralised Loan App
The Loan App on BeL2 allows Bitcoin holders to use their BTC as collateral for loans in USDT. Key features include:
- BTC as Collateral: Users lock their BTC in a smart contract to borrow USDT.
- Fixed Interest Rates: Protection against crypto market volatility.
- No Forced Liquidations: Safeguards against violent price fluctuations.
- Smart Contract Automation: Ensures predictable, automated repayment schedules.
- Relayers and ZKPs: Enhance security and privacy in transactions.
Vision Forward
BeL2’s focus is on refining its technology and providing robust SDKs for developers to build a wide array of financial applications on top of Bitcoin, executable on EVM ecosystems like Elastos Smart Chain. They are focused on continuously enhancing the efficiency and security of our ZKP mechanisms and optimise smart contract performance for seamless integration across blockchain ecosystems. The team are developing next comprehensive Software Development Kits (SDKs) to simplify the process of building financial applications on BeL2. These SDKs will include:
- Smart Contract Templates: Pre-built templates for common financial applications.
- API Integrations: Easy-to-use APIs for integrating Bitcoin with other blockchain ecosystems.
- Developer Tools: Advanced debugging and testing tools.
- Documentation and Tutorials: Extensive documentation and tutorials to guide developers.
Building a Financial Ecosystem
The Loan App serves as a framework for developing various financial applications, demonstrating how Bitcoin can be used as collateral within a decentralised financial ecosystem. Potential applications include:
- Decentralised Exchanges (DEXs): Platforms for trading cryptocurrencies without a centralised intermediary.
- Lending Platforms: Smart contract-based lending services with APR.
- Payment Solutions: Enabling businesses to accept native Bitcoin and other cryptocurrencies for online platforms.
- Investment Platforms: Decentralised platforms for investing in various assets using Bitcoin’s security and liquidity.
We invite the Elastos community to explore the capabilities of the Loan App Demo 0.2 and experience the integration of Bitcoin with smart contracts on the Elastos Smart Chain. Your participation and feedback are invaluable as we continue to innovate and expand the BeL2 ecosystem.
Join us at lending.bel2.org and be part of the future where Bitcoin gains new functionalities and applications through BeL2. Together, we are building a more robust and decentralised financial landscape.
