BeL2 Loan Demo App Updated to Version 0.3: Enhanced Features

We are excited to announce that the BeL2 Loan Demo App has been updated to version 0.3, available at https://lending.bel2.org/. This update brings significant enhancements and new features to improve the user experience and functionality of the app. Here’s a detailed look at what’s new:

  • Added support for Taproot addresses
  • Added the ability to manually request ZKP proofs
  • Added support for USDC in addition to USDT
  • Additional repayment/proof information in order details
  • Implemented additional arbitration request use cases
  • Fixed expired order use cases
  • Other minor bug fixes


Technical Update Insights

Added Support for Taproot Addresses

Integrating Taproot addresses ensures compatibility with the latest Bitcoin advancements, enhancing privacy and scalability. Implemented in November 2021, Taproot makes all transaction outputs look the same, improving privacy whether for simple payments or complex smart contracts. It also boosts efficiency and reduces fees. Supporting Taproot allows our app users to benefit from these enhancements, enabling more discreet and cost-effective transactions. This aligns with our commitment to providing a secure and efficient platform, enhancing the overall user experience.

Added Ability to Manually Request ZKP Proofs

Allowing users to manually request Zero-Knowledge Proofs (ZKPs) enhances control and flexibility, enabling them to generate proofs as needed. ZKPs are cryptographic methods that verify a statement’s truth without revealing any additional information. In BeL2, ZKPs ensure transaction privacy and security without exposing underlying data. Previously, ZKP generation was automatic, which might not have suited all users. Now, users can decide when to generate ZKPs, providing greater autonomy and control over their transactions and improving the overall user experience.

Added Support for USDC in Addition to USDT

Supporting USDC alongside USDT provides users with more stablecoin options, enhancing liquidity and flexibility within the app. USDC is known for its regulatory compliance and widespread acceptance, making it a valuable addition to our platform. As a stablecoin pegged to the US dollar, USDC maintains a stable value, attracting users who seek to avoid cryptocurrency volatility. Integrating USDC, widely supported in decentralised applications (dApps) on the Elastos Smart Chain, such as Glide and Elacity, offers more financial activity options and leverages existing liquidity, making transactions more seamless and efficient.

Additional Repayment/Proofs Information in Order Details

Providing detailed repayment and proof information in order details enhances transparency and user trust. It allows users to clearly understand their transactions, repayments, and associated proofs, essential for effectively managing financial activities. This update adds comprehensive data on repayment schedules and proof generation directly within the order details. Users can now see all necessary information in one place, making it easier to track and manage loans. This transparency is crucial for building trust in decentralised finance (DeFi) applications, ensuring users have all the information they need to make informed decisions.

Implemented Additional Arbitration Request Use Cases

Enhancing the arbitration process is critical for ensuring fair and efficient dispute resolution within the platform. By implementing additional use cases for arbitration requests, we aim to provide a more robust mechanism for handling disputes, and maintaining user trust and satisfaction. Arbitration in BeL2 resolves disputes between parties in a decentralised manner, using ELA collateralised nodes, ensuring fairness without relying on centralised authorities. The new use cases expand the scenarios for arbitration, making the process more comprehensive and adaptable, reinforcing the platform’s reliability and fairness.

Fixed Order Expired Use Cases

Addressing issues related to order expiration is vital for ensuring smooth and reliable transaction processes. Fixing these use cases improves the overall user experience by preventing disruptions caused by expired orders. Order expiration issues occur when a transaction is not completed within a specified timeframe, leading to complications or the need for manual intervention. By fixing these issues, we enhance the predictability and reliability of the platform. This ensures that orders are processed as expected, reducing the likelihood of unexpected expirations and associated complications. These improvements help maintain a seamless transaction flow, enhancing user satisfaction.

Other More Minor Bug Fixes

Continuous improvement through minor bug fixes is essential for maintaining the stability and performance of the platform. These fixes address small issues that, collectively, can significantly impact the user experience. Minor bug fixes involve resolving smaller issues that may not be immediately noticeable but contribute to the overall functionality and stability of the app. By regularly addressing and fixing minor bugs, we ensure that the app runs smoothly and efficiently, providing users with a reliable and enjoyable experience.

These updates mark a significant step forward in our mission to provide a secure, flexible, and user-friendly platform for decentralised finance built on Bitcoin. By continuously enhancing the BeL2 Loan Demo App, we aim to offer the best possible experience for our users, ensuring that they can leverage the full potential of their Bitcoin holdings in a secure and decentralised manner. Stay tuned for more updates and innovations as we continue to develop and expand the capabilities of the BeL2 ecosystem. Excited to learn more? Head over to the BeL2 website and follow Infinity for the latest updates!


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