BOB: Building a bridge between Bitcoin and Ethereum to achieve smart contracts and cross-chain collaboration

Written by: Teahouse Waiter

1. Project Introduction

BOB (Build on Bitcoin) is a Bitcoin-basedSafetySex and Ethereum IntelligencecontractA flexible hybrid second-layer platform that supports Bitcoin ecosystems such as Ordinals, Lightning, and Nostr, aiming to increase the utility of Bitcoin and expand its functionality.

In simple terms, BOB aims to inspire a renaissance in Bitcoin construction by supporting innovation on Bitcoin's existing stack, including the Lightning Network, the serial number system, and Nostr. The project's vision is to enhance Bitcoin's value accumulation in the long term and improve the economic sustainability of the protocol by promoting convolutional technology (especially zero-knowledge convolution). BOB will also support a variety of cryptographic primitives to provide a space for innovators to build and experiment.

BOB's core values include supporting experimentation and innovation, ensuring real-world impact, and providing freedom of choice. The project is still in its early stages, but an early Alpha version has been released and will continue to develop and experiment in the future, includingXiaobai NavigationA new way to trustlessly bridge between Bitcoin, Ethereum, and multi-chain ecosystems.

The first version of BOB’s minimum viable product (MVP) already features a trustless BTC bridge and a built-in Bitcoin light client, which can cryptographically verify the main chain, allowing the team to create Bitcoin primitives such as trustless BTC serial numbers and BRC swaps.

2. Operational Mechanism

2.1 Merged Mining

The BOB project’s merged mining technology is a key mechanism that allows Bitcoin miners to simultaneously support the BOB network without incurring additional costs. The main advantage of this technology is that it can utilize existing Bitcoin mining resources while enhancing the BOB chain.Safetysex.

Here is a more detailed explanation of this technique:

2.1.1 Principle and operation

Merged mining allows two differentBlockchainBoth blockchains — in this case Bitcoin and BOB — share the same proof-of-work (PoW) algorithm. In practice, miners can mine blocks of the BOB chain while mining Bitcoin. This is achieved by including the information of the BOB block as a small part of the Bitcoin block (usually an additional data field).

2.1.2 Technical Details

In BOB's merged mining protocol "Optimine", miners generate a proof of work that meets the mining difficulty requirements of both networks. Miners need to find a hash value that meets the difficulty requirements of the Bitcoin network, and this hash value also needs to meet the difficulty requirements of the BOB network, or a condition that is easier to meet. When a Bitcoin block is mined, it also implies a valid BOB block, so this BOB block will also be considered to have been mined.

2.1.3 Safetysex

Through merged mining, BOB is able to take advantage of the broad miner base and high security of the Bitcoin network. Because the validation of BOB blocks is done simultaneously through Bitcoin's PoW mechanism, any attempt to attack the BOB network requires a simultaneous attack on the Bitcoin network, which is economically and technically very challenging.

2.1.4 Efficiency and incentives

This technology allows miners to use the same computing work to provide security support for both networks without the need for additional energy consumption. This not only improves energy efficiency, but also reduces the economic cost of participating in multiple networks.

Merged mining provides additional incentives for miners, as they can obtain additional mining rewards on the BOB chain without sacrificing Bitcoin mining returns. This mechanism encourages more miners to participate in the security maintenance of the BOB network, while also enhancing the overall security and decentralization of the network.

2.2 EVM Compatibility

BOB 项目的以太坊虚拟机（EVM）兼容性是其核心特征之一，使其能够支持运行智能contract和开发复杂的去中心化应用（DApps). This feature greatly expands the capabilities of Bitcoin, transforming it from a platform primarily used for value storage and simple transactions to a platform with richer and more diverse applications.

Here is a more detailed description of BOB EVM compatibility:

2.2.1 Basic Concepts

EVM is the runtime environment for executing all smart contracts on Ethereum. It is a completely isolated virtual environment, which means that the code running in EVM can be executed without any external influence. This compatibility allows BOB to take advantage of existing Ethereum tools and infrastructure, such as the smart contract programming language Solidity, as well as development tools Hardhat and Remix, and BlockScout and The Graph for data visualization.

2.2.2 Technical realization

BOB achieves EVM compatibility by L2 The EVM is integrated into the solution. This means that any DAppBoth blockchains and smart contracts can theoretically run on the BOB platform without modification. In this way, BOB is able to take advantage of the maturity and wide developer base of the Ethereum ecosystem.Community, while bringing bitsBinanceThe advantage of comprehensiveness.

2.2.3 Developing and deploying smart contracts

Developers can use standard Ethereum development tools to create, test, and deploy smart contracts to the BOB network.walletSuch as MetaMask to interact with users. In addition, BOB supports simplifying user interactions through Metatransactions and account abstraction, allowing users to use BTC or other ERC-20 TokenPay transaction fees.

2.2.4 Cross-chain functionality

EVM compatibility also enables BOB to support interoperability with Ethereum and other EVM-based chains. For example, users can leverage existing Ethereum infrastructure and markets to trade assets created on BOB, or migrate assets from Ethereum to BOB.

2.2.5 Advantages and Challenges

BOB brings many advantages through EVM compatibility, including plug-and-play smart contract support, a wider range of developer tools andCommunity资源的访问，以及更加丰富的 DApp 生态系统。然而，这也带来了挑战，特别是在确保与比特币主链无缝整合时的安全性和效率问题。

2.3 Cross-chain functionality

The cross-chain function of the BOB project is one of its core features, which greatly enhances the interoperability between the Bitcoin and Ethereum ecosystems. By implementing cross-chain technology, BOB can not only support seamless transactions between Bitcoin and Ethereum, but also link to other EVM-based networks.

The following is a more detailed introduction to BOB’s cross-chain functionality:

2.3.1 Cross-chain bridge

BOB implements one or more cross-chain bridges, allowing Bitcoin and otherBlockchainAssets (such as ERC-20 on Ethereum Token) between blockchains. These bridges utilize smart contracts to lock assets on one chain and issue corresponding tokens on another chain. For example, a user can lock Bitcoin on the BOB platform and receive an equal amount of wrapped Bitcoin (wBTC) on the Ethereum network.

2.3.2 Two-way light client BTC bridge

BOB particularly highlighted the development of its bidirectional light client BTC bridge, an advanced cross-chain solution that enables direct interaction between the Bitcoin and Ethereum ecosystems. This bridge uses light client technology to verify Bitcoin transactions on the EVM, allowing direct use and management of Bitcoin without the need for centralized custodian services.

2.3.3 Metatransactions and account abstraction

BOB enhances its cross-chain capabilities by introducing meta-transactions and account abstraction. Meta-transactions allow users to pay transaction fees without having to own native network tokens (such as ETH) when making transactions. This means that Bitcoin users can use BTC to pay transaction fees on the Ethereum network, increasing the convenience and accessibility of cross-chain operations.

2.3.4 BTC light client and smart contract interoperability

BOB uses BTC light client technology to allow smart contracts to access and process Bitcoin blocks and transaction data. This allows smart contracts created on the BOB platform to interact directly with Bitcoin and perform operations such as P2P exchanges, serial number auctions, or computing power tokenization.

2.3.5 Rust and zk-SNARKs

BOB’s cross-chain functionality also benefits from its support for the Rust programming language andZero knowledge proof(especially zk-SNARKs). This allows BOB to perform off-chain computations while verifying the correctness of these computations on-chain, providing a secure and trusted verification mechanism for complex cross-chain operations.

2.3.6 Safety and efficiency

When designing cross-chain functions, BOB pays special attention to security and efficiency. Trust and risk in cross-chain transactions are minimized by using advanced encryption technology and carefully designed protocols. In addition, BOB's cross-chain bridge is designed to reduce latency and transaction costs, allowing users to move assets quickly and economically.

3. Ecosystem

BOB 项目的融合点（Fusion Points）和空投（Airdrop）是其生态系统内部用于激励和奖励用户参与的关键机制。这些功能不仅鼓励了社区的活跃参与，还增加了平台的流动性和用户基础。

3.1 Fusion Points

Fusion Points are an incentive within the BOB network that is designed to reward users for their contribution and participation in the network. Users can earn Fusion Points in a variety of ways, such as:

1. Asset bridging: Users can earn fusion points by bridging whitelisted assets (such as wBTC and tBTC, etc.) to the BOB platform. These operations usually have high multipliers, meaning participants can earn more points through active trading.

2. TVL (Total Value Locked) Contribution: Users lock their assets in decentralized applications (DApps) that support whitelisted assets and can earn fusion points based on the locked amount and time.

3. Active DApp Interaction: Users can also earn integration points by interacting with specific whitelisted DApps, such as participating in voting, staking, or other forms of interaction.

4. Referral Program: Users can also earn integration points by recommending new users to join the BOB platform. The more referrals, the higher the potential rewards.

3.2 Airdrop

In the BOB project, airdrops are usually combined with fusion point activities, the methods include:

1. Fusion Point Conversion: The fusion points accumulated by users can eventually be converted into tokens of the BOB project, which can be traded on various trading platforms or used for further operations and investments within the platform.

2. Community activity rewards: Users who participate in specific community activities or complete specific tasks may directly receive airdrops as rewards.

3. Contribution Rewards: Users who make significant contributions to the BOB ecosystem, such as developers or active community members, may also receive airdrops to recognize their contributions.

4. Roadmap

The BOB project roadmap details its multi-phase deployment plan, which mainly includes the following stages:

Phase 0: Public Testnet

This is the initial phase of the BOB project, which focuses on the deployment of the test network and the verification of basic functions. The purpose of this phase is to ensure that the system's infrastructure is stable and ready for the next phase of implementation.

Phase 1: Bootstrapping BOB – Optimistic ETH Rollup

At this stage, BOB will implement an optimistic Ethereum Rollup solution. This means that all transactions and state transitions will initially be verified and settled on Ethereum's L1, but with the potential to move to a more efficient system in the future.

Phase 2: Inheriting Bitcoin through a new merged mining protocolBinanceAll

This phase will see Bitcoin’s PoW security integrated into the BOB project through merged mining technology. This will ensure that the BOB network inherits Bitcoin’s high security standards while maintaining high transaction processing efficiency.

Phase 3: Upgrading from Optimistic Rollup to ZK Verification

ZK-Rollups provide higher efficiency and security than Optimistic Rollups. The goal of this phase is to useZero knowledge proofTo verify transactions and state changes, reduce the need for trust in network validators, and significantly increase transaction throughput and speed.

Phase 4: Implementing BTC Staking Sequencer with BitVM, One-Time Signatures, and ZK Proofs

This phase will introduce more advanced features, such as the Bitcoin Virtual Machine (BitVM), one-time signature mechanism, and ZK proof, all of which are intended to further enhance the security and decentralization of cross-chain interactions.

Phase 5: Multi-ZK-Rollup (connecting ETH and BTC simultaneously)

The final stage aims to create a multi-ZK-Rollup that is connected to both the Bitcoin and Ethereum chains, which will greatly enhance the flexibility and efficiency of cross-chain operations and make BOB a truly multi-chain platform.

Such a roadmap shows the ambition and complexity of the BOB project, which aims to gradually introduce advancedBlockchainThe successful implementation of each stage requires overcoming significant technical challenges, but if successful, it will greatly promote the overallBlockchainIndustry development, especially in terms of improving Bitcoin's functionality and integration with other blockchain systems.

5. Team/ Financing

Dominik Harz is the co-founder and CTO of Interlay and BOB. He holds a PhD in Computer Science from Imperial College London, where he previously worked as a research assistant.

Alexei Zamyatin is the co-founder of Interlay and BOB and was previously a researcher at SBA Research. He is a professor at Imperial College London, UK.cryptocurrencyPhD candidate at the Center for Research and Engineering whose research focuses on blockchain security and interoperability.

Recently, BOB received a round of investment led by Castle Island Ventures.$10 million seed roundOther participants included Mechanism Ventures, Bankless Ventures, CMS Ventures and UTXO Management, as well as angel investors such as Dan Held and Domo, creator of the BRC-20 token standard.

The funding supports BOB’s goal to facilitate scalable smart contract applications on Bitcoin by enhancing Bitcoin infrastructure without compromising performance by enabling off-chain computation and on-chain verification (similar to Ethereum’s optimistic rollups).

6. Project Evaluation

6.1 Track Analysis

The BOB project is positioned in the field of Bitcoin's second-layer solution and DeFi (decentralized finance), especially in promoting interoperability between the Bitcoin and Ethereum ecosystems. By combining the security of Bitcoin and the smart contract function of Ethereum, BOB aims to expand the functionality of Bitcoin to support complex financial applications, which is not possible on the traditional Bitcoin network. The following is an analysis of the main tracks of the BOB project and some similar projects:

6.1.1 BOB Project Track

1. Bitcoin Layer 2 Solution: BOB provides higher transaction speeds and lower transaction fees than the native Bitcoin network by implementing layer 2 technologies such as merged mining and smart contracts, while maintaining core security properties.

2. Cross-chain technology: By providing compatibility with EVM and building cross-chain bridges, BOB makes interoperability between Bitcoin and other blockchain assets (especially Ethereum and its tokens) possible, which greatly increases the application potential of Bitcoin in areas such as DeFi.

3. Smart Contract Platform: BOB supports EVM, allowing developers to deploy and execute smart contracts on Bitcoin. This was originally a significant feature of Ethereum, and now it can also be realized in the Bitcoin ecosystem through platforms like BOB.

6.1.2 Similar Projects

1. RSK (Rootstock): RSK is the first project to bring Ethereum smart contract functionality to Bitcoin. It is a Bitcoin sidechain that allows the Bitcoin network to directly support smart contracts and more complex transaction types.

2. Lightning Network: Although primarily used for payments and microtransactions, the Lightning Network is another second-layer scaling solution for Bitcoin that enables high-speed and low-cost transactions by establishing a network of payment channels.

3. Liquid Network: Developed by Blockstream, Liquid is a Bitcoin sidechain that is primarily used to speed up Bitcoin transactions and issue other types of digital assets.

4. Stacks: Formerly known as Blockstack, Stacks aims to bring smart contracts and decentralized applications to the Bitcoin network through its unique Clarity smart contract language and Proof of Transfer (PoX) consensus mechanism.

6.2 Project Advantages

1. Security

BOB uses Bitcoin's Proof of Work (PoW) security model and provides the same level of security as Bitcoin through merged mining technology. This means that any attempt to attack BOB must also be sufficient to attack Bitcoin itself, which is almost impossible in practice because Bitcoin's network is currently the largest and most secure PoW network.

2. DeFi and Smart Contract Applications

BOB not only supports basic Bitcoin transactions, but also enables complex financial tools and services (such as lending platforms, automated market makers (AMMs) and stablecoins) to be implemented on Bitcoin through smart contracts. This expands the scope of Bitcoin's application and makes it a more comprehensive financial solution.

3. Innovative financing and community incentive mechanisms

The BOB project encourages community participation and network growth through integration points and airdrop mechanisms. These incentives not only increase user participation, but also help maintain and develop the BOB ecosystem.

4. Open and scalable architecture

The architecture of BOB is designed to support future upgrades and expansions, including support for new cryptographic primitives and technologies, such asZero knowledge proofand off-chain computing solutions. This ensures that BOB can adapt to future market demands and technological developments.

6.3 Insufficient projects

1. Complexity and user adoption

Although BOB simplifies the user experience through familiar interfaces such as MetaMask, the complexity of its underlying technology, especially involving smart contracts and cross-chain interactions, may pose a challenge to new users. This complexity may limit the participation of non-technical users, thereby affecting the widespread adoption of the project.

2. Dependence on external factors

The success of BOB depends heavily on its compatibility and interoperability with Ethereum and other blockchain technologies. Any significant changes or incompatible updates on these external platforms may have an adverse impact on BOB.

3. Difficulty of project execution and technical implementation

Realizing the technical features and ecosystem described by the BOB requires a high level of technical expertise and rigorous project management. Any mistakes or delays in implementation could affect the overall success of the project and market acceptance.

7. Conclusion

In summary, as an innovative Bitcoin second-layer solution, the BOB project has greatly expanded the application of Bitcoin by integrating the security of Bitcoin with the smart contract function of Ethereum, providing the possibility of cross-chain functions and DeFi applications. It encourages community participation through mechanisms such as fusion points and airdrops, and strives to build an active and supportive ecosystem.

Despite facing many challenges such as technical complexity, security challenges and fierce market competition, the innovative ideas and functional expansion of the BOB project provide new perspectives and possibilities for the future application of Bitcoin. With the continuous advancement of blockchain technology and the gradual maturity of the market, the BOB project has the potential to promote Bitcoin and the entirecryptocurrencyThe ecology plays a key role in entering a new stage.

The article comes from the Internet:BOB: Building a bridge between Bitcoin and Ethereum to achieve smart contracts and cross-chain collaboration

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