Sasha Mitchell of BeL2 discussed his work to drive new functionality to the Bitcoin network and unlock more use cases for the world.
Diving into the complex world of blockchain technology, Roundtable anchor Rob Nelson hosted a conversation with Sasha Mitchell of BeL2, shedding light on the venture's aim to enhance bitcoin utility across multiple blockchains.
This discussion centered on the fusion of two cutting-edge technologies, highlighting BeL2's work to enable smart functionalities on bitcoin through its Elastos Layer 2 protocol.
Mitchell outlined BeL2's mission to address the inherent limitations of bitcoin by integrating smart contract capabilities, which were popularized by Ethereum as early as 2017. The protocol seeks to leverage blockchain technology to establish a more secure, decentralized financial system where users have complete autonomy over their digital assets. A key component of BeL2's approach involves the use of a bitcoin oracle and the Elastos protocol, which is designed to enhance bitcoin's security through "merge mining," thereby offering new security benefits from the mechanisms of bitcoin's mining network.
The conversation also explored the technical aspects of how BeL2 facilitates the execution of smart contracts on the Bitcoin blockchain through zero-knowledge proofs. These cryptographic tools verify transactions on Bitcoin and relay the information to Ethereum smart contracts, enabling a plethora of smart services such as asset swapping, lending and trading on Bitcoin.
Despite the complexity of the underlying technology, Nelson also steered the conversation toward a simpler explanation. He emphasized the potential of bitcoin beyond being a mere store of value or currency, pointing out its role as a foundational layer for a new financial system. Mitchell concurred with this framing, highlighting bitcoin's unique value proposition due to its decentralization, security and limited supply. He envisioned a future where bitcoin could underpin various financial services and transactions, from property rights and music royalties to loans backed by bitcoin holdings.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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