Crypto:
30188
Bitcoin:
$69.242
% 3.61
BTC Dominance:
%54.4
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Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.242
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Introducing Bitcoin to Real-World Infrastructure with New Layer-2 DePIN Partnership

Bitcoin

Elastos, a blockchain focused on Bitcoin, and IoTeX, a decentralized physical infrastructure network (DePIN) provider, are partnering to integrate Bitcoin’s security and trust into DePIN. This collaboration aims to be a major step towards seamlessly connecting digital and physical assets using Bitcoin.

Leveraging Bitcoin’s Layer-2 for Real-World Assets

The partnership focuses on utilizing Bitcoin’s Layer-2 capabilities, particularly through Elastos’ approach. This will enhance the functionality and accessibility of real-world assets (RWA) such as buildings, equipment, and other capital-intensive assets.

The collaboration plans to achieve this by:

Integrating RWAs with blockchain technology

Utilizing Internet of Things (IoT) devices to collect and manage data

This will create a secure, efficient, and transparent ecosystem for managing and monetizing physical infrastructure.

Direct Integration with “Layer 2” Bitcoin

A key aspect of the partnership is the direct connection with “Layer 2” Bitcoin. IoTeX co-founder and CEO, Raullen Chai, emphasizes the significance of this development:

“This is an important milestone…direct integration with ‘Layer 2’ Bitcoin means that agreements can be embedded and reconciled directly in the World’s most popular and trusted digital currency. This is essential as DePINs become more mainstream.”

This integration enables secure and transparent management of agreements and transactions within the physical infrastructure space. Agreements can be directly embedded and reconciled on the Bitcoin blockchain itself.

Elastos’ BeL2’s BTC Oracle Makes it Possible

Elastos’ BeL2’s BTC Oracle facilitates this integration. It allows secure and efficient communication between Bitcoin and EVM blockchains through zero-knowledge proofs (ZKPs). This lays the groundwork for complex decentralized applications (dApps) to be built directly on Bitcoin Layer 2.

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Bridging the Gap Between Digital and Physical Worlds

IoTeX’s modular infrastructure platform plays a crucial role by connecting smart devices and real-world data to blockchains. Additionally, their W3bstream middleware solution brings real-world data on-chain.

This capability ensures data integrity, speed, and scalability when integrating IoT devices with blockchain technology.

Elastos and IoTeX: Ushering in Web3’s “Next Frontier”

Jonathan Hargreaves, Elastos’ Global Head of Business Development & ESG, views this partnership as Web3’s “next frontier.” By reducing intermediaries and increasing transparency and privacy in managing physical assets, Elastos and IoTeX are bridging the gap between the digital and physical worlds, all powered by the security and trust of Bitcoin.

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