In a major move towards blockchain innovation and interoperability, Cardano announced the following: new partnership It uses BitcoinOS (BOS), the smart contract operating system for Bitcoin, the world's first and largest cryptocurrency. The new partnership aims to unlock trillions of dollars of liquidity in Bitcoin. ada investor And it creates new opportunities for cross-chain functionality in Web3.
Cardano announces partnership with BitcoinOS
officially blog post Thursday, October 24th Emurgothe founder of the Cardano blockchain revealed that it will work with BitcoinOS to bridge Bitcoin’s huge liquidity$1.3 trillion worth of funds were introduced into Cardano's decentralized finance (DeFi) ecosystem. This means Cardano users and ADA investors can directly and securely tap into Bitcoin’s extensive capital base in Cardano’s DeFi applications.
Ken Kodama, Founder and CEO of EMURGO, expressed optimism about the new partnership and emphasized the importance of the partnership, adding that BOS has a new pipeline that will strengthen Cardano users and ADA investors. He highlighted the ability and potential to introduce cross-chain functionality. , Projects in the ecosystemdeveloper security, and trustless access to the Bitcoin ecosystem.
Additionally, Kodama revealed that the partnership with BOS will further support more accessible and interconnected systems. Web3 environment Across various blockchains, it will ultimately drive further innovation and adoption of DeFi and other decentralized solutions.
EMURGO revealed that the first technical milestone in the new partnership is the integration of the BOS Grail bridge. Cardano’s open source blockchain ecosystem. This Grail bridge is a core technology that facilitates secure and trustless bridging of Bitcoin and Bitcoin-based assets using the BitSNARK validation protocol that supports BOS's Zero Knowledge (ZK).
BitSNARK is the first verification protocol that allows zk-SNARKS (Succinct Non-interactive Argument Knowledge) to run on Bitcoin without changing Bitcoin's core protocol. Using this innovative approach with Grail Bridge effectively allows Bitcoin liquidity to flow seamlessly into Cardano DeFi applications, enhancing interoperability and scalability.
What the new partnership means
The new partnership with EMURGO and BOS makes Cardano the first ever Layer 1 blockchain to leverage BitcoinOS. ZK based solutionpositioned as a major player in the DeFi ecosystem.
Furthermore, the integration of Bitcoin on Cardano makes DeFi applications such as Fluid Tokens and various other DeFi platforms available on Cardano. cardano blockchain It allows users to interact with Bitcoin directly and easily. This innovative approach will significantly increase the liquidity pool, attract more users and developers to the ecosystem, and potentially lead to significant funding. Blockchain adoption.
Additionally, Bitcoin itself will benefit from the EMURGO and BOS partnership. BOS allows you to take advantage of ecosystems like Cardano, enabling more use cases Bitcoin liquidity Through ZK proof, Bitcoin, already the world's most popular cryptocurrency, will become a more versatile asset and solidify its position in the Web3 space.
BitcoinOS CEO Edam Yago also spoke about the new collaboration, saying that BOS's ZK-based solutions are constantly unlocking new scaling capabilities for Bitcoin, and that the company plans to extend this benefit to a variety of ecosystems beyond Bitcoin. system and foster further growth of the industry. .
Featured image created by Dall.E, Charts from Tradingview.com
