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Since its inception in 2008, Bitcoin has reshaped the financial landscape with its distributed, tamper-proof, and transparent ledger. However, its mechanisms and technical implementations have brought about numerous challenges, especially in terms of scalability. Due to block size limits, along with the need for efficient security validation, the throughput of transaction processing has been restricted. With the surge in user numbers, this has resulted in high GAS fees and severe network congestion.
To address these issues, people have been seeking methods to achieve performance upgrades without compromising decentralization and security, leading to the proposal of "Layer 2" solutions, namely the Bitcoin Layer 2 network. This is an auxiliary protocol built on the existing blockchain (Layer 1), aiming to enhance transaction processing rates without altering the underlying layer, thus achieving faster and more affordable Bitcoin transactions. The Bitcoin Layer 2 network also aims to overcome the constraints of not being able to build smart contracts, enabling the creation of more diverse application scenarios.
The Scalable Bitcoin Network (SCA) is a network protocol built on the Bitcoin Layer 2, designed to facilitate the performance expansion of the Bitcoin network and the construction of ecological applications, transforming Bitcoin into a multifunctional platform. By introducing EVM compatibility, it paves the way for DeFi, NFT, and other decentralized system applications.
As a scalable Bitcoin Layer 2 network protocol, SCA has the following features:
1. Security: SCA's security relies on Bitcoin's POW system, which gives it security comparable to Bitcoin. Bitcoin is one of the most secure blockchain networks to date, so SCA also benefits greatly in terms of security.
2. Decentralization: As a second-layer blockchain, SCA continues the decentralization philosophy of Bitcoin, allowing anyone to participate and run full nodes. This helps maintain the decentralized nature of the network.
3. EVM compatibility: SCA supports the Ethereum Virtual Machine (EVM), meaning it can run Ethereum-compatible smart contracts and decentralized applications, providing developers with a wide range of application possibilities.
4. Forward security: SCA achieves forward security through the clever design of a multi-signature network, ensuring that even if attackers gain control, the security of previous signatures is not compromised.
Currently, SCA has deployed the Inscrption protocol on the BSC chain, which allows token generation through engraving and community governance, as well as initial drainage. It can be integrated into DeFi, NFT, and blockchain gaming ecosystems. Upon the launch of the mainnet, it will migrate to the Bitcoin Layer 2 network. |
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Post time 19-2-2024 20:54:04