Brollups can manage over 90% of financial needs from selling NFTs and trading decentralized exchanges as per Bitcoin developers.
The inventor of Bitcoin, known for spotting a problem in the Lightening Network that required an urgent update in 2022, is now building an extra layer for the crypto.
The main aim of this layer is to enable more decentralized financial operations on the Bitcoin network. Burak released “Brollups, ” the inventor of Bitcoin and the creator of a competitor to Lightening Network called Protocol last year.
Buraik while explaining said that Broller is a layer 2 technology for Bitcoin that does transactions. This procedure does not need the change of Bitcoin itself or the making of new kinds of tokens.
Burak said in a Medium post on June 21, that Brollups are under development. he informed Cointelegraph that this year he might launch a test version (testnet).
He stated that 90% of the DeFi tasks will be taken over by Brollups when it launches:
Whether it’s listing an NFT for sale in exchange for Bitcoin where the buyer pays with Bitcoin upon execution, or placing a token sell order on a decentralized exchange, [all of this is] atomically executed, verifiable, scalable, and enforceable on Bitcoin.
He further stated that:
Brollups “deeply baked into Bitcoin and work natively with Bitcoin as a payable construct.”
Operators will handle the Brollups, add funds, and update the status by making its link to Bitcoin transactions daily.
Bitcoin virtual Machine will assist in transactions.
The Bitcoin community appreciated Burak for creating a solution without introducing new tokens and not changing the basic code of Bitcoin.
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Burak availed the perk of Lightening Network transaction with 998 out of 999 signatures in October 2022. This led to an emergency update for Lightening Network node operators causing going out of synchronisation of all nodes.
The transaction cost $5 but no money went missing. The expert says that this discloses the unintended side effect of the Taproot update.
Until January 2023 few transactions made use of the Taproot update. This changed when Casey Rodarmor presented the ordinal protocols.
When taproot transactions peaked in December 2023, they accounted for 46% of all Bitcoin transactions. But according to Dune Analytics dashboard data, this percentage has now fallen to 30% this month.
Spiderchain and Drivechain which are other projects of Bitcoin, planning to add functions of DeFi to Bitcoin.
Burak unveiled Ark in May 2022, which is a layer 2 Bitcoin solution that will aim at payments without the need for payment methods
