Conflux Network, a leading Layer 1 blockchain, has developed an Ethereum Virtual Machine (EVM) compatible solution focused on enabling interoperability between its network and Bitcoin. This new initiative from Conflux aims to allow the seamless transfer of Bitcoin and token assets between the two blockchains.
The EVM solution introduced by Conflux will facilitate the transfer of Bitcoin as well as ERC-20 compatible tokens between its network and Bitcoin in a decentralized manner. This will provide users with an interoperable pathway to manage their Bitcoin holdings and engage with decentralized applications (DApps) built on Conflux through Ethereum Virtual Machine compatible smart contracts. The solution operates directly on Conflux’s native blockchain and leverages the strengths of both protocols to offer expanded functionality to users.
By implementing EVM compatibility, Conflux’s network enables seamless management of Bitcoin-based assets such as BTC and xRC20 tokens through smart contracts. This presents an efficient mechanism for various asset classes like BTC to interoperate across the two ledgers in a trustless fashion. The newly introduced capabilities will attract additional liquidity and traffic to Conflux’s growing ecosystem.
To test the new solution, Conflux plans to launch a public test net by the end of March for developers and projects to experiment with the inter-blockchain capabilities. This will provide an opportunity to stress test the technical arrangements and ensure smooth operation before mainnet deployment. Feedback from the open-source community during this testing phase will be valuable in identifying any issues and making necessary improvements.
Upon successful completion of the testnet, Conflux targets a mainnet launch for the EVM-compatible solution in May. A secure and robust product is key to facilitating real-world asset transfers of significant value between the two ledgers. The team will take the time needed to conduct rigorous reviews and ensure everything performs as intended before opening it up for actual users on the main network.
Conflux is known for its unique consensus protocol that combines proof-of-work and proof-of-stake mechanisms. The network achieves security and decentralization through a joint mining process while greatly improving efficiency over pure proof-of-work ledgers through delegated staking capabilities. This hybrid model offers the advantages of both paradigms and positions Conflux well to scale as demands grow on its platform.
The new EVM solution will also leverage aspects of this consensus model to validate transactions and maintain the security of the Conflux blockchain during its interactions with Bitcoin. The integration utilizes a layered approach to preserve the core qualities of each network while creating interoperable pathways via the Ethereum programming standard.