What is BEVM? Information about BEVM Token

Table of Contents

What is BEVM?

BEVM is an EVM-compatible Bitcoin Layer 2 that will use BTC as Gas. It allows developers and projects to easily build on Bitcoin Layer 2.

The technological foundation of BEVM is the Schnorr signature technology and MAST contracts, bringing Taproot and Segwit updates that enable $BTC to be transferred from the Bitcoin network to other Layer 2 networks.

Because BEVM is EVM-compatible, it allows DApps that run on Ethereum to operate smoothly on Bitcoin Layer 2. Consequently, $BTC will gradually not only be used as Gas but can also become a separate EVM chain.

What is the Idea behind BEVM?

SegWit and Taproot Upgrades

The creation of BEVM is entirely based on Bitcoin’s SegWit upgrade in 2017 and the Taproot upgrade in 2021. The SegWit upgrade allows Bitcoin blocks to contain more data, while the Taproot upgrade not only expands space to hold more complex data but also introduces the Schnorr signature algorithm. This makes Bitcoin’s decentralized multi-signature functionality a reality, thereby enabling cross-chain Bitcoin transactions. Finally, decentralized BTC Layer 2 has become a reality, and BEVM is a prime example of such a decentralized BTC Layer 2.

The SegWit and Taproot upgrades have developed Bitcoin from the 1.0 era to the 2.0 era and allow us to witness a richer Bitcoin ecosystem.

The Boom of Bitcoin Issuance Protocols like Ordinal in 2023

The rise of protocols like Ordinals in 2023, following the SegWit and Taproot upgrades, has demonstrated the potential for asset issuance based on Bitcoin, necessitating Layer 2 for richer and broader ecosystem applications.

Project Architecture Model

Project Background

Since 2017, the BEVM team has been exploring Bitcoin Layer 2 solutions. Although ChainX, launched by the BEVM team in 2018, achieved over 100,000 BTC on cross-chain, it had not fully developed due to industry constraints.

After the Taproot upgrade in 2021, the team began building BTC Layer 2 based on these advancements. The boom of Bitcoin issuance protocols like Ordinals in 2023 heralded a new era for the Bitcoin ecosystem, leading to the launch of the BEVM Canary network and the plan to release the mainnet in Q1 2024.

Team

Dr. Jiang Wang: CEO and co-founder of BEVM, has extensive experience in blockchain and distributed technology. He was the CTO of Wanchain and a lead researcher at the National University of Singapore.
Mr. Zhuoxuan Song: CTO and co-founder of BEVM, has extensive experience in software development and distributed systems. He was a senior software engineer at Google and Facebook.
Ms. Xiaohui Wang: CPO and co-founder of BEVM, has extensive experience in product and project management. She was a product director at Tencent and Alibaba.

Investors

BEVM has raised tens of millions of USD from leading investors in the blockchain and cryptocurrency sectors, including:

Rocktree Capital: A well-known US cryptocurrency investment fund, invested in Chainlink, Tron, dYdX, Fantom, Casper, etc.
MH Ventures: An investment fund focused on blockchain and AI, invested in Aave, Synthetix, Polkadot, Cosmos, etc.
Akstream Capital: An investment fund focused on blockchain and digital assets, invested in Solana, Near, Audius, etc.
Mapleblock: A cryptocurrency financial services platform, invested in The Graph, Filecoin, SKALE, etc.
Zephyrus Capital: An investment fund focused on blockchain and DeFi, invested in Uniswap, Compound, MakerDAO, etc.
Cogiten Ventures: An investment fund focused on blockchain and AI, invested in Ocean Protocol, Helium, Livepeer, etc.
Lotus Capital: An investment fund focused on blockchain and DeFi, invested in SushiSwap, Yearn Finance, Balancer, etc.

In addition, BEVM has received support from numerous leading blockchain organizations and cryptocurrency communities.

Bitmain Investment

Bitmain is the world’s largest cryptocurrency mining hardware manufacturer and the parent company of Antminer, a famous Bitcoin mining brand. Bitmain is also involved in other areas such as software development, financial services, and venture capital.

Bitmain’s investment in BEVM brings several benefits for both parties:

For BEVM:

Receive funding and support from a reputable investor in the cryptocurrency industry.
Leverage Bitmain’s network and expertise to expand the market and reach more users.
Enhance the project’s credibility and community trust.

For Bitmain:

Expand its investment portfolio into Bitcoin Layer 2, a high-growth potential market.
Support the development of scaling solutions for Bitcoin, helping to strengthen Bitcoin’s position in the cryptocurrency ecosystem.
Explore new opportunities in the rapidly growing DeFi and DApps market on Bitcoin Layer 2.

Overall, Bitmain’s investment in BEVM is positive news for both parties and for the development of Bitcoin Layer 2.

BEVM’s Vision and Market Space

Using BTC as Gas

Building a decentralized BTC Layer 2 using BTC as Gas and compatible with EVM allows various applications from the EVM ecosystem to be seamlessly and easily deployed on BEVM, thereby enhancing Bitcoin’s usage scenarios and consumption. To better maintain the security of the Bitcoin network, BEVM will launch BEVM-Stack in the future, which will help Bitcoin developers and projects with high throughput needs build their own BTC Layer 2.

DBFX

BEVM plans to build the DBFX Protocol, a decentralized “Bitcoin forex system,” aiming to bring Bitcoin (digital gold) into any chain and ecosystem. It aims to help different blockchains and Layer 1 increase their Bitcoin forex reserves and enhance their monetary credibility. In our view, while WBTC allows Bitcoin to circulate in the EVM ecosystem, it is an asset created by centralized institutions and contradicts the decentralized philosophy of Bitcoin. Using the DBFX protocol, BEVM enables native BTC to circulate between any chain, allowing users to truly control their Bitcoin assets on any chain (freely redeem and create native Bitcoin on any chain).

Project information channel

Website: https://www.bevm.io/
Twitter: https://x.com/BTClayer2
https://discord.com/invite/AGcRqkTBAVDiscord:

Conclusion

The above provides basic information about the BEVM project. If you have any questions, please leave them in the comments section for immediate answers!