Goshen Network, a leader in blockchain innovation incubated by Ontology, has announced a groundbreaking development that is set to redefine the landscape of blockchain technology. Goshen’s recently unveiled Bitcoin EVM layer, now available on GitHub, promises to significantly enhance Ethereum and Bitcoin interoperability, offering a range of benefits that extend to both developers and users.
Overcoming Bitcoin’s Functional Limitations
The announcement comes on the heels of Goshen’s introduction of Ordinals and the BRC-20 protocol, setting the stage for a more comprehensive integration of the Ethereum Virtual Machine (EVM) execution layer into the Bitcoin network. By bridging these two distinct blockchain ecosystems, Goshen aims to reduce dApp transaction fees, thanks to Bitcoin’s Segregated Witness (SegWit) mechanism, and streamline data upload processes, thereby enhancing the overall user experience.
Historically, Bitcoin has been criticized for its functional limitations, particularly when compared to Ethereum’s extensive smart contract capabilities. Goshen’s protocol addresses this by harnessing the Segregated Witness (SegWit) protocol upgrade to augment Bitcoin’s capacity and lower transaction fees. This innovation enables direct interaction with EVM smart contracts within the Bitcoin network, providing a long-awaited solution to a longstanding issue.
In addition, Goshen’s protocol introduces a unique Pay-to-Witness-Script-Hash (P2WSH) address, made possible by the Segregated Witness protocol. This innovation allows for the encoding of EVM invocation transaction data within the witness data, ensuring the stability of the P2WSH address.
Enabling Blockchain Growth and Development
The protocol features a dedicated format for EVM data, the utilization of an EVM-enabled P2WSH in version 0, and seamless EVM execution. In a bid to mitigate potential Distributed Denial-of-Service (DDoS) attacks, Goshen has instituted an execution gas cap of 10,000,000, demonstrating their unwavering commitment to security and efficiency.
Goshen’s Bitcoin EVM layer is designed to be both independent and complementary to existing Bitcoin protocols and applications. It seamlessly integrates with various layer one and layer two applications, ensuring that the adoption or dismissal of the protocol will not disrupt existing users.
A core element of the design is the protocol’s complete backward compatibility, requiring no modifications to the existing Bitcoin network. It effectively brings Ethereum’s sophisticated EVM functionalities to the Bitcoin network, paving the way for growth and development on both blockchains.
Fostering Mass Adoption and Cross-Chain Interoperability
The EVM layer incorporates two distinct types of EVM invoke actions: EVM call and EVM deploy. The EVM address is derived from the redeem script hash, ensuring compatibility with the Ethereum ecosystem. The EVM data format and EVM P2WSH are meticulously designed to maintain the integrity and efficiency of transactions.
Goshen Network acknowledges the challenges that lie ahead, including potential performance issues and the ever-evolving regulatory landscape. The team is committed to an ongoing process of refinement and enhancement to ensure the Bitcoin EVM layer not only meets but exceeds the expectations of developers and users.
Goshen Network stands at the forefront of blockchain innovation, continually pushing boundaries to unlock new horizons in the decentralized technology realm. Incubated by Ontology, this layer 2 solution reaffirms its commitment to fostering a blockchain ecosystem where technology and creativity converge to redefine the possibilities of tomorrow.
With the deployment of the Bitcoin EVM layer now available on GitHub, Goshen Network has not only marked a significant milestone in Bitcoin’s evolution but also opened up a new avenue for the mass adoption of blockchain technology, fostering cross-chain interoperability between the Bitcoin and Ethereum networks.
