30s Summary

Blockchain venture Rooch Network is partnering with Cointelegraph’s accelerator program to develop an application system for Bitcoin. With the aim of creating advanced decentralized applications (DApps) directly on the Bitcoin blockchain, Rooch Network overcomes existing technical difficulties through the implementation of a unique “Stackable L2” system. This innovation will enhance Bitcoin’s versatility and could propel growth in Bitcoin’s decentralized finance sector. The move comes as Rooch readies for their “pre-mainnet” phase, during which they plan to support third party full nodes and integrate extensive historical data.

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Big news! Rooch Network, a fresh blockchain venture dedicated to developing an application system for Bitcoin, is teaming up with Cointelegraph’s accelerator program.

For those of you new to the game, Bitcoin was first made as a digital payment method and alternative to banking. With its value skyrocketing in recent years, Bitcoin has quickly become a top choice for investors looking to throw some hops into their money-making game.

However, as Bitcoin’s status as a nest-egg for value grew, it ran into a few roadblocks when it came to building decentralized applications (DApps). Blockchain platforms like Ethereum managed to overcome this hurdle, but Bitcoin’s contribution to decentralized finance (DeFi) was cramped without the implementation of smart contracts.

But, brighter days arrived when the Bitcoin network launched the Taproot upgrade back in 2021. This upgrade brought the capacity for smart contract creation to Bitcoin, which let DApps become a reality. However, even with this upgrade, Bitcoin didn’t see a massive increase in DApps due to technical difficulties with its programming language.

To counteract this, layer-2 solutions moved in, adding an extra layer to blockchains to handle transaction loads, particularly for improving scalability. In the case of Bitcoin, these layer-2 solutions allowed for more complex DApps to be developed on the network.

Enter Rooch Network. They’re drumming up a new way to construct advanced DApps directly on the Bitcoin blockchain. By adding an app layer to Bitcoin, developers will be able to make intricate applications without risking control over assets or data. Essentially, Bitcoin’s about to get a serious glow up for decentralized applications, beyond simple transactions.

How Rooch achieves this is through its unique “Stackable L2” system. It merges Bitcoin’s base layer with a scalable layer 2, keeping the two layers synchronized for a seamless experience for developers and users.

As they set up for their “pre-mainnet” phase, Rooch is gearing up to support full nodes from third parties while integrating Bitcoin’s historical data since inception. They’re also connecting to peer-to-peer networks and assimilating a decentralized sequencer to explore cross-chain functionality.

A good example of Rooch’s potential is a DApp that freely uses Bitcoin while providing users with returns without risk. With Rooch, developers will have the power to build such applications directly on Bitcoin, giving users speedy, secure transactions that don’t require third-party involvement.

So why the fuss? Rooch’s approach aims to make Bitcoin much more versatile, offering the tools for developers to unlock fresh potential within the ecosystem. As Rooch marches toward mainnet and introduces new features, it could spark a growth spurt for Bitcoin’s DeFi sector, attracting more users and promoting broader adoption. This could help Bitcoin evolve into a powerhouse for decentralized applications, providing even more reasons for the wider Web3 community to jump on board with Bitcoin.

Interested in learning more about Rooch Network? You can check them out at their website.