Cointime

Cointime

Download App
iOS & Android

Introducing the Bitcoin Messaging Protocol with zkBridge

Validated Venture

Polyhedra Network

Polyhedra Network is excited to present the Bitcoin messaging protocol with zkBridge that aims to significantly improve the interoperability of Bitcoin. This initiative is designed to make the Bitcoin network interactable with other layer-1 and layer-2 networks.

Bitcoin as sender chain: using zkBridge to trustlessly access any data on Bitcoin

To facilitate interactions between Bitcoin and other networks, it's essential to implement functionality in two key directions: Bitcoin as both a sender chain and a receiver chain. The first direction, Bitcoin as a sender chain, is fully compatible with our current zkBridge framework. zkBridge enables the updater contract (i.e., the light client contract) on the receiver chain to directly verify the consensus of Bitcoin, as well as each transaction on Bitcoin through verifying the Merkle proof. This compatibility ensures that both the consensus proof and the transaction Merkle proof on Bitcoin can be secured comprehensively by zkBridge.  

Our Bitcoin zkBridge significantly enhances the interoperability of the Bitcoin ecosystem. Our system allows the transmission of all the current and historical data on Bitcoin to be accessible by any layer-1 and layer-2 networks (e.g., Ethereum, BNB Chain, and Arbitrum) and any applications. Our solution is further compatible with the latest innovations on Bitcoin, such as Ordinals, BRC-20, and Atomicals. This enables smart contracts on other blockchain networks to trustlessly access Bitcoin data and protocols, and make all kinds of computing logics, and the security is guaranteed by zero-knowledge proofs.

Bitcoin as receiver chain: Write remote chain data to Bitcoin with decentralized and economic trust

This innovative approach is designed to optimize the interoperability for the Bitcoin network, thereby enhancing overall blockchain security. However, when we want to send messages and cross-chain transfer assets from another blockchain to Bitcoin, we encounter a significant challenge: Bitcoin lacks native smart contract functionality. Consequently, Bitcoin cannot serve as a standard zkBridge receiver chain. For the sake of simplicity in this blog post, we will use Ethereum as the representative sender chain with Bitcoin as the receiver chain.

To ensure the security of these cross-chain transactions, we have adopted a Proof of Stake (PoS)-style mechanism. This involves inviting validators to stake native Ethereum tokens. If the sender chain is BNB Chain, then the validators need to stake BNB token. These stake owners are then authorized to write data on the Bitcoin network. To reach a consensus on the correct message to be sent, these validators will employ a Multi-Party Computation (MPC) protocol. It's important to note that the use of the MPC protocol aims to enhance the robustness and reliability of our protocol.

At the core of our proposal is a distinctive feature: the security of our protocol is not dependent on the accuracy of the MPC protocol. In scenarios where a malicious entity gains control over a majority of the MPC protocol members and tampered with the correct message, users have a safeguard. They can initiate a zkBridge request to send this malicious message from Bitcoin to Ethereum. Upon receiving the message, the slashing contract on Ethereum assesses its validity and, if necessary, executes a slash on the MPC committee. A portion of the slashed stakes is then awarded to the user as compensation for any loss. By introducing decentralized and economic trust through staking/restaking mechanisms, our solution ensures that user assets remain secure despite potential malfeasance within the MPC protocol.

Our detailed scheme unfolds as follows:

1. Stakers initially deposit tokens on Ethereum as a form of collateral.

2. In the event of malicious actions by these stakers, any honest staker or user can report the fraud action on Ethereum. Then we utilize the bridge to pass related transactions on Bitcoin to Ethereum. The offending information is instantaneously transmitted to Ethereum through the established relay network. In particular, the structure of a unidirectional bridge with Bitcoin as the source chain is straightforward. We have a decentralized blockheader relay network. Any node in the network can pass the current blockheader of the Bitcoin network to Ethereum with zero-knowledge proofs. Then Ethereum can validate any bridge transaction appearing on the Bitcoin network with these blockheaders.

3. Concurrently, a dedicated smart contract on Ethereum stands ready to autonomously verify the validity of the messages transferred from the Bitcoin network. Upon confirmation, the contract executes the withdrawal of the dishonest staker's deposit.

4. This ensures that as long as at least one committee member or one user remains honest on the Bitcoin network, our staking mechanism maintains its integrity as secure, trustless, and decentralized.

In essence, the staking/restaking mechanism not only augments the utility of bitcoins but also reinforces the trust and security across PoS blockchains, marking a significant advancement in the realm of digital assets and decentralized finance.

Summary

In conclusion, Polyhedra Network's introduction of the Bitcoin interoperability protocol marks a significant leap in blockchain technology. By enabling Bitcoin to function both as a sender and receiver with zkBridge, this initiative paves the way for unprecedented interaction between Bitcoin and various blockchain networks. For Bitcoin as the sender chain, zkBridge allows the transmission of all the current and historical data on Bitcoin to be accessible by any layer-1 and layer-2 networks. For Bitcoin as the receiver chain, our system not only ensures robust security through a staking and slashing mechanism but also enhances the utility and reach of Bitcoin. This innovation not only taps into the latent potential of idle bitcoins but also fortifies the trust and security across proof-of-stake blockchains, heralding a new era in digital assets and decentralized finance.

Comments

All Comments

Recommended for you

  • USD/JPY Breaks Above 163 Level

    On July 21, USD/JPY broke above the 163 level, reaching a new high since 1986, up 0.34% on the day.

  • Moonshot AI Reportedly in Pre-IPO Funding Talks at $50 Billion Valuation

    July 21, market news: Moonshot AI is reportedly in Pre-IPO funding talks at a $50 billion valuation.

  • Crypto Bank Augustus Completes $180 Million Funding Round, Led by Tiger Global

    On July 21, Augustus, a startup building a federally chartered clearing bank, announced it has raised $180 million to expand its dollar payment infrastructure as stablecoins reshape the global financial system. The funding round values Augustus at $1 billion. The round was led by Tiger Global Management, with participation from Hummingbird Ventures, QED Investors, and founders of Nubank, Ramp, Circle, and Deel, among other investors.

  • U.S. Trade Representative Greer Says U.S. Is Preparing New Tariffs

    July 21, according to the Wall Street Journal: U.S. Trade Representative Greer said the U.S. is preparing new tariffs.

  • US-listed crypto concept stocks surge; Circle jumps over 10%

    On July 21, Bitcoin returned to above $66,000, and US-listed crypto concept stocks collectively surged. Circle jumped over 10%, Coinbase rose over 9%, Robinhood gained over 6%, TeraWulf and Strategy increased over 4%, while Riot Platforms and CleanSpark rose over 2%.

  • Kalshi Applies to CFTC for Gold-Linked Perpetual Futures

    On July 21, prediction market platform Kalshi submitted an application to the U.S. Commodity Futures Trading Commission (CFTC) to launch gold-linked perpetual futures. (Jin Shi)

  • Official Meeting Between Interior Ministers of Iran and Pakistan Has Begun

    On July 21, according to the Iranian Students' News Agency, the official meeting between the Interior Minister of Iran and the Interior Minister of Pakistan began a few minutes ago.

  • Beijing: In-depth Implementation of 'AI+' Action Plan in the Second Half of the Year with Special Support Policies for Embodied Intelligence Enterprises

    On July 21, according to the Beijing News, the Beijing Municipal Bureau of Economy and Information Technology announced that in the second half of the year, it will focus on the annual key tasks of building a benchmark city for the digital economy and deeply implement the 'AI+' action plan to fully unleash new momentum for the intelligent economy. The plan aims to advance the comprehensive empowerment of artificial intelligence. It will promote AI-enabled new industrialization, establish R&D and pilot platforms for AI in the industrial sector, and enhance the application level of AI in core industrial production processes. Special support policies for computing power and datasets for embodied intelligence enterprises will be introduced to accelerate the iteration of core technologies such as embodied large models and motion control, leveraging embodied intelligence to drive industrial transformation and improve quality of life. The construction of a national (medical) AI application pilot base will be expedited, linking top-tier hospitals, research institutions, and technology companies to address the bottlenecks in the translation of medical intelligence from the laboratory to clinical application. The application of intelligent translation and simultaneous interpretation in the cultural and tourism consumption sectors will be promoted, expanding the range of languages and achieving hardware-software synergy. Additionally, a non-site intelligent supervision system for food safety will be improved to form a complete regulatory chain of intelligent early warning, remote inspection, and rapid response.

  • Beijing to Establish Token Factories in the Second Half of the Year

    On July 21, the Beijing Municipal Bureau of Economy and Information Technology reported that in the first half of the year, the city's digital economy grew by 7.8%, with the core industries of the digital economy increasing by 9.8%, significantly contributing to the city's GDP growth. In the second half of the year, Beijing will promote comprehensive empowerment through artificial intelligence, advancing applications such as intelligent translation and simultaneous interpretation in the cultural and tourism consumption sectors. The Bureau will focus on the annual key tasks for building a benchmark city for the digital economy, implementing the 'Artificial Intelligence +' action plan, and fully unleashing new momentum for the intelligent economy. Policies for the development of the Token economy will be formulated, focusing on key aspects such as Token production, distribution, and application, with plans to establish Token factories and distribution platforms, promoting innovative applications in key areas such as industry, education, and cultural tourism. An 'Innovate for the Future' OPC special roadshow event will be held to stimulate the creative energy of super individuals in AI applications. High-quality training courses on AIGC aimed at OPC will be developed to unlock the value of AIGC technology. Leveraging the Open Source Chip Research Institute and the Beijing Tongminghu Information Technology Application Innovation Center, a 'RISC-V + AI OS' open-source ecosystem will be created, building a full-stack autonomous technology system from chip instruction sets to operating systems to intelligent applications. (Xinjingbao)

  • Changxin Technology: Online Investors Abandon Subscription of 6,586,227 Shares

    On July 21, Changxin Technology (688825.SH) announced the results of its initial public offering on the STAR Market. The issue price was 8.66 yuan per share, with an initial offering of 6,688,088,608 shares, accounting for approximately 10% of the total post-issuance share capital. The final strategic placement was 1,667,064,720 shares, and the final online issuance lot-winning rate was approximately 0.47141739%. Online investors subscribed and paid for 3,844,517,273 shares and abandoned 6,586,227 shares; offline investors subscribed and paid for 2,173,101,821 shares and abandoned 31,567 shares. The joint lead underwriters underwrote 6,617,794 shares, with an underwriting amount of 57.3101 million yuan. Before the exercise of the over-allotment option, the issuance expenses were 281 million yuan.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company