Bitcoin users may, before long, be able to benefit from a“Taproot.” First proposed by Bitcoin Core contributor and former Blockstream CTO Gregory Maxwell, Taproot would expand on Bitcoin’s smart contract flexibility, while offering more privacy in doing so. Even the most complex smart contracts would, on the blockchain, typically be indistinguishable from regular transactions.
ChainX establishes a trusted and scalable BTC layer 2 network. Scalability can be achieved through custodial and non-custodial modes, so that BTC can be crossed onto other chains with a significant boost in transaction throughput and a substantial cut in transfer fees. Through this also comes BTC smart contract which paves the way for BTC-based applications and further functional expansion. As the Taproot coming, ChainX would have 3 Movement of after it.
1.Use threshold signature technology to complete Bitcoin cross-chain transfer in custody mode
When performing Bitcoin cross-chain withdrawals, multiple trust nodes use multiple signatures on the chain to vote to complete the destruction-unlocking process.
After Bitcoin completes the Taproot upgrade, the trust node on ChainX will use the latest threshold multi-signature technology to replace the original traditional multi-signature. The new threshold signature technology will further enhance the user’s asset transfer experience — — including the reduction of transfer fees brought about by the Schnorr signature algorithm, and the improvement of transaction privacy brought about by the Taproot script structure.
2. Use Lightning Network to realize cross-chain transfer of Bitcoin in non-custodial mode
ChainX uses Bitcoin Lightning Network technology to realize cross-chain transfer of assets without custody. We know that the Lightning Network moves the asset transfer process off-chain through the state channel. By embedding the transaction conditions in the secure encrypted hash proof, the transaction can be transmitted through multiple channels in the network instead of being entirely entrusted to a third party.
However, the offline ledger model of the Lightning Network makes the interaction between two users troublesome, and there is also the problem of a centralized single point of failure ledger. We put the ledger model of the Lightning Network on the chain to realize the on-chain Lightning Network on ChainX. The resulting BTC is named LBTC, but at this time LBTC can only be used for payment.
3. Add more smart contract features to the Bitcoin Lightning Network
We can launch the Lightning Network version of the smart contract platform by improving the Lightning Network, inserting EVM contracts and the integration of the Lightning Network on the chain.
More applications will be launched soon…
In the next few months, we will launch many applications on ComingChat on ChainX to further enrich the Bitcoin application ecosystem.
About ChainX
ChainX will become the largest Bitcoin Layer 2 Network in the world. The first Substrate blockchain to go live will provide Polkadot with the most valuable digital assets on the market. Committed to realizing trustless and decentralized bridges for Bitcoin and other assets, it forms an inter-blockchain asset gateway, pathing the way for a truly interoperable network of blockchains.
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