Aurora

Light

Wrapped Bitcoin

Bitcoin

<p>Source: Depositphotos</p> 
<p>The multi-chain landscape and Bitcoin have inched closer following <a href="https://aurora.dev/">Aurora Labs’</a> release of a Bitcoin Light Client and Relayer. Their deployment brings reliable Bitcoin data to NEAR for the first time, allowing developers to create dapps that execute smart contracts based on BTC onchain activity. The move is a precursor to deeper Bitcoin integration on NEAR.</p> 
<h3 id="light-client-brings-bitcoin-closer-to-near">Light Client Brings Bitcoin Closer to NEAR&nbsp;</h3> 
<p>Interoperability on <a href="https://near.org/">NEAR</a> has been given a major boost with the deployment of dual Bitcoin-based products courtesy of Aurora. They allow NEAR developers to code native dapps for the first time that are powered by transactions that occur on the Bitcoin network. This will support financial applications addressing DeFi, perps, Runes, and much more.</p> 
<p>Operating as a smart contract on NEAR, the Bitcoin Light Client verifies BTC transactions, granting developers a reliable source of Bitcoin data that’s delivered onchain. Initially, the client can only be used to transmit data but there are plans for it to form the foundation for a Bitcoin bridge that will deliver full interoperability between Bitcoin and NEAR.</p> 
<p>The Relayer Service works in harmony with the Light Client, ensuring that it remains in sync with the Bitcoin network at all times so that data remains accurate and up-to-date. While NEAR developers are the main beneficiaries of the Bitcoin Light Client and Relayer, the introduction of a dedicated Bitcoin bridge, known as Satoshi Bridge, will significantly expand the opportunities for NEAR users. This will make it possible to bridge BTC to NEAR as well as other assets such as Runes.</p> 
<h3 id="near-gains-chain-signature-service">NEAR Gains Chain Signature Service&nbsp;&nbsp;</h3> 
<p>Developer tools on NEAR have been further bolstered by the release of a <a href="https://docs.near.org/concepts/abstraction/chain-signatures">chain signature service</a> created by Proximity Labs. This allows NEAR accounts including smart contracts to sign and execute transactions on multiple blockchain protocols. It’s another milestone in terms of enhancing interoperability by allowing assets on other blockchains to be controlled on NEAR.&nbsp;</p> 
<p>Commenting on this flurry of Bitcoin-focused developments, Aurora Labs CEO Alex Shevchenko said: “There’s a lot of untapped value in the Bitcoin ecosystem. NEAR Chain Signatures are a solid step forward, but to really unlock Bitcoin’s potential, we need the ability to read and act on its state. That’s why we created a trustless Bitcoin Light Client that works as a smart contract. With this and Chain Signatures together, we’re opening the door for Bitcoin to finally enter the DeFi world.”</p> 
<h3 id="bringing-bitcoin-in-from-the-cold">Bringing Bitcoin in From the Cold</h3> 
<p>For most of its 15-year lifespan, Bitcoin has been isolated from the second-generation smart contract chains that now dominate the industry. But in the last three years, Bitcoin has been dragged in from the cold as innovations across EVMs, L1s, and BTC L2s have made Bitcoin DeFi possible for the first time. This trend began with the introduction of Wrapped Bitcoin (WBTC) on Ethereum and subsequently other L1 chains, and ramped up once cross-chain bridges came of age.</p> 
<p>At the same time, developer teams have been building Layer 2 infrastructure on top of Bitcoin that’s secured by its consensus. Aurora’s decision to augment these options by bringing Bitcoin and NEAR closer together will complement the options for Bitcoin DeFi. Not only does the release of the Bitcoin Light Client and Relayer enhance NEAR’s credentials as a multi-functional ecosystem for DeFi dapps, but it further blurs the lines between where Bitcoin ends and the omnichain world begins.</p> 
<p>Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> 
<p>&nbsp;</p>

Aurora Brings Bitcoin Data to NEAR and Prepares to Bridge BTC

Table of Contents

Crypto Daily™

Other articles published on Aug 13, 2024

Crypto Venture Capital Funding Hits $2.7B Despite Declining Deal Activity

Elon Musk’s X Faces Probe Over AI Data Privacy in Austria

Bitcoin Faces Potential Decline, Analysts Warn

Robinhood CEO Vlad Tenev: 'We're Building For A Future Where Crypto Is A Fundamental Part Of The ...

Bitget Wallet doubles its user base to 30 million in a year

OKX Wallet Partners with Nubit to Enable Trustless Indexing for the Bitcoin Ecosystem

Join our free newsletter for daily crypto updates!