What is BOB on Bitcoin?

Summary: BOB (Build on Bitcoin) is a pioneering hybrid Layer-2 platform that enhances Bitcoin’s robust security with Ethereum’s smart contract versatility. By merging Bitcoin's significant adoption and liquidity with the innovative capabilities of Ethereum’s EVM, BOB offers a sophisticated environment for decentralized applications, stablecoins, and NFTs. 

Already live on mainnet, it effectively bridges the gap between these major blockchain ecosystems without the need for hard forks.

What is BOB (Build on Bitcoin)?

BOB ("Build on Bitcoin") is a pioneering hybrid Layer-2 platform powered by the security of Bitcoin and the versatility of Ethereum. It merges the significant user base, adoption, and liquidity of Bitcoin with the innovative capabilities of Ethereum’s EVM smart contracts, enabling the integration of decentralized applications, stablecoins, and NFTs within the Bitcoin ecosystem.

This platform is designed to bridge the existing gap between Bitcoin's robust security model and Ethereum's dynamic innovation landscape. BOB extends the functionality of Bitcoin without the need for hard forks, using Ethereum's sophisticated tooling and on/off-ramps, thereby offering developers a state-of-the-art environment to build and deploy applications quickly and efficiently on the intersection of these two major blockchain ecosystems.

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How Does BOB Work?

BOB leverages a hybrid Layer-2 architecture employing Bitcoin's PoW security and an Ethereum-native bridge to provide a versatile platform for decentralized applications. Here's a concise, technical breakdown of BOB's operation:

• Rollup Layer: Utilizes an optimistic rollup design built on the OP Stack, including upcoming ZK improvements by RiscZero, allowing one-click onboarding of users and assets. BOB inherits Bitcoin security through a novel merged mining protocol and aims to eventually settle directly on Bitcoin's L1.
• EVM Core: At its core, BOB employs the Ethereum Virtual Machine (EVM) for executing smart contracts with compatibility in Solidity, aligning with tools like Hardhat and Remix, and infrastructure from BlockScout and TheGraph for analytics and data visualization.
• Rust zkVM: Supports off-chain execution of Rust-built programs using ZK proofs to verify their correct execution on the EVM, setting the stage for ZK rollups directly on Bitcoin facilitated by the RISC Zero zkVM.
• Bitcoin Bridges: Provides trustless access to Bitcoin transactions via BTC light clients and supports decentralized and institutionalized Bitcoin bridges, enhancing secure inter-chain liquidity movements.
• BOB SDK: Offers a comprehensive toolkit that includes Solidity contracts for various Bitcoin integrations, enhancing developer capabilities to build efficient cross-platform applications.

This setup ensures BOB's high fidelity to Bitcoin's security while enabling modern, efficient application development and cross-chain functionality through Ethereum's innovative ecosystem.

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BOB Fusion Points and Airdrop

BOB Fusion is the official points program on the BOB network, incentivizing users to engage with and contribute to its ecosystem through various activities. Participants earn BOB Spice points by performing actions that enhance network interaction and visibility. These Spice points will eventually convert into an airdrop.

Here’s how users can engage with BOB Fusion:

• Asset Bridging: Users can earn daily Spice points by bridging whitelisted assets like wBTC and tBTC, which have high multipliers for generating Spice.
• Supplying TVL (Total Value Locked): Deploy Total Value Locked into dApps that use whitelisted assets to earn Spice points, which are distributed through the dApps based on TVL contributions.
• Active dApp Interaction: Engage with specific whitelisted dApps to directly earn Spice points, reflected in the user’s BOB Fusion Dashboard.
• Referral Program: Earn additional Spice by referring new users; participants receive a percentage of the Spice their direct invites and their invites earn.
• Community Involvement: Engage in community events and quests on BOB’s official GALXE dashboard to earn Spice.

BOB Fusion is designed to build an active community by rewarding users who contribute to the platform’s growth and engage actively within the BOB ecosystem.

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BOB Team and Fundraising

Recently, BOB secured a $10 million seed funding round led by Castle Island Ventures. Additional participants included Mechanism Ventures, Bankless Ventures, CMS Ventures, and UTXO Management, as well as angel investors like Dan Held and Domo, the creator of the BRC-20 token standard.

This funding boost supports BOB's goal to enhance Bitcoin's infrastructure without impacting performance by enabling off-chain computations and on-chain verifications, similar to Ethereum's optimistic rollups, facilitating scalable smart contract applications on Bitcoin.

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Bottom Line

BOB ("Build on Bitcoin") is a new Layer-2 platform that merges Bitcoin's robust security with Ethereum’s smart contract capabilities. By using its hybrid architecture and cutting-edge tools, BOB streamlines the development of decentralized applications, maintaining Bitcoin’s integrity while boosting its utility with Ethereum's flexibility.