Goshen Network Unveils Groundbreaking Bitcoin EVM Layer Enhancing Interoperability October 13, 2023 October 13, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsOctober 13, 2023 by Kelly Cromley

Goshen Network Unveils Groundbreaking Bitcoin EVM Layer Enhancing Interoperability

Goshen Network, a pioneering force in blockchain innovation nurtured by Ontology, has revealed a pioneering advancement poised to revolutionize the landscape of blockchain technology. The recent introduction of the Bitcoin EVM layer, accessible on GitHub, promises a substantial elevation in Ethereum and Bitcoin interoperability, delivering a plethora of advantages to developers and users alike. This development follows Goshen’s introduction of Ordinals and the BRC-20 protocol, paving the way for a more extensive integration of the Ethereum Virtual Machine (EVM) execution layer into the Bitcoin network. The overarching goal of this endeavor is to reduce dApp transaction fees and streamline data uploading processes, ultimately enhancing the user experience.


Enhancing Bitcoin’s Capabilities


Historically, Bitcoin has faced criticism for its functional constraints, especially in comparison to Ethereum’s extensive smart contract capabilities. Goshen’s protocol confronts this issue by harnessing the Segregated Witness (SegWit) protocol upgrade to bolster Bitcoin’s capacity and lower transaction fees. This innovation facilitates direct interaction with EVM smart contracts within the Bitcoin network, addressing a longstanding concern.


Innovative Solutions


Moreover, Goshen’s protocol introduces a distinctive Pay-to-Witness-Script-Hash (P2WSH) address, made feasible by the Segregated Witness protocol. This novel approach allows for the encoding of EVM invocation transaction data within the witness data, thereby ensuring the P2WSH address’s stability. The protocol incorporates a specialized format for EVM data, utilization of an EVM-enabled P2WSH in version 0, and seamless EVM execution. To mitigate potential Distributed Denial-of-Service (DDoS) attacks, Goshen has set an execution gas cap at 10,000,000, underscoring their unwavering commitment to security and efficiency.


Maintaining Compatibility


Goshen’s Bitcoin EVM layer has been meticulously designed to exist independently while complementing existing Bitcoin protocols and applications. It seamlessly integrates with various layer one and layer two applications, ensuring that the adoption or dismissal of the protocol will not disrupt existing users. A fundamental aspect of the design is the protocol’s complete backward compatibility, requiring no alterations to the existing Bitcoin network. Effectively, it brings Ethereum’s advanced EVM functionalities to the Bitcoin network, laying the groundwork for growth and development on both blockchains.


Addressing Challenges


Goshen Network recognizes the challenges on the horizon, including potential performance issues and the ever-evolving regulatory landscape. The team is unwavering in their commitment to an ongoing process of refinement and enhancement, ensuring that the Bitcoin EVM layer not only meets but surpasses the expectations of developers and users.


Leaders in Blockchain Innovation


Goshen Network remains at the forefront of blockchain innovation, persistently pushing boundaries to unveil new possibilities in the decentralized technology domain. As an entity incubated by Ontology, this layer 2 solution reaffirms its dedication to fostering a blockchain ecosystem where technology and creativity converge to redefine the possibilities of tomorrow.


A New Era of Interoperability


With the deployment of the Bitcoin EVM layer now accessible on GitHub, Goshen Network has not only achieved a significant milestone in the evolution of Bitcoin but has also opened up a fresh avenue for the widespread adoption of blockchain technology. This development fosters cross-chain interoperability between the Bitcoin and Ethereum networks, promising to reshape the future of blockchain technology.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.