BitcoinX - A Bitcoin Layer 2 Proposal Using MultiversX Sovereign Chain Technology
Bitcoin Layer 2 solution based on
#MultiversX SovereignChains, which would achieve the following:
- High-performance Secure Proof of Stake chain
- Integrate multiple interoperability/composability modules and VMs.
- Process over 50,000 transactions per second on inexpensive machines.
- Native cross-chain operation module towards MultiversX mainnet.
- Integrate a native bridge/rollup solution towards Bitcoin in the SovereignChain stack.
Two-Way Peg Bridge
1. Build a bridge enabling Bitcoin to be staked on SovereignChain alongside EGLD from the Gravity ReStaking Layer.
2. Bridged BTC is wrapped into wrappedBTC, pegged 1-to-1 with BTC locked in the 2WP MPC wallet.
3. Assets coming to the MultiSignature wallet are cached by Bitcoin light clients run by all SovereignChain validators. Validators include Bitcoin block headers in Sovereign blocks. If a Bitcoin header contains a UTXO moving BTC/BRC-20 assets to the MultiSig address, validators create an IncomingTX and add it to the SovereignChain block.
Process
•If the leader does not add the IncomingTXs, the block is not signed by validators
•The next honest leader adds the IncomingTX. Each validator generates the IncomingTX separately, ensuring the same data and order
•Considering Bitcoin's Proof of Work and finality concept, validators push IncomingTXs only for finalized blocks (6-10 confirmations)
Settlement
- Create settlement of processing and data to both MultiversX and Bitcoin
- Use an optimistic rollup with fraud proofs. In case of fraud, first slash staked Bitcoin, then staked EGLD.
- The 2WP MPC wallet is controlled by SovereignChain validators, similar to the native cross-chain operation module towards MultiversX mainchain.
Outgoing Operations
- Deploy a Bitcoin Outgoing bridge SC: Create an outgoing miniblock UTXO data, signed by each node with their multiSig share.
- Use a multiSig generator algorithm to create a new multiSig at the end of each epoch for the new set of validators.
- Post the resulting full TX on the Bitcoin chain.
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