Cryptocurrencies

The famous Bitcoin developer exploited a Lightning Network bug, leading him to…

A Bitcoin developer famous for exploiting a bug in the Lightning Network, which prompted him to release an emergency update in 2022, is working on a new layer 2 of Bitcoin aimed at bringing more decentralized financial use cases to Bitcoin.

Bitcoin developer “Burak” – who also created a competitor to the Lightning Network called Ark Protocol last year – has introduced “Brollups”.

Burak explained that Brollup is a second layer that provides a native accumulator design for Bitcoin – accumulating transactions without the need to hard fork Bitcoin or issue a non-Bitcoin token.

In a post on Medium on June 21, Burak noted that Brollups was still in the “design phase.” He told Cointelegraph that a testnet could be considered later this year.

Brollups will aim to support more than 90% of DeFi use cases when it finally launches, Burak said.

“Whether it is listing an NFT for sale in exchange for Bitcoin where the buyer pays in Bitcoin upon execution, or placing an order to sell tokens on a decentralized exchange, (all of this) is executed atomically, verifiable, scalable and executable on Bitcoin. “

Burak added that Brollups is “deeply integrated with Bitcoin and works natively with Bitcoin as a paid architecture.”

source: Burak

Brollups will be managed by “operators”, who will provide liquidity to the protocol and promote pooling status by serializing Bitcoin transactions at “regular time intervals”.

Transactions will be executed on the Bitcoin virtual machine.

I received a great Burak Pray In the Bitcoin community to develop the solution without having to perform a hard fork of Bitcoin or create a new token.

From Hacking the Lightning Network to Creating a Large-Scale Competitor

In October 2022, Burak was able to leverage the accelerated network with a 998 of 999 multi-signature Taproot transaction.

This prompted an emergency update for Lightning Network node operators after Burak’s efforts caused all nodes to temporarily go out of sync.

about: Bitcoin Needs DeFi and Consumer Apps for Widespread Adoption – L2 Developers

No money was stolen in the transaction – which cost just $5 in transaction fees – but it highlighted an unintended consequence of the Taproot upgrade, industry experts told the ‘era.

source: our work

Very few transactions used the Taproot upgrade until January 2023 when Casey Rodarmor launched the Ordinals protocol.

Taproot transactions made up a record 46.4% of all Bitcoin transactions in December 2023, but that figure has since fallen to 30% this month, according to Data Always’ Dune Analytics dashboard.

Drivechain and Spiderchain are among other Bitcoin scaling projects focused on integrating DeFi functionality into Bitcoin.

In May 2022, Burak launched Ark – a layer 2 Bitcoin solution that primarily focuses on payments by eliminating the need for payment channels.

review: Ordinals has turned Bitcoin into a worse version of Ethereum – can we fix it?

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