Interlay Launches MVP of BOB, A New Bitcoin Layer 2 Bridge For Cross-Chain Token Transfers to the Bitcoin Network
Interlay, an open source blockchain infrastructure project, has officially launched the minimum viable product (MVP) of its new Bitcoin Layer 2 bridge, BOB (Bitcoin Operated Bridge). The BOB MVP will allow users to transfer tokens between the Bitcoin mainnet and Bitcoin Layer 2 networks, providing a bridge for otherwise isolated tokens to be used across a wider range of platforms. The BOB MVP uses a new protocol called AtomX, which is Interlay’s own version of the Atomic swap protocol. The protocol allows for trustless, secure, and nearly instantaneous cross-chain token transfers without the need to wait for block confirmations or interact with any third-party services. This makes it possible for users to transfer digital tokens between Bitcoin mainnet and Layer 2 networks (such as the Lightning Network, Liquid Network, and the proposed Hashed Timelock Contact networks) without relying on a centralized exchange. The launch of BOB’s MVP is an important first step in expanding the utility of Bitcoin-based tokens. By allowing users to move digital assets across different networks, Interlay is paving the way for new forms of tokenized finance and decentralized exchange. Moving forward, Interlay will continue to develop BOB and AtomX, with the goal of making it as easy and reliable as possible for users to transact across these new financial networks.