BitEVM
  • Introduction
  • L2 Overview
    • Architecture
      • Alpha Mainnet
      • Mainnet
    • Commitment and Verification on Bitcoin
    • Bridge for Seamless Asset Movement
  • Preimage Commitment
  • Verification
  • Framework
  • Mainnet
    • Getting Started
    • Wallet Setup
    • Network Information
  • Social
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Preimage Commitment

Seamless Asset Movement with BitEVM

As with many Layer 2 solutions, users may initially need to transfer assets to BitEVM to cover transaction fees for smart contract interactions within the network. The BitEVM bridge facilitates this movement of assets between the Bitcoin mainnet (Layer 1) and BitEVM (Layer 2).

Depositing Assets to BitEVM

In BitEVM terminology, transferring funds from Bitcoin (L1) to BitEVM (L2) is called a deposit. Users initiate this process by sending bitcoins (BTC) to a designated BitEVM deposit address. This address is a special Bitcoin script address that leverages multi-signature security to ensure the safekeeping of deposited funds. Once a deposit transaction is confirmed on Layer 1 (typically requiring 6 Bitcoin block confirmations), the BitEVM Sequencer detects this activity and incorporates it into Layer 2 blocks. Subsequently, the user receives an equivalent amount of wrapped Bitcoin (WBTC) within the BitEVM network. WBTC is a fungible token that represents one BTC deposited on the BitEVM sidechain.

Withdrawing Assets from BitEVM to Bitcoin

Similar to deposits, withdrawing assets from BitEVM back to Bitcoin (L1) involves a slightly more intricate process. Any asset transfer from L2 to L1 is referred to as a withdrawal transaction.

Here's a breakdown of the withdrawal process in BitEVM:

  1. Initiating the Withdrawal: The user initiates a Layer 2 transaction, specifying the desired withdrawal amount in WBTC. This transaction requires a fee paid in BitEVM's native gas token (e.g., BVGAS).

  2. Proof Submission on Layer 1: After the Layer 2 block containing the withdrawal transaction is finalized, the user submits a withdrawal proof on Layer 1. This proof, along with a cryptographic signature, essentially requests the withdrawal of an equivalent amount of WBTC from a secure Merkelized Multi-Signature (MMS) account within the BitEVM system. An MMS account utilizes a combination of Merkle trees and multi-signature security to ensure transparency and secure management of deposited funds.

  3. Challenge Period: For added security, a designated challenge period (e.g., 24 hours) follows the submission of the withdrawal proof. This period allows other participants to raise any potential challenges regarding the withdrawal, such as evidence of double spending attempts.

Once the challenge period concludes without any disputes, the withdrawal is successfully completed. The MMS account releases the corresponding BTC equivalent of the WBTC withdrawn, and the user receives the funds on the Bitcoin mainnet. This bridge ensures secure and efficient movement of assets between BitEVM and the Bitcoin mainnet.

Additional Notes:

  • BitEVM utilizes a decentralized network of validators to secure the bridge and verify transactions.

  • Fees associated with deposits and withdrawals are minimal compared to on-chain Bitcoin transactions.

  • Users can easily convert between WBTC and other supported assets within the BitEVM ecosystem.

I hope this revised text provides a clearer picture of BitEVM's functionalities related to asset movement!

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Last updated 1 year ago