DeFi
Bitcoin Lightning Hacker Burak Introduces New Layer 2 “Brollups” — TradingView News
The Bitcoin developer famous for exploiting a bug in the Lightning Network, causing it 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 Lightning Network competitor called Ark Protocol last year – has introduced “Brollups”.
Brollup is a layer 2 that offers a native Bitcoin rollup design – aggregating transactions without the need to fork Bitcoin or issue a non-Bitcoin token, Burak explained.
In the June 21 Medium post, Burak noted that Brollups is still in the “design phase.” He told Cointelegraph that a signet ring (testnet) deployment 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 offering an NFT for sale in exchange for Bitcoin where the buyer pays with Bitcoin upon execution, or placing an order to sell tokens on a decentralized exchange, [all of this is] atomically executed, verifiable, scalable and enforceable on Bitcoin.
Brollups are “deeply rooted in Bitcoin and work natively with Bitcoin as a paid construct,” Burak added. Cointelegraph
Brollups will be managed by “operators” who will provide liquidity to the protocol and advance the rollup state by chaining Bitcoin transactions together at “regular intervals”.
Transactions will be executed on the Bitcoin virtual machine.
Burak received considerable praise from the Bitcoin community for developing the solution without the need to fork Bitcoin or create a new token.
From Hacking the Lightning Network to Creating a Large-Scale Competitor
In October 2022, Burak successfully leveraged the Lightning Network with a 998 of 999 multi-signature Taproot transaction.
This triggered an emergency update to Lightning Network node operators after Burak’s efforts caused all nodes to temporarily go out of sync.