Chainwire
Portal To Bitcoin Unveils BitScaler: The Holy Grail of Bitcoin Scaling
By leveraging Channel Factories, BitScaler exponentially reduces fees and enhances Bitcoin's utility with lightning-fast, nearly free transactions.
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San Francisco, USA, August 12th, 2024, Chainwire – Portal to Bitcoin, the definitive project in Bitcoin DeFi and the only trustless path to Bitcoin from L2s or from any chain, proudly announces the unveiling of BitScaler, a groundbreaking technology set to redefine Bitcoin’s scalability and utility without requiring core upgrades or new op_codes. Today marks the public unveiling of the white paper and website, BitScaler.org.
BitScaler, hailed as the “Holy Grail” of Bitcoin scaling, marks a seismic shift with throughput that’s lightning-fast, nearly free, and infinitely scalable. It introduces several firsts: multi-party channels for thousands of peers, called channel factories, and delegated but noncustodial transaction signing. This architecture has further given rise to previously impossible applications such as the first custodianless & bridgeless cross-chain AMM (Automated Market Maker) built on Bitcoin.
A Quantum Leap in Bitcoin Evolution
BitScaler is not just an incremental improvement; it’s a quantum leap in Bitcoin’s evolution. The Portal team is the first to implement Christian Decker’s Channel Factories, achieving what others couldn’t. This innovation allows a single on-chain transaction to open and close channels among thousands of peers, exponentially reducing fees and enabling unparalleled transaction throughput. The implications are profound: BitScaler shatters the limits of traditional blockchain scaling and ushers in a new era of Bitcoin utility.
“With BitScaler, we’ve not only solved the long-standing challenges of Bitcoin scaling but have also opened up new possibilities for the entire ecosystem,” said Chandra Duggirala, CEO of Portal (Tides.Network Inc), core contributor to the Portal Network. “This is the future of decentralized finance on Bitcoin.”
Exponential Efficiency: One Transaction, Endless Possibilities
BitScaler’s efficiency is unprecedented. By leveraging the architecture of Channel Factories, a single on-chain transaction can now facilitate multiple peer-to-peer channels, leading to an exponential reduction in transaction fees and a dramatic increase in throughput. This innovation is the cornerstone for constructing the first-ever noncustodial Bitcoin Automated Market Maker (AMM), a milestone in Bitcoin’s journey to becoming the foundation of decentralized finance.
Non-Custodial Delegation: Where Security Meets Convenience
BitScaler introduces a revolutionary approach to user experience without compromising security. Its delegated transaction signing mechanism eliminates the need for 24/7 node operation while remaining fully non-custodial. This breakthrough shifts the cross-chain paradigm away from bridges, multi-sigs, wrapped derivatives and vaults, leading to a world where cross-chain trading and contracts are completely custody-less and trustless. “We are moving away from centralized custody and on-chain custody to custody-less in cross-chain transactions,” said Duggirala.
Cross-Chain Innovation: The First True Bitcoin AMM
More than just a scaling solution, BitScaler is a framework for expanding Bitcoin’s functionality. With the help of this cutting-edge off chain architecture, Portal to Bitcoin has built the world’s first cross-chain AMM on Bitcoin, using native assets without the need for bridges or custody. This represents the realization of DeFi on Bitcoin as it was always meant to be—secure, decentralized, and powerful.
Introducing BitScaler.org
https://bitscaler.org is the official home for this groundbreaking technology. The website will be continuously updated with developer resources, including access to the Channel Factory GitHub repository and the white paper. Developers and users alike are encouraged to explore the full potential of BitScaler and to build their applications on this advanced platform.
Why BitScaler Changes the Game
–Layer-3 Scalability: Enables multiple peer-to-peer channels from a single on-chain transaction, significantly enhancing Bitcoin’s scalability while maintaining the security model of protocols like lightning
–Vertical and Horizontal Scaling: Increases transaction throughput off-chain and expands the range of possible contracts, making it possible to construct the first noncustodial Bitcoin AMM.
–Permissionless, Custody-less cross-chain: BitScaler eliminates the need for centralized bridges, vaults, and multi-sigs, providing a fully decentralized, trustless solution.
–Taproot Integration: Utilizes Taproot scripts for hook transactions, supporting complex multi-sig setups with distinct keys and timelocks.
–Hub-and-Spoke Model: Allows efficient liquidity provision in AMMs, with validators acting as the central hub, further pushing the boundaries of what is possible on Bitcoin.
–Seamless Atomic Swaps: Uses HTLCs with UTXO inputs in allocation transactions for faster, cheaper, and more efficient off-chain trading.
–Non-Custodial Delegation: Allows LPs to designate keys to delegates while maintaining control, ensuring flexibility without compromising security.
–Optimized Policy Language: Ensures easy composition of sub-policies into larger policies for secure and transparent scripts.
–Advanced Key Management: Utilizes multiple BDK sub-wallets for unparalleled key management and signing capabilities.
Integration and Future Roadmap
BitScaler is already integrated into Portal’s Liquidity Router and Swap SDK, laying the foundation for even more groundbreaking innovations. The roadmap for further advancements, including the incorporation of Eltoo, MuSig2, and FROST, technologies that will push the boundaries of what’s possible on Bitcoin. BitScaler is not just a scaling solution; it’s the future framework for building DeFi on Bitcoin, enabling perpetual trading, stablecoins, and more, all without waiting for new Bitcoin Improvement Proposals (BIPs).
The Minds Behind BitScaler
BitScaler is the result of the dedicated efforts of Portal’s stellar R&D team, led by CTO Manoj Duggirala. The team includes:
–Casey Bowman: A 13-year Bitcoin veteran and engineer from Stanford & Princeton.
–Sean Gilligan: A Lightning researcher who pioneered smart contracts on Bitcoin.
–Dr. Jose Stropoli: A Bitcoin Dev Kit contributor and computational statistician.
Along with other talented engineers and researchers, together they have turned the impossible into reality, pushing Bitcoin into its next evolutionary phase. BitScaler isn’t just an architecture; it’s a paradigm shift in how Bitcoin can be used and scaled. As the team prepares for the incentivized testnet launch of the Portal Network, BitScaler is being opened up for the world’s recruitment in redefining Bitcoin’s role in decentralized finance. This is the future of finance, and it’s powered by BitScaler.
For more information, visit https://bitscaler.org to join in the pioneering the next generation of financial technology.
About Portal To Bitcoin
Portal to Bitcoin, formerly known as Portal DeFi, conceived by a team of veteran Bitcoin and AI engineers, is dedicated to empowering financial self-sovereignty. Portal is the only custody-less interoperability protocol for Bitcoin. Portal enables fast, low cost atomic swaps between native Bitcoin assets like BTC, Ordinals, and Runes, to L2s and other L1s. With Portal’s technical breakthroughs, there is no bridging or wrapping. User funds are always safe.
Portal is backed by Coinbase Ventures, OKX Ventures, Gate.io, Arrington Capital, and many other prominent investors. For more information, visit https://portaltobitcoin.com, X (Twitter), Discord, Medium and Telegram.
Contact
Jon Lindsay Phillips
PhillComm Global
[email protected]
704-942-1557
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