Original author: Shenchao TechFlow
As the FOMO sentiment of Bitcoin Inscription becomes more and more intense, problems such as high Bitcoin network fees and slow settlement speed are becoming increasingly prominent.
The narrative of the crypto world is like a cycle. There was a big discussion around the performance of Bitcoin many years ago, and various expansion plans were also emerging in endlessly at that time.
Solutions such as increasing block space, side chains, and lightning networks have gradually surfaced, and have remained tepid.
But now, with the urgent need for inscription transactions, the market has once again awakened the desire for Bitcoin expansion; related solutions have once again become the focus of the narrative.
Among them, Layer 2 (L2) based on BTC has begun to emerge.
The most obvious trend is the rapid influx of funds. Some Bitcoin L2 projects that did not attract much attention before have also received dividends. For example, established Bitcoin L2 projects such as STX and Rif have increased by 93.6% and 38.7% respectively in the past week.
The Bitcoin L2 projects on most exchanges have been discovered by the market. Are there any earlier Alpha projects worth paying attention to?
This article will dig deeper into the Bitcoin L2 ecosystem and provide two other projects that are relatively rarely mentioned: Tectum and BEVM.
1.Tectum: a bill transfer system independent of BTC
Tectum Softnote is a BTC layer 2 scaling solution that provides instant, free cryptocurrency transfers anywhere in the world.
How does Tectum achieve these functions?
Before understanding Tectum Softnote, you must first understand Tectum.
Tectum is a complete set of distributed ledger protocols, and its ecosystem includes Tectum Blockchain, Tectum Wallet, Tectum Token (TET), Tectum SoftNote and 3 FA identity authentication applications.
Tectum Blockchain uses a proprietary record change signature management algorithm - HashDrive. This algorithm is capable of achieving transaction speeds of over 1 million per second and provides instant event status delivery and ownership updates across the blockchain network, as well as distributed levels of access to functional system modules.
Simply put, the algorithm enables fast transaction speeds, and the blockchain adopts a hierarchical structure that stores raw data in lower layers, achieving a balance of high security and high speed.
This structure makes Tectum an overlay network solution for blockchains such as Bitcoin, avoiding the congestion and high fees of native networks. Based on this technology, Softnote was born.
Softnote is a new tool based on the Tectum blockchain that enables fast transactions and costs nothing. Let’s go through Softnote’s usage tutorial to understand how it works:
Create a Softnote wallet - a wallet generated by Tectum using Bitcoin nodes.
Minting SoftNote bills - Minter (Mt) costs TET to mint SoftNote bills. Each bill is assigned a separate serial number. Currently, SoftNote can only be minted using the Tectum Softnote platform.
Fill Liquidity - Liquidity Providers (LPs) transfer BTC/Crypto to the BTC/Crypto wallet of the SoftNote bill they wish to fill.
Issuance into circulation - Liquidity providers sell the SoftNote notes in hand to end users with different note values agreed upon.
Revenue Generation - End users use the bill to make purchases, and if used for transactions, the recipient pays a fee of up to 1%.
User-to-user transfers can be done via email and are not recorded on Bitcoin’s blockchain. SoftNote therefore enables zero-fee, instant transactions with complete privacy.
Therefore, in essence, Tectum SoftNote creates another kind of its own billing certificate outside the BTC network, and users can use the billing certificate to conduct transfers and transactions.
Tectum’s Token Economy
Among them, Tectum (TET) token is the native token of the project. As mentioned above, it has the function of casting Softnote. In addition, it can also reduce the handling fees levied on merchants receiving notes, access to other Tectum products, etc.
The total supply of TET tokens is fixed at 10 million, of which 15% is used for private sales, 20% is used for staking and nodes, 10% is used for liquidity market making, and 10% is used for marketing.
2.BEVM: EVM-compatible L2 on Bitcoin
BEVM is the first fully decentralized EVM compatible with Bitcoin L2 and supports wallets such as Metamask, development frameworks such as Truffle/Hardhat, and the Solidity programming language.
At the same time, BEVM uses BTC as GAS, and all applications on Layer 2 will use BTC as Gas; the most important thing is that BEVM is fully compatible with EVM, and DeFi, GameFi and other applications that can run in the EVM ecosystem can be seamlessly migrated to Bitcoin Layer 2. In the future, BEVM will also be compatible with more non-EVM Layer 1 networks. Thus, BTC and BTC on-chain assets can be expanded to any chain, maximizing the expansion of the Bitcoin ecosystem.
Currently, the BEVM ecosystem includes:
1. BEVM BLOCKCHAIN EXPLORER: BEVM official browser, used to browse data on the chain.
2. BSWAP: a BTC-EVM DEX based on BEVM. Allows users to exchange with BRC 20 and ERC 20.
3. BITBOX: a professional and comprehensive Ordinals inscription service platform.
BEVM has not launched a token yet, but officials have hinted at an airdrop in the near future.
Therefore, trying the following methods may give you a greater chance of receiving an airdrop:
1. Interact with BSWAP: As mentioned before, BSWAP is a DEX built on the BEVM network, on which users can conduct token transactions and participate in LP.
Currently, there are various asset pools paired with BTC on BSWAP, most of which are based on inscription assets, such as Ordi and Sats.
2. Complete various tasks officially released on Zealy, such as following its social media account, joining the community, etc., and go to the official Discord to obtain new characters.
3. Purchase the officially issued white paper NFT inscription. Currently, BEVMs white paper has been made into an NFT inscription, which exists on the BTC network. The number is 10,000. Purchasing this inscription may increase the probability of being airdropped.
Overall, BEVM introduces BTC directly into the mature EVM in a decentralized manner, thereby reducing the difficulty of expanding the Bitcoin ecosystem; while Tectum solves the problem of high BTC transfer fees through another bill system.
Although these designs may not look so orthodox, they bring a new experience to developers and users, and also allow developers originally working on EVM, or users who are completely unfamiliar with BTC, to seamlessly enter the BTC ecosystem. .
How to choose between legitimacy and experience, the market will ultimately give the answer.