With $150 million in financing, “Trust Machines” wants to activate the value of Bitcoin’s settlement layer

Odaily资深作者

2022-02-10 04:46

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"Bitcoin is much more than a passive store of value."

As the beginning of encrypted finance, bitcoin seems to be a symbol today. A large number of applications are concentrated on Ethereum and other new ecological public chains. The Bitcoin network is gradually marginalized in the technological iteration of the industry and has become a store of value.

As encrypted finance gradually goes out of the circle, Bitcoin's popularity is getting higher and higher. Some emerging projects have begun to devote themselves to revitalizing the nearly trillion-dollar assets of the Bitcoin network and utilizing the Bitcoin ecological application. Trust Machines is one of them. Recently,Bitcoin Application Ecosystem Development Company Trust Machines Announced $150 million in funding, with participation from DCG, Breyer Capital, GoldenTree, Hivemind, and Union Square Ventures.

Regarding the origin of the name Trust Machines, the official explanation says: Alan Turing invented the "Turing Machine" in 1936, marking the beginning of modern computers; in 2008, Satoshi Nakamoto invented Bitcoin, which changed the issue of trust, saying as a "trust machine". "Satoshi Nakamoto pushed us into a new era of computing: from Turing machines to trust machines."

It is not difficult to see from the above explanation that Trust Machines pursues Bitcoin fundamentalism, which is also the starting point for its choice to build applications based on Bitcoin. In their view, only Bitcoin can provide true decentralization of trust, Bitcoin is the best final settlement layer for transactions, and the application of value should be finally settled on Bitcoin.

“Bitcoin is by far the most secure, decentralized and economically robust blockchain – and thus the settlement layer for transactions. Our investors believe in our thesis that Bitcoin is more than just a passive Store of value. Like us, they believe that only Bitcoin can truly provide the transformative power of trust decentralization.” Trust Machines said, “In the short term, blockchains such as Ethereum are successful because they can run decentralized However, for long-term success, we believe that high-value applications should be built on Bitcoin as the settlement layer of last resort.”

As a next step, Trust Machines will build the necessary applications and underlying technology to unlock Bitcoin's potential as the final settlement layer.Trust Machines will build on top of Stacks to make it faster and easier to develop.

Stacks is currently the largest smart contract project on the Bitcoin chain. Due to its unique PoX consensus mechanism, more than 11,000 users have been rewarded with more than 100 bitcoins on Stacks every month, and the mechanism has delivered more than $50 million worth of BTC rewards so far. According to data on the Stacks chain, the network has achieved more than 350 million API requests per month, 40,000 Hiro wallet downloads, and 2,500 Clarity smart contracts, with a lock-up volume of more than $1 billion.

“We will build applications that make bitcoin productive, such as trustless bitcoin lending. Our mission is to build the largest ecosystem of bitcoin applications and grow the bitcoin economy. We plan to hire bitcoin core developers and promote Innovative research and development around Bitcoin's scalability and functional layers," said Trust Machines.

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