United States, September 29, 2023 / AlexaBlockchain/ – Goshen Network, a leader in blockchain innovation, incubated by Ontology, is excited to announce the unveiling of its Bitcoin EVM layer, marking a significant moment in blockchain technology. This development is accessible on GitHub at https://github.com/goshennetwork/bevm and is set to make a significant contribution to Ethereum and Bitcoin interoperability.
A Milestone in Innovation
In the wake of the recent development of Ordinals and the BRC-20 protocol, Goshen’s development team has engineered a protocol that integrates an Ethereum Virtual Machine (EVM) execution layer into the Bitcoin network. This integration is poised to usher in an era of reduced dApp transaction fees, courtesy of Bitcoin’s SigWit mechanism, and enhanced user experience through streamlined data upload processes.
Overcoming Functional Limitations
Historically, Bitcoin has grappled with functional limitations, particularly in comparison to Ethereum’s expansive smart contract capabilities. Goshen’s protocol, however, leverages the Segregated Witness (SegWit) protocol upgrade to augment Bitcoin’s capacity and diminish transaction fees, thereby facilitating direct interaction with EVM smart contracts within the Bitcoin network.
Enabling Innovative Design
Goshen’s protocol sets itself apart through the implementation of a unique Pay-to-Witness-Script-Hash (P2WSH) address, enabled by the Segregated Witness protocol. This innovation allows for the encoding of EVM, invoking transaction data within the witness data, and ensuring the stability of the P2WSH address.
Introducing Seamless EVM Execution
The protocol comprises a dedicated format for EVM data, the utilization of an EVM-enabled P2WSH in version 0, and the seamless execution of the EVM. To mitigate potential Distributed Denial-of-Service (DDoS) attacks, an execution gas cap of 10,000,000 has been instituted, underscoring Goshen’s commitment to security and efficiency.
Complementing Existing Protocols
Goshen’s protocol is designed to be both independent and complementary to existing Bitcoin protocols and applications. It integrates seamlessly with various layer one and layer two applications, ensuring that it can be adopted or disregarded without causing disruption to existing users.
Backward Compatibility and Easy Integration
The protocol’s complete backward compatibility is a core element of its design, requiring no modifications to the existing Bitcoin network. It brings the sophisticated functionalities of Ethereum’s EVM to the Bitcoin network, opening up the potential for growth and development on both networks.
Understanding Goshen’s EVM Layer
The EVM layer incorporates two distinct types of EVM invoke actions: EVM call and EVM deploy. The EVM address is derived from the redeem script hash, ensuring compatibility with the Ethereum ecosystem. The EVM data format and EVM P2WSH are designed to ensure transactions maintain their integrity and efficiency.
Navigating the Challenges Ahead
Goshen Network is fully aware of the challenges that lie ahead, including potential performance issues and the evolving regulatory landscape. The team is committed to a continuous process of refinement and enhancement, ensuring that the Bitcoin EVM layer not only meets but exceeds the expectations of developers and users alike.
Goshen’s Layer2 solution is a core component of the network’s vision, marking a significant milestone in Bitcoin’s evolution. The protocol’s integration with the existing Bitcoin network, coupled with its enhanced functionalities, positions Goshen at the forefront of blockchain innovation.
The deployment of the EVM on github marks a significant leap forward in cross-chain interoperability between the Bitcoin and Ethereum networks as well as opening up an entire new avenue for mass adoption of blockchain technology.
About Goshen Network
Goshen Network is at the forefront of blockchain innovation, consistently pushing the boundaries to unlock new horizons in the world of decentralized technology. Incubated by Ontology, the layer 2 is committed to blockchain adoption for all. With the deployment of the Bitcoin EVM layer, Goshen reaffirms its commitment to fostering an ecosystem where technology and creativity converge to redefine the possibilities of tomorrow.
Source: Goshen Network
Submit Your Blockchain and Crypto Press Release here.