ZKM, a protocol that wants to make Bitcoin more valuable through its zkVM technology, has revealed that its Bitcoin layer-2 network, GOAT Network, will soon be live. The start is set for the third quarter of 2024.
GOAT Network will be the first global L2 on the market. It will offer decentralized platform ownership and use ZKM’s Entangled Rollup technology. People who use the BTC network should gain from how safe it is.
The start of a Bitcoin L2 by GOAT Network is an important milestone forward in ZKM’s plan to bring the scattered Web3 worlds together, according to Kevin Liu, one of the main contributors to GOAT Network.
GOAT Network rewards Bitcoin
GOAT Network uses a decentralized sequencer approach instead of other Bitcoin L2s that are run by foundations. With this model, sequencer nodes can make yield on their BTC while also keeping the network safe and getting paid in Bitcoin.
Bitcoin miners, Bitcoin holders, and Web3 and TradFi institutions can all apply to run sequencer nodes as part of the project’s goal to create an environment that is run by partners and stakeholders.
Five institutional node owners have promised to protect the network with 5,000 BTC. When it starts up, GOAT Network will have seven node operators. They hope to add more operators to make the network more liquid.
A decentralized exchange (DEX), the perpetual swaps protocol, and borrow/lend services are just a few of the decentralized apps (dApps) that are set to go live on the first day of the mainnet launch.
GOAT Network has also added an awards program for people who own BTC . There are plans to give rewards to anyone with BTC who whitelists 0.001 BTC or more, as well as to dApps and sequencer node owners who lock their BTC to protect the network.
Before the mainnet launch, GOAT Network will start its Series A funding round. The goal is to get additional funds after its $5 million pre-A fundraiser ended in November of last year.
