Bitcoin (BTC) (BTC)
Bitcoin Layer 2s are projects that build upon the original Bitcoin blockchain, creating an additional layer for executing transactions. These solutions enhance Bitcoin’s scalability by processing transactions off the main chain, using bitcoin itself as the gas token, and ultimately settling on the Bitcoin blockchain.
Bitcoin Layer 2s open the door to a myriad of advanced functionalities, including staking, smart contracts and decentralized applications, all while leveraging the robustness of the underlying Bitcoin network. As Bitcoin continues to evolve, Layer 2s represent a key milestone in its ongoing journey, enhancing its scalability and utility in the digital economy.
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Why Stake Bitcoin (BTC) With Figment?
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Bitcoin Layer 2s, such as Stacks and Babylonchain, aim to improve Bitcoin's scalability, reduce transaction fees, and enable new functionalities without compromising the security of the base layer.
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Stacks introduces a novel consensus mechanism called Proof-of-Transfer (PoX), which allows users to "stack" their Bitcoin by sending it to a special address and receiving Stacks tokens (STX) as a reward, effectively enabling Bitcoin staking.
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BabylonChain is a Bitcoin Layer 2 project. Central to this project are two key protocols: Bitcoin timestamping, which enables verifiable timestamps of data like Proof-of-Stake blockchains to be anchored to Bitcoin, and Bitcoin staking, which allows for trustless staking of Bitcoin assets to economically secure various decentralized systems.
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