spot_imgspot_imgspot_img

Conflux Network Unveils EVM-Compatible Bitcoin Solution for Enhanced Interoperability

  • Conflux Network has announced the development of an EVM-compatible solution to facilitate interaction with Bitcoin.
  • The innovative solution will allow asset transfers between the Conflux and Bitcoin networks, aiming for a testnet launch by March-end and mainnet by May.
  • “This integration of Bitcoin into our network using EVM compatibility opens new avenues for decentralized applications,” Conflux stated.

Conflux Network’s groundbreaking solution aims to bridge Bitcoin with Ethereum’s EVM, enhancing interoperability and expanding the capabilities of decentralized applications.

Innovative Interoperability Between Bitcoin and Conflux

Conflux Network, a Layer 1 blockchain, is set to revolutionize interoperability in the crypto world with its EVM-compatible solution. This technology will enable the transfer of Bitcoin and inscription-based tokens across Conflux and Bitcoin networks. By integrating Bitcoin’s robustness into its platform, Conflux is not only enhancing asset interoperability but also broadening the scope for decentralized applications (dApps).

Merging PoW and PoS Algorithms for Consensus

Conflux’s unique approach combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms to achieve network consensus. The upcoming solution will be integrated into its main chain, allowing direct interaction with Bitcoin and supporting Ethereum-based contracts. This integration signifies a significant step in bridging the gap between different blockchain technologies and ecosystems.

Leveraging Inscription-Based Tokens

The project also focuses on incorporating inscription-based tokens, which have gained popularity on the Bitcoin network. These inscriptions enable users to embed data onto individual satoshis, creating a new dimension of token utility and functionality. Conflux’s EVM compatibility will facilitate the management of Bitcoin-based assets and inscription tokens through smart contracts, further extending the network’s versatility.

Market Response and Future Outlook

Following this announcement, Conflux’s token (CFX) has seen a significant uptick, trading at $0.22 and reflecting a market capitalization of $801.9 million. The positive market response underscores the enthusiasm and potential impact of this development on the broader cryptocurrency ecosystem.

Conclusion

Conflux Network’s development of an EVM-compatible solution for Bitcoin interaction is a groundbreaking advancement in blockchain interoperability. By enabling seamless transfers and management of assets across Bitcoin and Ethereum networks, Conflux is setting the stage for more innovative and integrated blockchain applications. The successful implementation of this solution could mark a new era of connectivity and functionality in the crypto space.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Merlin Chain’s Mainnet Success: Over $1.97 Billion TVL and Strong Bitcoin Ordinals Ecosystem Involvement

Merlin Chain emerges as a formidable player in the Bitcoin second-layer ecosystem, boasting over $1.97 billion in TVL shortly after its mainnet launch, signaling strong market confidence and adoption.

Block’s Bitcoin Strategy Yields $207M in Gains, Spurs 90% Profit Surge

Block, Inc. reports a spectacular $207 million gain from its Bitcoin investments last quarter, reflecting a 90% increase in Bitcoin gross profit and propelling its stock to soar in after-hours trading.

Kraken Challenges SEC: A Standoff Over Crypto Regulation and Political Free Speech

Kraken's legal battle with the SEC highlights the ongoing tension between crypto exchanges and regulatory authorities, underscoring critical questions about the future of digital assets in the United States.

Starknet STRK Token Price Soars as StarkWare Adjusts Unlock Schedule Amid Community Feedback

Following StarkWare's response to community backlash by revising the STRK token unlock schedule, Starknet sees a price surge, highlighting the impact of tokenomics on crypto valuations.

Reddit Announces IPO with a Crypto Twist: Bitcoin, Ethereum, and MATIC Holdings Revealed

In a significant move towards becoming a publicly traded company, Reddit reveals its cryptocurrency holdings, including Bitcoin and Ethereum, in its latest SEC filing, marking a notable fusion of social media and blockchain technology.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Merlin Chain’s Mainnet Success: Over $1.97 Billion TVL and Strong Bitcoin Ordinals Ecosystem Involvement

Merlin Chain emerges as a formidable player in the Bitcoin second-layer ecosystem, boasting over $1.97 billion in TVL shortly after its mainnet launch, signaling strong market confidence and adoption.

Block’s Bitcoin Strategy Yields $207M in Gains, Spurs 90% Profit Surge

Block, Inc. reports a spectacular $207 million gain from its Bitcoin investments last quarter, reflecting a 90% increase in Bitcoin gross profit and propelling its stock to soar in after-hours trading.

Kraken Challenges SEC: A Standoff Over Crypto Regulation and Political Free Speech

Kraken's legal battle with the SEC highlights the ongoing tension between crypto exchanges and regulatory authorities, underscoring critical questions about the future of digital assets in the United States.