Hemi Labs has announced the launch of its Hemi Network, a modular layer-2 (L2) blockchain network designed to enhance scaling, security, and interoperability between Bitcoin and Ethereum. This network will debut at the Bitcoin 2024 conference in Nashville, Tennessee, USA, this month.
The founders of Hemi Labs, early Bitcoin core developer Jeff Garzik and blockchain security pioneer Max Sanchez, emphasize that they are not treating Bitcoin and Ethereum as isolated ecosystems. Instead, they view these networks as parts of a larger supernetwork, addressing the integration and scaling challenges that have previously resulted in a fragmented ecosystem.
Hemi Labs’ innovative approach aims to harness the strengths of both Bitcoin and Ethereum, enabling new blockchain applications previously considered unattainable. The Hemi Network’s incentivized testnet and referral program are already available, with the Leaderboard and Miles program set to launch in a week. Participants can earn ‘Miles’ for tasks that contribute to Hemi’s growth and development.
A key feature of the Hemi Network is the Proof-of-Proof (PoP) consensus protocol, developed by Max Sanchez. This protocol enhances Bitcoin’s security and facilitates interoperability between Bitcoin and Ethereum, supporting trust-critical decentralized finance (DeFi) and artificial intelligence (AI) applications.
Key benefits of the Hemi Network include:
- Unifying Bitcoin and Ethereum: The Hemi Virtual Machine (hVM) integrates a full Bitcoin node within an Ethereum Virtual Machine (EVM), allowing developers to leverage both chains using familiar tools. It also maintains full backwards compatibility with EVM smart contracts, auditors, and Ethereum wallets.
- Bitcoin Programmability: The Hemi Bitcoin Kit (hBK) provides smart-contract developers with granular views of Bitcoin’s state via the hVM, enabling applications like Bitcoin (re)staking, Bitcoin-enabled lending markets, and democratized Bitcoin MEV marketplaces.
- Superfinality: Hemi achieves “better-than-Bitcoin finality,” or “superfinality,” in a few hours. PoP’s modular nature also allows Hemi to efficiently extend this security to other blockchains.
- Trustless Cross-Chain Portability: Hemi enables secure asset movement between chains via Tunnels and includes features like on-chain routing, time-lock, and password protection.
- Gasless Transfer: Hemi allows asset movement without requiring any native chain currency, even without a Web3 wallet.
The launch of the Hemi Network marks a significant step towards creating a unified blockchain ecosystem that maximizes the capabilities of both Bitcoin and Ethereum.
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