Bitcoin-focused blockchain Elastos is partnering with the decentralized bodily infrastructure networks (DePIN) community IoTeX on digital identification validation. Nonetheless, the collaboration additionally goals to deliver Bitcoin’s robustness and belief to the forefront of DePIN, marking a major leap towards integrating digital and bodily property utilizing Bitcoin.
The partnership represents an effort to leverage Bitcoin’s Layer-2 capabilities, particularly by means of Elastos’ strategy, to reinforce the performance and accessibility of real-world property (RWA) like buildings, tools, and different capital-intensive property. By integrating these property with blockchain know-how and IoT (Web of Issues), the collaboration goals to create a seamless, safe, and environment friendly ecosystem for managing and monetizing bodily infrastructure.
On the coronary heart of this partnership is the direct integration with ‘Layer 2’ Bitcoin, a transfer that Raullen Chai, IoTeX’s co-founder and CEO, describes as an “vital milestone.” He commented,
“Extending our providing to the Elastos Good Chain (ESC) affords some compelling benefits, together with direct integration with ‘Layer 2’ Bitcoin, which means that agreements could be embedded and reconciled direct within the World’s hottest and trusted digital forex. That is an important functionality as DePINs grow to be extra mainstream.”
This integration permits for agreements to be embedded and reconciled instantly in Bitcoin. This functionality could also be essential as DePINs grow to be extra mainstream, providing a safe and clear mechanism for managing agreements and transactions throughout the bodily infrastructure area.
This integration is facilitated by Elastos’ BeL2’s BTC Oracle, which allows safe and environment friendly communication between Bitcoin and EVM blockchains by means of zero-knowledge proofs (ZKPs), laying the groundwork for advanced decentralized functions instantly on Bitcoin Layer 2.
IoTeX’s modular infrastructure platform connects good units and real-world knowledge to blockchains, whereas its middleware answer, W3bstream, brings real-world knowledge on-chain. This functionality is significant for seamlessly integrating IoT units with blockchain know-how, making certain integrity, and optimizing velocity and scalability.
Jonathan Hargreaves, Elastos’ World Head of Enterprise Growth & ESG, encapsulates the essence of this partnership as Web3’s “subsequent frontier.” By decreasing intermediaries and growing transparency and privateness within the bodily area, Elastos and IoTeX are bridging the hole between the digital and bodily worlds, powered by the safety and belief of Bitcoin.
