Bitcoin-focused blockchain Elastos is partnering with the decentralized bodily infrastructure networks (DePIN) community IoTeX on digital id validation. Nevertheless, 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 boost the performance and accessibility of real-world property (RWA) like buildings, gear, and different capital-intensive property. By integrating these property with blockchain expertise 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 “essential milestone.” He commented,
“Extending our providing to the Elastos Sensible 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 foreign money. That is a vital functionality as DePINs change into extra mainstream.”
This integration permits for agreements to be embedded and reconciled immediately in Bitcoin. This functionality could also be essential as DePINs change into extra mainstream, providing a safe and clear mechanism for managing agreements and transactions inside 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 complicated decentralized functions immediately on Bitcoin Layer 2.
IoTeX’s modular infrastructure platform connects sensible units and real-world information to blockchains, whereas its middleware answer, W3bstream, brings real-world information on-chain. This functionality is important for seamlessly integrating IoT units with blockchain expertise, guaranteeing integrity, and optimizing pace and scalability.
Jonathan Hargreaves, Elastos’ International Head of Enterprise Improvement & 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.
