Elastos Collaborates with BEVM and US BIT Index Through Chainwire

Hersham, United Kingdom, June 28th, 2024 — Chainwire

Elastos has formed a partnership with BEVM to introduce a new peer-to-peer loan offering denominated in Bitcoin, leveraging the BeL2 protocol. This collaboration aims to unlock up to $1.3 trillion of dormant Layer 1 Bitcoin value, supported by findings from the latest Elastos’ BIT (Bitcoin; Innovation & Trust) Index, which indicates that over two-thirds of tech-savvy consumers in the US are comfortable using Bitcoin.

Unlocking Value While Keeping Bitcoin Layer Intact

Elastos is convinced that we are entering the Third Age of Bitcoin, wherein users will be able to transact directly using native Bitcoin. By partnering with BEVM, they aim to provide a loan product that allows users to collateralize up to 80% of their assets in exchange for Layer 2 credit, such as stablecoins, based on terms established in a Bitcoin-backed smart contract. The unique ZK-proof process of BeL2 ensures that the Bitcoin Layer remains untouched, allowing the transaction to occur without bridging, wrapping, or interfering with the Bitcoin network. This method preserves the integrity of the currency while minimizing network congestion and associated fees. As a result, Elastos and BEVM can offer a truly peer-to-peer loan product that is disintermediated and anonymous, with verification needed only in the event of a dispute.

“The BeL2 protocol embodies our mission at BEVM to create and support Ethereum Virtual Machine (EVM)-compatible decentralized applications functioning on Bitcoin Layer 2. This loan offering exemplifies how such services can transform the finance landscape,” commented Hakan Sezikli, Co-founder of the BEVM Foundation.

Real-Time Insights via BTC Oracle

Launched in December 2023, the Bitcoin Elastos Layer2 (BeL2) protocol is an innovative solution that provides functionalities such as staking and smart contracts denominated in Bitcoin. BEVM will collaborate with Elastos on a BTC Oracle, which will monitor and analyze Bitcoin-based activities in real-time. This Oracle will serve as a critical resource for understanding how Bitcoin is utilized, as the BeL2 protocol allows users to engage in various relationships through Bitcoin, ranging from staking to complex agreements.

Growing Trust Among US Tech-Savvy Consumers

The announcement of this partnership coincides with new data from Elastos’ BIT Index, highlighting an increased enthusiasm for Bitcoin among tech-savvy US consumers. According to the findings, 63% of these individuals feel either "perfectly comfortable" or "excited" about using Bitcoin, with over half engaging in Bitcoin transactions at least once a month. Key use cases include:

• 44% using Bitcoin for savings
• 42% for online purchases
• 34% for international money transfers
• 23% to hedge against inflation
• 15% to reduce banking fees

Moreover, participants in the survey reported that they trust Bitcoin equally as much as traditional online banking or cash to safeguard their savings:

• 24% trust Bitcoin the most
• 25% trust online banks the most
• 23% trust cash the most

Rong Chen, co-founder of Elastos, explained, “This data indicates we are at a pivotal moment in the adoption of cryptocurrencies in the US, mirroring a global trend toward the Third Age of Bitcoin. We are on the brink of a new commercial era where users have control over their data, free from dependence on Web 2.0 tech giants. While there remains work to broaden adoption, Elastos is dedicated to creating technologies that facilitate interaction and transactions with Bitcoin.”

The BIT Barometer also revealed that globally, one in three respondents expressed discomfort with Web2’s data sharing requirements, with 31% feeling uneasy or completely uncomfortable about the need to share personal information for transactions on social media platforms.

About Elastos

Elastos is a public blockchain project combining blockchain technology with a suite of redesigned platform components to create a modern Internet infrastructure that ensures privacy and digital asset ownership. Its mission is to provide accessible, open-source services enabling developers to create a web where individuals control their own data.

About BEVM

BEVM is the first fully decentralized, EVM-compatible Bitcoin Layer 2 solution that utilizes Bitcoin as Gas, allowing all decentralized applications from the Ethereum ecosystem to function on Bitcoin Layer 2.

Media Contact:
Roger Darashah
Elastos
Email: [email protected]