Bitcoin-focused blockchain Elastos is partnering with the decentralized bodily infrastructure networks (DePIN) community IoTeX on digital identification 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 way of Elastos’ method, to reinforce 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 “necessary milestone.” He commented,
“Extending our providing to the Elastos Good Chain (ESC) provides some compelling benefits, together with direct integration with ‘Layer 2’ Bitcoin, that means that agreements may be embedded and reconciled direct within the World’s hottest and trusted digital forex. That is a vital functionality as DePINs change into extra mainstream.”
This integration permits for agreements to be embedded and reconciled straight 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 house.
This integration is facilitated by Elastos’ BeL2’s BTC Oracle, which allows safe and environment friendly communication between Bitcoin and EVM blockchains by way of zero-knowledge proofs (ZKPs), laying the groundwork for advanced decentralized functions straight on Bitcoin Layer 2.
IoTeX’s modular infrastructure platform connects good gadgets and real-world information to blockchains, whereas its middleware resolution, W3bstream, brings real-world information on-chain. This functionality is important for seamlessly integrating IoT gadgets with blockchain expertise, making certain integrity, and optimizing velocity and scalability.
Jonathan Hargreaves, Elastos’ International Head of Enterprise Growth & ESG, encapsulates the essence of this partnership as Web3’s “subsequent frontier.” By decreasing intermediaries and rising 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.
