UTXO Stack Announces Transition to Lightning Network Staking Layer! CKB Surges 67% on the News

Bitcoin scalability solution Nervos Network founder Cipher Wang announced on the afternoon of the 13th that UTXO Stack officially transformed into the Bitcoin Lightning Network staking layer, which means staking CKB and BTC will be rewarded. The token CKB of Nervos Network soared to a high of 0.0143, with an increase of up to 67%. Source

BTC Scaling Solution Faces New Competition, CKB Token Incentives Drive 67% Surge

Recently, the most FOMO-inducing aspect of the Bitcoin ecosystem is the Covenant Attested Token Protocol on Fractal Bitcoin, with everyone rushing to grab CAT-20 tokens, driving Fractal Bitcoin's gas fees up to 5000 satoshis/byte.

The Bitcoin scaling network Fractal Bitcoin mainnet went live in September, with 80% of tokens allocated to the community.

However, the longstanding Bitcoin scaling solution Nervos Network is not willing to be left behind. Upon news of UTXO Stack transitioning to benefit CKB, CKB surged by 67%, making it a standout in the recent market.

Cipher Wang's full statement:

UTXO Stack Announces Transition to Lightning Network Collateral Layer

We are excited to announce that UTXO Stack is officially transitioning to a Lightning Network collateral layer. By providing decentralized collateral protocols, we aim to offer better liquidity and a more profitable model for the Lightning Network, paving the way for its widespread adoption.

As part of this transition, we plan to introduce token incentive mechanisms to encourage the collateralization of CKB and BTC to enhance the liquidity of state channels. These incentives will help us build a more efficient and scalable Lightning Network.

This transition not only aligns with our vision of building the next-generation value network but also inherits Satoshi Nakamoto's vision of creating a peer-to-peer electronic cash system. By providing liquidity incentives, we are committed to bringing the Lightning Network to the masses and striving to establish a more scalable Bitcoin ecosystem. Specific reward details will be announced subsequently.

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BTC Homomorphic L2, Nervos Achieves Bitcoin Compatibility through UTXO Mapping

In addition to being the founder of Nervos Network, Cipher Wang is also the founder of UTXO Stack and the author of the RGB++ protocol. His educational background is equally impressive, with a master's degree from Tsinghua University in Beijing and previous experience as the product director of the China Banknote Blockchain Technology Research Institute.

Nervos Network began its project as early as 2018 and can be considered a longstanding Bitcoin scaling solution. Influenced by the concept of Bitcoin UTXO (Unspent Transaction Output), Nervos Network marks spent tokens as used. The public chain claims to be the first Layer 2 that is fully homomorphic with BTC in PoW and UTXO design, providing a more decentralized, secure, and Bitcoin-compatible scaling solution.

The RGB++ protocol is an extension of RGB and serves as an asset standard on Nervos, mapping BTC's UTXO onto Nervos cells. This asset standard enables CKB and BTC Layer 1 to achieve cross-chain interoperability. This means that assets based on Bitcoin's main network UTXO (Ordinals, Runes, Taproot) can be directly transferred to Nervos.

UTXO Stack, also introduced by Cipher Wang, is a modular development tool that can create a BTC Layer 2 similar to CKB using UTXO Stack. The BTC Layer 2 developed by UTXO Stack also has interoperability between Layer 1 and Layer 2, allowing direct asset transfers without any cross-chain operations.