Elastos Unveils New Bitcoin Layer-2 Network to Enable Bitcoin Staking

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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January 9, 2024 07:16 EST

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Public blockchain project Elasto has unveiled BeL2, a ‘Bitcoin roll-up’ introducing Bitcoin staking and other comprehensive Layer 2 solutions.

BeL2’s Rollup introduces the implementation of smart contracts, enabling irreversible digital agreements between parties through blockchain technology. These smart contracts can be defined, managed, tracked, modified, and reconciled with complete integrity, eliminating the need for third-party intermediaries.

In a press release shared with CryptoNews, Sasha Mitchel, Head of Strategy & Operations at BeL2, said:

“The introduction of BeL2 means that Bitcoin is now ‘smart’, offering potential opportunities for Bitcoin holders to stake their assets and earn interest. Previously, Bitcoin reserves remained effectively ‘dormant’ between transactions, and now holders can put this popular digital currency to work, potentially unlocking over $700 billion in value.”

BeL2 presents benefits for individual Bitcoin holders, allowing them to stake their assets directly and earn interest. It also offers opportunities for node managers to earn from their Bitcoin reserves, akin to other stakable tokens. The roll-up is expected to reduce or eliminate transaction fees, as transactions are Bitcoin-native with no reliance on third-party channels.

Read more: New Cryptocurrency to Invest in

Jonathan Hargreaves, Global Head of Business Development & ESG at Elastos, highlighted the real-world implications of BeL2 beyond its technical aspects. He stated,

“BeL2 will have tangible implications for consumers, businesses, and organizations creating value, emphasizing the principles underlying the vision for a Smart Web.”

Elastos further plans to announce a series of BeL2-enabled partnerships and use cases in sectors such as financial services, entertainment, and real-world assets (RWA) in the coming months.

Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership.