January 25, 2024

The Canary Network of BEVM — ChainX

If we compare BEVM to the Polkadot network, then ChainX is akin to Kusama, which is the Canary network for Polkadot. Unlike Kusama, which was launched only a year before Polkadot for a testing period of one year, ChainX precedes BEVM by six years. This extensive six-year testing period by ChainX has been instrumental for BEVM, especially in an industry where such a duration is considerably long, spanning several market cycles. Despite these challenges, our dedication has remained steadfast, and we have not only survived but also evolved, consistently focusing on Bitcoin’s scalability issues and the practical implementation of its applications. Our foundational goal is to expand Bitcoin’s role beyond just being digital gold to also encompassing application utility.

The experiences and successes garnered over ChainX’s six-year journey are pivotal in ensuring BEVM’s enhanced efficacy. Notable achievements include:

  1. Utilizing a light node model for Bitcoin cross-chain transfer to Layer 2, representing the most decentralized approach in cross-chain technology.
  2. The stability of our network is underpinned by the Substrate framework combined with our unique (Aura + Grandpa) consensus mechanism.
  3. The cross-chain and secure interaction with over 100,000 $BTC vouches for our technological maturity.

However, we have identified several areas for improvement:

  1. The cross-chain return to the Bitcoin network uses a less decentralized multi-signature custody within 15 layers.
  2. The BTC assets on the ChainX network exceeding the market value of POS stakes poses security risks.
  3. Utilizing ChainX tokens($PCX) for gas fees hinders user adoption and network promotion.
  4. The absence of EVM compatibility and the inherent challenges in cultivating an ecosystem and developer community.
  5. The idealistic zero-start token model without funding impairs the project’s development and implementation.
  6. Although positioned as a BTC Layer 2, the lack of diverse assets on the Bitcoin chain besides BTC limits the Layer 2’s potential to emulate the prosperous business models seen with ETH/ERC20 tokens.

BEVM inherits ChainX’s technological prowess and learnings while striving to overcome these challenges:

  1. Following BTC’s taproot upgrade in October 2021, Schnorr signatures and mast contracts enable decentralized custody with a threshold signature of 1,000 on-chain nodes, similar to ETH’s POS network.
  2. $BTC cross-chain to BEVM will participate in POS stake governance, with algorithms ensuring the off-chain staked value surpasses the on-chain custody value for enhanced security.
  3. Using BTC as the gas fee broadens the user base, leveraging the extensive BTC community.
  4. EVM compatibility ensures quick support from EVM ecosystem protocols, development tools, and wallets, simplifying development within BEVM.
  5. Conventional financing, coupled with well-planned business models and implementations.
  6. Supporting mainstream token protocols and assets on the BTC chain, such as potential-rich tokens like Sats/Ordi, to participate in Defi and other business models within the EVM ecosystem in BEVM.

Positioning: A decentralized BTC Layer 2 network compatible with EVM and utilizing BTC as gas.

ChainX will continue as the canary network for BEVM, having already provided six years of testing. Future BEVM updates will first undergo trials on ChainX, ensuring stability before being rolled out on the BEVM network.

BEVM represents a meticulously developed, mature BTC Layer 2 network, ready to support the EVM smart contract platform and cater to the hundred-billion-dollar market value of the BTC ecosystem.