Cardano to serve as Bitcoins smart contract layer unlocking a 13 trillion market

Coin World reports:
Cardano is set to make a major breakthrough in blockchain interoperability, aiming to unlock the $1.3 trillion Bitcoin market by becoming the smart contract layer for the Bitcoin network.
This will be achieved through a partnership with the Bitcoin Operating System (BOS), a system that integrates smart contracts into the Bitcoin ecosystem. EMURGO, one of Cardano’s main development entities, revealed this in a statement.
The announcement was made following the disclosure at the 2024 Cardano Summit, emphasizing that Cardano will now provide liquidity for decentralized finance (DeFi) developers, as well as assets without intermediaries.
An interesting aspect of this collaboration is the use of the BOS Grail bridge, a protocol that facilitates secure and trustless connections between Bitcoin and Cardano.
Based on zero-knowledge (ZK) BitSNARK verification system, this bridge ensures that Bitcoin transactions and assets can seamlessly integrate into the Cardano ecosystem. This means developers on Cardano can now leverage the liquidity of Bitcoin.
BitcoinOS has been a pioneer in scalability and programmability on the Bitcoin network. It uses ZK proofs, allowing developers to embed data from other blockchains directly into Bitcoin transactions.
In May 2024, BOS validated the first ZK proof on Bitcoin, demonstrating that aggregations on Bitcoin are now possible, making headlines.
Cardano strengthens its position in the DeFi space by enabling Bitcoin assets to flow into its ecosystem without trust. Projects like Fluid Tokens will benefit from this, as users can now securely use Bitcoin assets through Cardano dApps.
The collaboration with BitcoinOS aims to enhance cross-chain interoperability. This marks an important moment for Cardano, as it becomes the first layer-one blockchain to utilize BOS technology. This allows Cardano to integrate with Bitcoin without changing the core architecture of either chain.
Industry Reaction
Ken Kodama, Founder and CEO of EMURGO, points out that this partnership can strengthen the Cardano ecosystem. Cardano will further drive innovation in decentralized finance by enabling users and developers to directly access the capital of Bitcoin.
Cardano’s environmentally friendly proof-of-stake network has already attracted over 1,370 Web3 projects, including several DeFi platforms. With this new development, the platform may see further growth as projects can integrate Bitcoin without third-party intermediaries.
Edan Yago, CEO and Co-founder of BitcoinOS, emphasizes that the integration with Cardano showcases the goals that Bitcoin can now achieve.
Sheldon Hunt, EMURGO Cardano Ecosystem Lead, highlights the groundbreaking nature of this partnership in a post on X. He reveals that a native, trustless interoperability will connect ADA and BTC, enabling Cardano to serve as the smart contract layer for Bitcoin.
Cardano and Bitcoin are bridging the gap.
Native, trustless interoperability will connect ADA and BTC, making Cardano the smart contract layer for Bitcoin.
Get ready. We are ready to change the game entirely.