【Press Release – Hesham, United Kingdom, June 28, 2024】
Elastos partners with BEVM to offer Bitcoin native peer-to-peer loans. With American consumers embracing Bitcoin’s third era, the partnership aims to unlock up to $1.3 trillion worth of dormant Layer 1 value.
SmartWeb ecosystem provider Elastos has announced a collaboration with L2 provider BEVM to develop peer-to-peer Bitcoin loans centered around Elastos’ BeL2 protocol. Both companies believe they can unlock up to $1.3 trillion worth of dormant Layer 1 Bitcoin value, supported by the latest data from Elastos BIT (Bitcoin; Innovation and Trust) Index, which indicates that over two-thirds of tech-savvy American consumers are satisfied with using Bitcoin.
Mortgage 80% of assets on the Bitcoin layer unaffected
Elastos believes that the momentum of Bitcoin’s third era is growing, and users will be able to transact using native Bitcoin. The collaboration with BEVM to develop this Bitcoin native loan product will allow users to mortgage up to 80% of their assets in exchange for L2 credit (such as stablecoins) defined by smart contracts collateralized by Bitcoin. The unique ZK verification process of BeL2 ensures the integrity of the currency, meaning the Bitcoin layer remains unaffected as the process can be completed without bridging, wrapping, or otherwise interfering with the Bitcoin layer. This maintains the integrity of the currency and avoids network congestion and potential additional costs. This approach enables Elastos and BEVM to offer truly peer-to-peer loan products that are fully non-intermediary and anonymous. Verification (potentially through third-party services) and the associated fees/delays are only required in the event of disputes between the parties involved.
“The BeL2 protocol perfectly reflects the essence of BEVM; building and supporting EVM-compatible DApps that can run on the Ethereum ecosystem, but on the Bitcoin L2,” said Hakan Sezikli, co-founder of the BEVM Foundation. “The loan offering perfectly illustrates how services of this kind are thoroughly transforming the financial sector.”
Insight through BTC Oracle implementation
The Elastos Bitcoin Layer 2 (BeL2) protocol, launched in December ’23, is a second-layer solution for Bitcoin that enables various functionalities such as betting and smart contracts to be directly priced in the world’s most popular digital currency. BEVM will collaborate with Elastos’ BeL2 protocol to offer BTC Oracle, real-time monitoring and analysis of all Bitcoin-based activities. With the BeL2 protocol enabling Bitcoin users to manage any relationship through currency – from betting (“interest”) to complex multiparty agreements achieved through smart contracts – BTC Oracle could become an important source for understanding currency usage.
Tech-savvy American consumers trust Bitcoin
New data from Elastos’ BIT (Bitcoin; Innovation and Trust) Index indicates that tech-savvy American consumers are increasingly excited about Bitcoin. 63% of “tech-savvy” consumers feel “very comfortable” or even “excited” about Bitcoin transactions, with over half of American respondents using Bitcoin at least once a month. In terms of use cases:
– 44% have used Bitcoin for storing savings.
– 42% have used digital currency for online purchases.
– 34% have used Bitcoin for international remittances.
– 23% have used Bitcoin to hedge against inflation.
– 15% have used it to reduce banking costs.
Survey respondents also stated that they trust Bitcoin, just like they trust online banking or cash, to protect their savings:
– 24% of American respondents trust Bitcoin the most, compared to 25% who trust online banking the most, and 23% who trust cash.
Rong Chen, co-founder of Elastos, said, “These data points indicate that among early adopters of cryptocurrency in the United States, understanding and acceptance of cryptocurrency are reaching a turning point, reflecting a global trend of Bitcoin’s third era. We are on the cusp of a new era of business driven by Bitcoin, where users are in control of their own data and no longer beholden to Web 2 tech giants. These data points indicate that there is still much work to be done in encouraging wider adoption of Bitcoin in the United States, but at Elastos, our mission is to develop technologies that make it easier to interact and transact with Bitcoin.”
The BIT Barometer also shows that a significant number of users feel uncomfortable with data sharing requirements on Web 2. Globally and in the United States, one-third (31%) of people expressed feeling “uneasy” or “completely uncomfortable” with the requirement to share personal information or conduct transactions on web2 social media.
About Elastos
Elastos is a public blockchain project that integrates blockchain technology with a set of re-imagined platform components to produce a modern internet infrastructure that provides inherent protection for privacy and digital asset ownership. Its mission is to build an accessible open-source service for the world, where developers can create an internet where individuals own and control their own data.
The Elastos SmartWeb platform enables organizations to recalibrate how the internet works in order to have better control over their own data.
https://elastos.info
https://www.linkedin.com/company/elastosinfo/
Methodology of Elastos’ BIT (Bitcoin; Innovation and Trust) Index
The data is based on interviews conducted online in Brazil, Germany, Nigeria, South Korea, the United Arab Emirates, the United Kingdom, and the United States, compiling responses from over 1,400 self-proclaimed “tech-savvy” respondents across seven countries worldwide. The interviews were conducted by a third-party registered market research firm, completed between March 30th and April 4th, 24.
About BEVM
BEVM is the first fully decentralized EVM-compatible Bitcoin L2, using BTC as gas. It allows all DApps that can run on the Ethereum ecosystem to run on the Bitcoin L2.
www.bevm.io
https://twitter.com/BTClayer2
