China News by Thebittimes.Com

Burak, the developer who hacked Bitcoins Lightning Network with a 998-of-999 multi-signature Taproot transaction, has created a new Bitcoin layer 2. It has no proprietary token and does not require any fork. It’s dubbed ‘Brollups’ — a portmanteau of either ‘Burak’ and ‘rollup’ or ‘bro’ and ‘rollup.’  A rollup is a bundle of transactions that occur off-blockchain. They’re ‘rolled-up’ into a consolidated file and mined on-chain. Also known as a ‘layer 2,’ they’re essentially separate blockchains that borrow security and value from a base, ‘layer 1’ blockchain like Bitcoin. Brollups don’t require a fork of Bitcoin’s consensus code. This is notable because Burak has received donations for his work on a separate layer 2 that would require a Bitcoin fork: Ark. In particular, Ark’s Virtual Transaction Output (VTXO) tree requires an on-chain covenant to pre-determine...

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Coinbase reached has reached 136,000 daily users following the announcement of its new blockchain. According to Dune Analytics, nearly 30% of the daily users on August 10 were new users , representing 42,000 of the total. On July 31, the company reached 60,000 new users . Coinbase’s layer-2 daily users | Source: Dune Analytics CryptoRank showed that Base currently stands in the 4th position for daily transactions, behind zkSync Era, Arbitrum and Optimism. Base Now Ranks 4th in Daily TPS Among Layer 2 Solutions #Base Layer 2 launched its mainnet yesterday and is showing robust growth in active users and transactions. Now it ranks 4th by daily TPS (Transaction per second). pic.twitter.com/pnYF0tk7b0 — CryptoRank Platform (@CryptoRank_io) August 10, 2023 Coinbase launched the beta version of its new project, known as Base, on February 23. The ecosystem has over 100 decentralized applications (dapps) and service providers. The mainnet version for developers and b...