ZKM Unveils Groundbreaking Bitcoin L2 Pioneering Shared Network Ownership
ZKM has recently announced the upcoming launch of GOAT Network, a Bitcoin layer-2 network that aims to extend Bitcoin through its zkVM protocol. GOAT Network is set to go live in Q3 of 2024 and will introduce the first universal L2 to the market. What makes this decentralized platform unique is that it will be the first L2 on Bitcoin to offer shared network ownership.
The new L2 will be powered by ZKM’s Entangled Rollup technology, providing users with the security of the Bitcoin network. Kevin Liu, a core contributor to GOAT Network, expressed excitement about the launch, stating that it is a significant step towards uniting the fragmented Web3 universe.
Unlike other Bitcoin layer-2 networks that have centralized Foundations controlling operations and revenue, GOAT Network is taking a different approach. It will utilize a decentralized sequencer model, allowing sequencer nodes to earn yield on their BTC while securing the network. These nodes will also earn from BTC fees. ZKM’s team believes that this ecosystem should be run by partners and stakeholders, including Bitcoin miners, BTC holders, Web3 institutions, and TradFi institutions.
To help secure the network, five institutional node operators have pledged 5,000 bitcoin. Additionally, GOAT Network will have seven node operators at launch and plans to attract more to increase network liquidity. On the day of the mainnet launch, several decentralized applications (dApps) will also go live on the platform, including a decentralized exchange (DEX), perpetual swaps protocol, borrow/lend services, and a zero-gas platform for BRC-20 token trading, among others.
GOAT Network has introduced a rewards program for BTC holders, with plans to extend rewards to any bitcoin holder who whitelists BTC – 0.001 or more. These rewards will also be given to dApps that launch on the first day and sequencer node operators who lock their BTC to help secure the network.
In preparation for the mainnet launch, GOAT Network will initiate a Series A funding round. This round aims to attract additional capital after the successful closure of a $5 million pre-A fundraiser in November of last year.
