Multibit Protocol is an innovative endeavor aiming to unify the liquidity amongst Bitcoin network (BTC) and EVM networks.
Multibit Bridge offers a secure and efficient bridging mechanism to allow for seamless cross-network transfers of tokens between the ETH chain, BNB chain, and BTC network. Bridging ERC20 tokens with BRC20 tokens, the Multibit Bridge enhances the liquidity of BRC20 tokens and promotes the growth and development of the Bitcoin ecosystem.
Introducing MultiBit: Unlocking BRC20 on EVM networks
Merging Value with Versatility
Multibit envisions leading the vanguard in cross-chain transfers across the blockchain universe. We are dedicated to ceaseless innovation and technological enhancements, all with the primary goal of providing a secure, efficient, and seamless cross-chain transfer experience for users.
Multibit interweaves the robust store of value characteristic of Bitcoin with the programmability of Ethereum's EVM networks. Enhancing Bitcoin's utility through interoperability, Multibit aims to enrich the Ethereum ecosystem with a stable, significant assets. Spurring innovation and amplifying the potential of decentralized applications and DeFi. This symbiotic merger holds the promise of creating a vibrant, interconnected blockchain landscape, sparking a new era of growth in the crypto space driven by BRC20s.
The BRC-20 “token standard: is an experimental fungible token created using Ordinals and Inscriptions and saved on the bitcoin base chain. It utilises Ordinal inscriptions of JSON data to deploy token contracts, mint tokens, and transfer tokens.
This is not a token standard like you’re used to with EVM chains, which create smart contracts that manage the token standard and its various rules, but simply is a way to store a script file in bitcoin and use that file as a way to attribute tokens to satoshis and then allow them to move from one user to another.
The BRC-20 token was created by Twitter user @domodata on March 8th, 2023. The name is a play on Ethereum’s ERC-20 token standard, but they don’t have the ability to interact with smart contracts like the EVM standard it derivates its name from.
Bridging BRC20 to Ethereum Ecosystem
Multibit seamlessly bridges the gap between bitcoin ecosystem and EVM blockchains.
Multibit: Bridging BRC20 and ERC20
The journey begins when you deposit your Bitcoin RC-20 tokens (BRC20s) into a unique address provided by the Multibit Protocol. Multibit verifies the token deposits transactions.
Following a successful verification, the Multibit Protocol gets into action and mints an equivalent amount of tokens on Ethereum or BNB chain.
Periodically, the Multibit Protocol gathers up tokens from all the unique addresses it's given out. These tokens are securely moved to a unified cold wallet.
When you're ready to withdraw your tokens, the Multibit Protocol will remove (or "burn") the corresponding amount of tokens from the EVM chain. It then transfers an equivalent value from the secure cold wallet back to you.