【Press Release – Hersham, United Kingdom, June 28, 2024】
Elastos Partners with BEVM to Offer Bitcoin Native Peer-to-Peer Loans. As US consumers show excitement for the third era of Bitcoin, the partnership aims to unlock dormant Layer 1 value worth up to $1.3 trillion.
SmartWeb ecosystem provider Elastos has announced a collaboration with L2 provider BEVM to develop peer-to-peer Bitcoin loans based on Elastos’ BeL2 protocol. Both companies believe they can unlock up to $1.3 trillion worth of dormant Layer 1 Bitcoin value, supported by data from the latest Elastos BIT (Bitcoin; Innovation and Trust) Index, which indicates that over two-thirds of tech-savvy US consumers are satisfied with using Bitcoin.
Mortgage 80% of assets unaffected by Bitcoin layer
Elastos believes that the momentum of the third era of Bitcoin is growing, and users will be able to transact with native Bitcoin. By collaborating with BEVM to develop this Bitcoin native loan product, users will be able to collateralize up to 80% of their assets in exchange for L2 credit (such as stablecoins) based on the terms defined in Bitcoin-backed smart contracts. The unique ZK verification process of BeL2 ensures the integrity of the currency, meaning that the Bitcoin layer remains unaffected as this process can be completed without bridging, wrapping, or otherwise interfering with the Bitcoin layer. This maintains the integrity of the currency, avoiding network congestion and potential additional costs. This approach allows 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 resulting fees/delays are only required in case of disputes between the parties.
“The BeL2 protocol perfectly reflects the essence of BEVM; developing 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 such services are fundamentally changing the financial sector.”
Insight achieved through BTC Oracle
The Elastos Bitcoin Layer 2 (BeL2) protocol was launched in December ’23 as a second-layer solution for Bitcoin, enabling 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 provide BTC Oracle, which monitors and analyzes all Bitcoin-based activities in real-time. As the BeL2 protocol allows Bitcoin users to manage any relationship through currency – from bets (“interests”) to complex multi-party agreements facilitated by smart contracts – BTC Oracle has the potential to become an important source of insight into currency usage.
Tech-savvy US consumers trust Bitcoin
New data from Elastos’ BIT (Bitcoin; Innovation and Trust) Index shows that tech-savvy US consumers are becoming increasingly excited about Bitcoin. 63% of “tech-savvy” consumers feel “very comfortable” or even “excited” about Bitcoin transactions, with over half of the US respondents using Bitcoin at least once a month. In terms of use cases:
– 44% have used Bitcoin to store savings
– 42% have used digital currencies to make online purchases
– 34% have used Bitcoin for overseas remittances/receipts
– 23% have used Bitcoin to mitigate the effects of inflation
– 15% have used it to lower banking costs
Survey respondents also indicated that they trust Bitcoin, just as they trust online banking or cash, to protect their savings:
– 24% of US 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 we are reaching a tipping point in terms of understanding and acceptance of cryptocurrencies among early adopters in the US, reflecting a global trend in the third era of Bitcoin.” He added, “We are on the brink of a new era of commerce brought about by Bitcoin, where users are in control of their own data and are no longer subject to the dominance of 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 US, but at Elastos, our mission is to develop technology that makes it easier to interact and transact with Bitcoin.”
The BIT Barometer also revealed that a significant number of users feel uncomfortable with data sharing requirements on Web 2. Globally and in the US, one-third (31%) of respondents stated that they feel “uneasy” or “completely uncomfortable” with the requirements 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 reimagined platform components to create 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, allowing developers to establish an internet where they own and control their own data.
The Elastos SmartWeb platform enables organizations to recalibrate how the internet works in order to better control 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 the globe. The interviews were conducted by a third-party registered market research firm from March 30th to April 4th, ’24.
About BEVM
BEVM is the first fully decentralized EVM-compatible Bitcoin L2 that uses BTC as gas. It allows all DApps that can run in the Ethereum ecosystem to operate on the Bitcoin L2.
www.bevm.io
https://twitter.com/BTClayer2
