GOAT Network: Innovative Bitcoin Layer2 Solution

With the continuous development of the Bitcoin ecosystem, the ecological construction around BTC is becoming an important topic in the Web3 field. In this context, Layer 2 solutions built on BTC have become an indispensable key link.

According to the data, in the second quarter of 2024, BTC L2 related projects raised $94.6 million in funding, a quarter-on-quarter increase of 174%. This trend reflects the industry's strong anticipation for BTC Layer 2. Although there are currently numerous BTC Layer 2 solutions, there has yet to be a project that stands out in both technology and ecosystem; this sector is still in a highly competitive stage.

Among many solutions, GOAT Network stands out with its innovation and potential. As the first BTC Layer2 project to adopt a decentralized sorter and share network ownership, GOAT Network's ultimate goal is to become a universal L2 applicable to all L1s.

GOAT Network Overview

GOAT Network expands the functionality of Bitcoin by implementing Bitcoin Rollup, with its network security derived from the underlying Bitcoin blockchain. The network introduces the optimistic challenge protocol GOAT-OCP and utilizes BitVM2 to ensure security, while adopting ZKM intertwined Rollup as a universal settlement layer to enhance transaction inclusiveness and finality.

The testnet of the GOAT Network is about to be launched, with the mainnet expected to go live in the third or fourth quarter of this year. To attract various Bitcoin holders to participate, the official will launch the GOAT Club points program, aimed at providing lasting value and fair sustainable rewards.

Addressing the Three Major Challenges Facing L2

The GOAT Network proposes effective solutions to the three major challenges commonly faced by L2, namely decentralization, security, and sustainable returns:

1. Decentralized Sequencer: GOAT has adopted a decentralized sequencer since its mainnet launch, with an initial total of 7 sequencer nodes, each required to stake BTC to secure the network. Currently, 5 founding sequencer nodes have been confirmed, including several well-known institutions, promising to provide over 5,000 BTC in liquidity.

2. Security: In the first layer of Bitcoin, the GOAT Network applied an enhanced version of Bitcoin's time-lock and one-time signature techniques to protect the locked BTC assets. In Layer 2, the zero-knowledge virtual machine zkVM developed by ZKM is used to ensure that the system has security standards comparable to the underlying layer of Bitcoin.

3. Sustainable Revenue Model: Decentralized sequencers can earn Gas fees in the form of BTC and mining rewards in the form of GOAT tokens by producing blocks, providing security, and being active around the clock. This mechanism offers various participants the opportunity to obtain sustainable revenue.

Become the universal Layer2 for all L1

The vision of GOAT Network is to become a universal L2 applicable to all L1s. In addition to Bitcoin, it plans to integrate ecosystems such as Ethereum, TON, and Cosmos in the future. Through its internal Entangled Rollup technology, GOAT Network aims to achieve seamless connectivity between different blockchains, addressing the issues of interoperability and liquidity fragmentation, while avoiding the security risks of traditional third-party bridges.

Team Background

The core team of GOAT Network is composed of industry veterans. The technical team leader, Professor Stephen Duan, previously founded Baidu Blockchain and Eigen Network. The head of economics, Redouane Elkamhi, is a finance professor at the Rotman School of Management at the University of Toronto, specializing in strategic asset allocation and DeFi. Chief Innovation Officer Dr. Eric Wang holds a PhD in Computer Science from the University of Waterloo, with expertise in pricing financial derivatives and DeFi.

Ecosystem and Participation Opportunities

GOAT Network is building a comprehensive ecosystem. Multiple key DeFi applications will be launched simultaneously with the mainnet, including DEX, lending, perpetual contract trading platforms, and a zero-fee trading platform supporting BRC-20 and other Bitcoin native assets.

To encourage early participation, the GOAT Network has launched the GOAT Club Points Program, which includes Community Points (CP) for regular users, Builder Points (BP) for developers, and Node Points (SP) for node operators. Holders of these points will have the opportunity to receive future token airdrops.

With the upcoming launch of the GOAT Network mainnet, the industry widely expects it to become a leading BTC Layer2 project, bringing more practical scenarios and profit opportunities for Bitcoin holders.