BitcoinOS Achieves Breakthrough with ZKP on Bitcoin: $250 Million Liquidated

BitcoinOS Achieves Breakthrough with ZKP on Bitcoin: $250 Million Liquidated

The post BitcoinOS Achieves Breakthrough with ZKP on Bitcoin: $250 Million Liquidated appeared first on Coinpedia Fintech News

BitcoinOS (BOS) has achieved a historic milestone in the crypto world by successfully verifying the first zero-knowledge proof (ZKP) on the Bitcoin mainchain. This achievement was completed live at Bitcoin 2024, opening the door to unlimited scaling and functionality on Bitcoin without altering its core consensus code.

Meanwhile, the crypto market faced turbulence as Bitcoin prices plummeted straight to $64,000 seeing a drop of 4%, leading to $261.47 million in long positions being liquidated. 

BitcoinOS Revolutionizes with Zero-Knowledge Proofs

The success of BitcoinOS in verifying a zero-knowledge proof on the Bitcoin mainchain marks a major step forward. This advancement allows for upgrades without the need for Bitcoin Improvement Proposals or soft forks, BOS empowers developers to build more efficiently on Bitcoin. 

Edan Yago, a key contributor to BitcoinOS, notes that this breakthrough reduces the dependence on traditional upgrade proposals, bringing Bitcoin closer to its original vision of being a decentralized, trustless peer-to-peer digital currency.

At the heart of this development is BitSNARK, a software library designed to verify zkSNARKs on Bitcoin. This technology enables developers to create layer-2 rollups and trustless bridges for moving BTC between the Bitcoin mainchain and L2 rollups. 

Unlike existing models that rely on centralized entities, BOS offers a decentralized approach, ensuring security through a dynamic operator set, which enhances the trust and efficiency of the system.

$250 Million in Long Liquidated

On the flip side, Bitcoin prices fell from over $65,500 to nearly $64,000 leading to the liquidation of over $261.47 million in long in the last 24 hours. This marks the largest liquidation since early July and reflects the volatility still present in the market despite technological upgradation. 

Binance led the exchanges in liquidations, with $118 million, followed by OKX and Huobi with $88.3 million & $31.5 million respectively as per the coinglass report.  

Along with this Ethereum (ETH) faced significant losses as $101 million was liquidated. Of this, $97.5 million came from long positions and $4 million came from short, following an 8.2% price drop to $3,167. This decline was due to outflows from the newly launched ETH ETF.