Finance
InNervation announces “BTCKB” initiative, connecting Nervos CKB and Bitcoin
Global Banking & Finance Review®
Company
Singapore, Singapore, January 30th, 2024, FinanceWire
Singapore, Singapore, January 30th, 2024, FinanceWire
Nervos ecosystem fund, InNervation, today announced the launch of the “BTCKB” initiative and incubation of the blockchain software company CELL Studio.
The “BTCKB” initiative aims to tightly connect the Bitcoin and CKB blockchains. By harnessing the power of their similarities, Proof-of-Work consensus and the UTXO model, CKB can advance the Bitcoin blockchain with powerful new smart contract capabilities and bring BTC, Taproot and RGB assets to CKB.
InNervation has taken its first steps to set this plan in motion, incubating CELL Studio; a blockchain software company led by Nervos co-founder Cipher Wang.
“We’ve seen what Consensys brought to the Ethereum ecosystem, creating essential infrastructure like Infura and Metamask. CELL’s mission is similar: develop game-changing products that promote the development and prosperity of the Nervos ecosystem” said Cipher.
In November, the CELL team launched a revolutionary Web3 Passkey wallet, JoyID, which has amassed over 150,000 users due to its industry-leading user experience. The team now looks to build on this success, and is developing a bridge and UTXO-based DEX to connect BTC and CKB, with plans to create a CKB payment channel network connecting to the Lightning Network.
“We have some exciting ideas and a lot of work ahead of us. The overwhelming interest we are seeing in connecting CKB and BTC is motivating us and there are many different directions CELL could explore, including Layer 3 solutions, Nostr integrations, micropayments or intent-based dApps. Bitcoin has always served as a technical inspiration for CKB, we are confident the possibilities they create together can change the blockchain industry”.
Learn more about CELL at https://cell.studio/
Learn more about InNervation https://innervation.fund
PR contact
Grace Gui
Delta Labs
grace@deltalabs.pro
Cryptocurrencies are digital or virtual currencies that use cryptography for security, making them difficult to counterfeit. They operate on blockchain technology and are decentralized.
A smart contract is a self-executing contract with the terms of the agreement directly written into code. It automatically enforces and executes the terms when conditions are met.
A crypto wallet is a digital tool that allows users to store, send, and receive cryptocurrencies. It can be software-based or hardware-based, providing varying levels of security.
The UTXO (Unspent Transaction Output) model is a way of tracking cryptocurrency transactions. It ensures that each transaction output can be used only once, preventing double spending.
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