GOAT Network: Innovative BTC Layer 2 Solution

The continuous development and improvement of the Bitcoin ecosystem has made the ecological construction around BTC an important topic in the Web3 field for 2023 and 2024. Among them, Layer 2 built on BTC is the most critical part of the BTC ecological construction. Data shows that in the second quarter of 2024, BTC L2 related projects raised $94.6 million, a quarter-on-quarter increase of 174%, reflecting strong industry expectations for BTC Layer 2.

Currently, there are many BTC Layer2 solutions, but there are no projects that have yet appeared that are outstanding in both technology and ecology. This field is still in a highly competitive stage, and any quality project has the opportunity to become a leader in the industry, attracting a large number of users and funds.

Among the many BTC Layer2 solutions, GOAT Network has shown significant innovation and potential. It is the industry's first BTC Layer2 project to adopt a decentralized sequencer and share network ownership. The ultimate goal of GOAT Network is to become a universal L2 platform applicable to all L1.

Overview of GOAT Network

GOAT Network expands Bitcoin's functionality by implementing Bitcoin Rollup, with the network's security derived from the underlying Bitcoin blockchain (L1). The network introduces the optimistic challenge protocol GOAT-OCP and leverages BitVM2 to ensure security while employing ZKM interleaved Rollup as a universal settlement layer to enhance transaction inclusivity and finality. GOAT Network also uses a decentralized sequencer to protect network stability and ensure asset security.

The GOAT testnet is about to launch, with the mainnet expected to go live in the third or fourth quarter of this year. The official GOAT Club points program will be introduced to provide lasting value and fair, sustainable rewards for various Bitcoin holders.

GOAT Network's Innovative Solutions

GOAT Network has proposed effective solutions to the challenges faced by L2 networks in terms of decentralization, security, and sustainable returns.

1. Decentralized Sequencer: GOAT will adopt a decentralized sequencer from the launch of the mainnet, with an initial setup of 7 sequencer nodes, each required to stake BTC to secure the network. Currently, 5 founding sequencer nodes have been confirmed, committing over 5,000 BTC in liquidity support.

2. Security: On the first layer of Bitcoin, the GOAT Network employs an enhanced version of Bitcoin's time-lock and one-time signature technology to protect locked BTC assets. On Layer 2, it utilizes the zero-knowledge virtual machine zkVM developed by ZKM, ensuring that the system adheres to the native security standards of the Bitcoin base layer.

3. Sustainable Revenue Model: The decentralized sequencer 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.

Cross-Chain Interoperability

The goal of the GOAT Network is to become a universal L2 for all L1s, showcasing its ambition to address the issues of blockchain interoperability and decentralized liquidity. Through its internal Entangled Rollup technology, the GOAT Network is expected to achieve seamless connections between different networks, avoiding the security risks associated with traditional third-party bridges.

Team Background

GOAT Network has an experienced team. The technical team is led by Professor Stephen Duan, who 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. Dr. Eric Wang, the Chief Innovation Officer, has extensive experience in pricing financial derivatives and DeFi.

GOAT Club Points Program

GOAT Network has launched the GOAT Club Points Program, providing early participants with the opportunity. Points holders will be eligible for future airdrops. Points are divided into three categories:

• Community Points (CP): Hold 0.001 BTC to obtain
• Builder Points (BP): Earned based on TVL or gas consumption from smart contracts.
• Node Points (SP): Node operators earn based on the blocks produced.

The innovative design and comprehensive ecosystem planning of GOAT Network have laid a solid foundation for its development in the BTC Layer2 field. With the mainnet about to go live, GOAT Network is expected to bring more practical scenarios and profit opportunities for BTC holders, becoming an important player in the BTC Layer2 field.