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Elastos’ ELA Token Surges 100% on Unveiling Bitcoin Layer-2 Network, BeL2

Blockchain pioneer Elastos has unveiled an innovative Bitcoin layer-2 network named BeL2, triggering a momentous 100% surge in the value of its native token ELA following the announcement.

The breakthrough BeL2 solution harnesses SmartWeb technology to augment the functionalities of the Bitcoin network, aiming to attract liquidity via its staking tools. Initially met with subdued enthusiasm from the crypto community in late November, the response gained momentum with the release of a comprehensive whitepaper elucidating the intricacies of the BeL2 initiative.

ELA experienced a remarkable surge, leaping from $1.24 to $2.56 in a single day, per CoinGecko data, spotlighting the burgeoning interest in Elastos’ ambitious venture.

BeL2’s objective is to address significant hurdles confronting the Bitcoin ecosystem, including constraints in managing high transaction volumes and intricate programmable contracts. Leveraging zero-knowledge proofs and BTC-powered Ethereum Virtual Machine (EVM) smart contracts, BeL2 aims to expedite transactions within the network significantly.

Under the governance of Cyber Republic’s Decentralized Autonomous Organization (DAO), BeL2 embodies a decentralized governance model, positioning it as a transformative force in the blockchain landscape.

The roadmap for BeL2 entails the development of a proof-of-concept over a three-month period, followed by an additional three months dedicated to decentralizing relayers—essential third-party services facilitating cross-blockchain communication and data transactions.

Established in 2017 by Rong Chen, a former senior software engineer at Microsoft, Elastos specializes in providing a blockchain platform for decentralized applications. ELA, its native utility token, facilitates transactions and network security through a robust three-layer consensus mechanism: auxiliary proof-of-work, proof-of-integrity, and bonded proof-of-stake.

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