BitcoinOS Breaks Ground with ZKP on Bitcoin: $250M Liquidated!

BitcoinOS (BOS) has reached a historic milestone in the cryptocurrency world by successfully verifying the first zero-knowledge proof (ZKP) on the Bitcoin mainchain. This achievement, showcased live at Bitcoin 2024, opens the door to unlimited scaling and enhanced functionality for Bitcoin without changing its core consensus code.

In contrast, the crypto market saw a rough patch as Bitcoin prices fell to $64,000, a 4% drop. This decline resulted in $261.47 million in long positions being liquidated, showing that the market remains volatile despite technological progress.

BitcoinOS: The Game-Changer We Needed?

The successful verification of a zero-knowledge proof by BitcoinOS marks a significant step forward. This advancement allows for upgrades without needing Bitcoin Improvement Proposals or soft forks. With this breakthrough, BOS enables developers to work more efficiently on Bitcoin, removing traditional barriers.

Edan Yago, a key contributor to BitcoinOS, points out that this development reduces the need for conventional upgrade proposals, moving Bitcoin closer to its original goal of being a decentralized, trustless peer-to-peer digital currency.

Understanding BitSNARK

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.

A Massive Hit from Liquidations

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.

Also Read: Senator Cynthia Lummis to Introduce Groundbreaking Bitcoin Reserve Bill at Nashville Conference

BitcoinOS is making waves. Are you excited about the potential of zero-knowledge proofs? Let us know!