GOAT Network: A New Direction for BTC Layer2 Solutions

The continuous development of the Bitcoin ecosystem has made the ecological construction around BTC an important topic in the Web3 field. In this context, Layer 2 solutions built on BTC have become an indispensable key link in ecological construction.

Data shows that BTC L2 related projects raised $94.6 million in funding in the second quarter of 2024, a quarter-on-quarter increase of 174%. This data reflects the strong attention and anticipation within the industry for BTC Layer2. Although there are currently various BTC Layer2 solutions on the market, there has yet to be a project that stands out significantly in both technology and ecosystem. This field is still in a highly competitive stage, and high-quality projects are expected to become industry leaders, attracting a large number of users and funds.

Among many solutions, GOAT Network stands out for its innovation and potential. As the first BTC Layer2 project to adopt a decentralized sorter and share network ownership, GOAT Network's ultimate goal is to become a universal L2 solution applicable to all L1.

GOAT Network Overview

GOAT Network expands the functionality of Bitcoin by implementing Bitcoin Rollup, with its network security directly derived from the underlying Bitcoin blockchain. The network introduces the optimistic challenge protocol GOAT-OCP and combines BitVM2 and ZKM interleaved Rollup technology to enhance transaction inclusivity and finality. At the same time, a decentralized sequencer is used to ensure network stability and asset security.

The testnet of the GOAT Network is about to be launched, with the mainnet expected to go live in the third or fourth quarter of this year. To encourage early participation, the official will launch the GOAT Club points program, providing lasting value and fair, sustainable rewards for Bitcoin holders of different scales.

Addressing the Three Major Challenges Faced by L2

The GOAT Network has proposed innovative solutions to the three major challenges commonly faced by L2 networks: decentralization, security, and sustainable returns.

1. Decentralized Sequencer: The GOAT Network will adopt a decentralized sequencer from the launch of the mainnet, with an initial total 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 for initial liquidity, with a goal of reaching 8,000-10,000 BTC at launch.

2. Security: On the first layer of Bitcoin, the GOAT Network applies an enhanced version of Bitcoin's time-lock and one-time signature technology to protect locked BTC assets. On Layer 2, the zero-knowledge virtual machine zkVM developed by ZKM is used to ensure that the system has security standards comparable to the Bitcoin base layer.

3. Sustainable Revenue Model: Decentralized sequencers can earn Gas fees in the form of BTC and mining rewards in the form of GOAT tokens by generating blocks, providing security, and being active around the clock. This mechanism offers various participants the opportunity to obtain sustainable revenue.

Become the universal Layer2 for all L1

The vision of GOAT Network is to become a universal L2 solution applicable to all L1s. In addition to the Bitcoin ecosystem, it plans to integrate networks such as Ethereum, TON, and Cosmos in the future. Through its proprietary Entangled Rollup technology, GOAT Network aims to achieve seamless connectivity between different blockchains, addressing issues of interoperability and liquidity fragmentation while avoiding the security risks of traditional cross-chain bridges.

Team Background

The core team of GOAT Network consists of experienced industry experts:

• The technical team leader Professor Stephen Duan previously founded Baidu Blockchain and Eigen Network.
• The head of economics, Redouane Elkamhi, is a professor of finance at the Rotman School of Management, University of Toronto, specializing in strategic asset allocation and DeFi.
• Chief Innovation Officer Dr. Eric Wang holds a PhD in Computer Science from the University of Waterloo, specializing in pricing financial derivatives and DeFi.

GOAT Club Points Program

GOAT Network has launched the GOAT Club points program, offering early participants the opportunity to receive future airdrops. The program includes three types of points:

• Community Points (CP): Applicable to community members holding 0.001 BTC.
• Builder Points (BP): Based on smart contract TVL or gas consumption, or obtained through integration with the GOAT Club API.
• Node Points (SP): Node operators earn points based on the blocks they produce.

With the upcoming launch of the GOAT Network mainnet, the industry is full of expectations about whether it can become the leading project of BTC Layer2. The GOAT Network is expected to bring more application scenarios and revenue opportunities for BTC holders, promoting the development of the entire Bitcoin ecosystem.