GOAT Network: Innovative Solution for BTC Layer2

Recently, the development of the Bitcoin ecosystem has become a hot topic in the Web3 field. As a key component of ecological construction, Layer2 solutions built on BTC have garnered significant attention. Data shows that in the second quarter of 2024, BTC L2 projects secured financing of 94.6 million dollars, a quarter-on-quarter increase of 174%, reflecting strong interest in this area within the industry.

Among the numerous BTC Layer2 solutions, GOAT Network stands out for its innovation and potential. As the first BTC Layer2 project to adopt a decentralized sequencer and share network ownership, GOAT Network aims 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 security derived from the underlying Bitcoin blockchain. The network introduces the optimistic challenge protocol GOAT-OCP and combines BitVM2 and ZKM intertwined Rollup technology to enhance transaction inclusivity and finality. Meanwhile, the decentralized sequencer design ensures the stability of the network and the security of assets.

The GOAT Network plans to launch its testnet this month, with the mainnet expected to go live in the third or fourth quarter of this year. The official team will also introduce the GOAT Club rewards 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 proposes the following solutions to the challenges commonly faced by L2 networks such as decentralization, security, and sustainable returns:

1. Decentralized Sequencer: GOAT will adopt a decentralized sequencer from the launch of the mainnet, initially with 7 sequencer nodes, each required to stake BTC to secure the network. Currently, 5 founding sequencer nodes have been confirmed, including several well-known institutions, promising to provide over 5,000 BTC in liquidity support.

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. On the Layer 2 level, it employs the zero-knowledge virtual machine zkVM developed by ZKM to ensure that the system meets the native security standards of 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 producing blocks, providing security, and being active around the clock. This mechanism offers sustainable revenue opportunities for various participants.

General Layer2 Vision

The vision of GOAT Network is to become the universal L2 solution for all L1s. In addition to Bitcoin, there are plans to integrate ecosystems such as Ethereum, TON, and Cosmos in the future. Through its internal Entangled Rollup technology, GOAT Network aims to achieve seamless connections between different blockchains, addressing interoperability and liquidity fragmentation issues while avoiding the security risks associated with traditional third-party bridges.

Team Background

The GOAT Network team is composed 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 finance professor at the Rotman School of Management at the 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 and designed the sustainable BTC yield model for GOAT.

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:

1. Community Points (CP): Holding 0.001BTC will yield long-term benefits and points.
2. Builder Points (BP): Rewards based on TVL or gas consumption from smart contracts, or obtained through integration with the GOAT Club API.
3. Node Points (SP): Node operators earn points based on the blocks they produce.

The innovative technology, decentralized design, and sustainable economic model of GOAT Network give it the potential to become a leading project in the BTC Layer2 space. With the mainnet launch imminent, GOAT Network is expected to bring more practical scenarios and revenue opportunities to the Bitcoin ecosystem.