Phala Network Partners with Bitcoin Gold

This article was first published on Bitcoin Gold
-----

Phala Network Partners with Bitcoin Gold to develop Lightweight Cross-Chain Bridges to the Polkadot Ecosystem for BTG and other Bitcoin-Based Chains

Bitcoin Gold (BTG) and Phala Network are happy to announce a project partnership to develop lightweight, low-cost, trustless bridges by leveraging Phala’s TEE-based confidential computing technology. BTG will be the first asset bridged, but the project is being built to work with tokens from any blockchain based on bitcoin’s underlying technology, including LTC, BCH, DOGE, BSV, and other long-tail offshoots of Bitcoin. This will provide a path for the liquidity of the $36 billion market value of this coin family into the Polkadot ecosystem for use in smart contracts, DeFi, DEXes, and more.

The joint Phala/BTG team’s confidence in this approach rests on three pillars:

  • open-source bridges like Interlay’s PolkaBTC have been demonstrated, but require deep-pocketed backers for security collateral

  • Phala Network has demonstrated the ability to deliver security and confidentiality through a network of TEEs

  • Hang Yin, a co-founder of Phala Network, is also the Lead Developer (and a co-founder) of Bitcoin Gold, bringing deep knowledge of bitcoin-based blockchain tech to the joint project’s leadership

BTG and Phala look forward to collaborating and to helping bring this exciting new technology to BTG investors and hodlers as well as extending this open source technology to other coin projects.

About Bitcoin Gold (BTG)

BTG is a cryptocurrency with Bitcoin fundamentals, mined on common GPUs instead of specialty ASICs. BTG enhances and extends the crypto space with a blockchain closely compatible with Bitcoin (with SegWit and Lightning Network) but without using resources like Bitcoin hash power or vying for the “real Bitcoin” title.

Bitcoin Gold is an open-source project by the community for the community. Our code is freely available on Github, where you can follow or contribute to development. Many ...

-----
To keep reading, please go to the original article at:
Bitcoin Gold

Comments (No)

Leave a Reply