CRYPTO NEWS & DATA SPACE

CRYPTO NEWS & DATA SPACE

Bitrue Integration Of Boba Network

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Bitrue Project Highlight Series #2- Boba Network BOBA

Bitrue announce the integration of Boba Network on the exchange.

The competition among blockchain projects is without doubt very tough, for them exchanges, selecting the right projects to invest in is quite challenging. Although many projects have sought to be an “Ethereum killer”, and provide a better, faster, cheaper alternative to Ethereum, some projects have decided to take a different route and complement Ethereum instead of going on a head to head competition with the market leader. Solving the problem of high transaction fees in DeFi is one of the biggest hurdles to the society’s mass migration to a decentralized financial system. To prevent high gas fees during high demand environments, while still maintaining decentralization, layer 2 scaling solutions have become increasingly popular in the crypto world. Among all the different layer 2s, Boba Network has caught our attention.

  1. Rollups are most likely to be the champion of Layer 2s

Ethereum founder Vitalik Buterin has stated that layer 2 scaling solutions will continue to be an important part of the ecosystem. The Ethereum foundation did not comment on their thoughts about which layer 2 will thrive in the long run. However, although there are several methods that can be done to scale blockchains, rollups have been getting the most attention. Boba network implements a type of rollup called the optimistic rollup.

Boba’s adoption of this technology allows it to have a significant edge over its competitors. As opposed to using sidechains, rollups are built on top of Ethereum;it relies on the blockchain’s security protocol instead of creating its own security protocol, thus making it much more safe. In addition, when updates are made on the main chain, Boba will also enjoy its benefits. Even more, when compared to other scaling solutions such as sidechains and plasma. Migrating applications from the Ethereum mainnet to a rollup chain is the easiest, and can be done without even re-writing the code. Granted, there is still a limitation of throughput when it comes to rollups, estimated at 500 transactions per second, however, it is undeniable that it is at the forefront of layer 2 development.

2. Boba is Optimism on steroids

Boba built on the Optimistic Rollup developed by Optimism. For those who are not familiar with this concept just yet, optimistic rollup a scaling solution where transactions are store outside of the main chain, before it is “roll up” or compress together and submit to the main chain for validation. The optimistic rollup method assumes every transaction submitted to the main chain is valid, therefore to have a “fraud proof” mechanism, a dispute resolution system is deploy to slash the bad actors. Rollups, especially optimistic rollups, is the hottest thing in development among the Ethereum community at the present moment.

3. Boba Network widely anticipated by the community

Boba is a hotshot among investors, with an impressive USD1.5 billion in valuation. This amount of funding is consider very large among early stage blockchain projects. Among the investors are celebrities Will Smith and Paris Hilton, centralized exchanges such as Huobi, Crypto.com, and BitMart, also venture capitalists including Hypersphere, Infinite Capital, Hack VC, GBV, Alliance DAO, The Venture City, Sanctor Capital, Shima Capital, DeFi Tech, 10X Capital, TRGC, D1, Portal, Genblock, Rarestone, and Kosmos.

Community anticipation is also visible across Boba’s social media channels, with more than 350k followers on Twitter, and numerous KOL endorsements on YouTube. At the moment, Boba has a growing network of 42 dApps such as Boba Brewery and Symbiosis Finance.

No matter how good a product is, it could only flourish if there is a community supporting them, just like how Bitruers have always supported our exchange, Boba Network also has their own loyal followers, creating a good foundation for a flourishing ecosystem.

About Boba Network

Boba Network is a blockchain Layer-2 scaling solution and hybrid compute platform offering lightning-fast transactions and fees up to 60x less than Ethereum.

Website Twitter |

About Bitrue

Bitrue is the most secure and advanced online platform for buying, selling, transferring, and storing digital currency.

Website Twitter |

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