TL;DR
- Avail & dWallet Partnership: Avail has partnered with dWallet Network to introduce native Bitcoin rollups, allowing users to manage Bitcoin natively within the Web3 framework without bridges or wrapping.
- Enhanced Bitcoin Functionality: The collaboration enables Bitcoin’s integration into Avail’s customizable rollups, providing access to smart contract functionality and maintaining user control over assets.
- Security & Ownership: The integration upholds Bitcoin-user ownership by requiring user signatures for transactions, supported by dWallet’s decentralized multi-party computation (MPC) technology.
Avail has announced a strategic partnership with dWallet Network to introduce native Bitcoin rollups within the Web3 framework. This collaboration is set to revolutionize the way Bitcoin operates on rollups by enabling users to manage their BTC natively without the need for bridges or wrapping.
Say yes to retaining ownership of your BTC on Avail L2s.
Avail’s partnership with @dwalletnetwork brings programmable Bitcoin rollups to the Avail ecosystem.
With this, users can manage native BTC on Avail L2s and developers can bring programmability to bitcoin, without… https://t.co/fwxrxJZi3d pic.twitter.com/uLWPbhqAv6
— Avail (@AvailProject) April 2, 2024
Avail, a blockchain that allows users to create custom applications, is working with dWallet Network, which specializes in decentralized finance. Together, they aim to bring Bitcoin functionality to Avail’s rollups, which are scalable and customizable applications.
The integration is particularly noteworthy as it allows Bitcoin users to access smart contract functionality without having to bridge, wrap, or relinquish control of their BTC. This is achieved through dWallet’s smart contracts, which are built on Avail’s data availability solution, enabling the creation of Bitcoin signatures while maintaining complete user control over their assets.
Omer Sadika, the CEO of dWallet, highlighted a unique feature of their Bitcoin roll-up solution. It eliminates the complexity and security risks of bridging or wrapping, which involves exchanging assets between different blockchains. Sadika noted that such cross-chain solutions can compromise user ownership, leading to significant financial losses in the past due to hacking and intentional manipulation.
Seamless Bitcoin Functionality on Avail’s Rollups with dWallet Integration
The Bitcoin community has long been critical of rollups or “layer-2” solutions that compromise user ownership. However, the dWallet and Avail integration addresses these concerns by enabling programmable native BTC, where a user signature is cryptographically required, thus upholding the core principle of Web3 and Bitcoin-user ownership.
Multi-party computation (MPC) is a key feature of this system. MPC uses cryptographic protocols to allow multiple parties to jointly perform a computation without disclosing their confidential inputs. When using a dWallet Network wallet based on decentralized MPC, creating a Bitcoin transaction requires both approval from a smart contract on Avail’s rollup system and the user’s digital signature.
This partnership is poised to enhance the security and functionality of Bitcoin within the Web3 ecosystem, providing a more robust and user-centric approach to cryptocurrency management. As the industry continues to evolve, the collaboration between Avail and dWallet Network represents a significant stride towards a decentralized and user-owned future in the digital asset space.
