Bitcoin-focused blockchain Elastos is partnering with the decentralized physical infrastructure networks (DePIN) network IoTeX on digital identity validation. However, the collaboration also aims to bring Bitcoin’s robustness and trust to the forefront of DePIN, marking a significant leap toward integrating digital and physical assets using Bitcoin.
The partnership represents an effort to leverage Bitcoin’s Layer-2 capabilities, specifically through Elastos’ approach, to enhance the functionality and accessibility of real-world assets (RWA) like buildings, equipment, and other capital-intensive assets. By integrating these assets with blockchain technology and IoT (Internet of Things), the collaboration aims to create a seamless, secure, and efficient ecosystem for managing and monetizing physical infrastructure.
At the heart of this partnership is the direct integration with ‘Layer 2’ Bitcoin, a move that Raullen Chai, IoTeX’s co-founder and CEO, describes as an “important milestone.” He commented,
“Extending our offering to the Elastos Smart Chain (ESC) offers some compelling advantages, including direct integration with ‘Layer 2’ Bitcoin, meaning that agreements can be embedded and reconciled direct in the World’s most popular and trusted digital currency. This is an essential capability as DePINs become more mainstream.”
This integration allows for agreements to be embedded and reconciled directly in Bitcoin. This capability may be crucial as DePINs become more mainstream, offering a secure and transparent mechanism for managing agreements and transactions within the physical infrastructure space.
This integration is facilitated by Elastos’ BeL2’s BTC Oracle, which enables secure and efficient communication between Bitcoin and EVM blockchains through zero-knowledge proofs (ZKPs), laying the groundwork for complex decentralized applications directly on Bitcoin Layer 2.
IoTeX’s modular infrastructure platform connects smart devices and real-world data to blockchains, while its middleware solution, W3bstream, brings real-world data on-chain. This capability is vital for seamlessly integrating IoT devices with blockchain technology, ensuring integrity, and optimizing speed and scalability.
Jonathan Hargreaves, Elastos’ Global Head of Business Development & ESG, encapsulates the essence of this partnership as Web3’s “next frontier.” By reducing intermediaries and increasing transparency and privacy in the physical domain, Elastos and IoTeX are bridging the gap between the digital and physical worlds, powered by the security and trust of Bitcoin.
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