Singapore, April 11th, 2024 — Merlin Chain, a trailblazer in Bitcoin-native layer 2 (L2) protocols, has rolled out a comprehensive suite of security measures alongside revolutionary chain architecture. This initiative follows the platform’s remarkable achievement of securing a $3.5 billion Total Value Locked (TVL) just 30 days after its mainnet launch, attracting an impressive cohort of over 200 projects to its rapidly expanding ecosystem.
At the heart of Merlin Chain’s ethos is a steadfast commitment to robust security, a principle that has guided the platform since its inception. By forging alliances with premier security experts, Merlin Chain has meticulously crafted a secure haven for user assets, effectively shielding them against a myriad of potential threats.
A New Era of Blockchain Technology and Architecture
Merlin Chain is redefining the blockchain landscape with its avant-garde architecture, which incorporates a multi-tiered system that bolsters security, scalability and transparency. The platform’s innovative structure is underscored by a decentralized oracle network —a system that provides a blockchain with external data. Merlin Chain’s model not only democratizes power but also enhances asset diversification and risk mitigation, significantly solidifying the ecosystem’s robustness.
Central to Merlin Chain’s technological breakthroughs is the strategic deployment of sequence nodes within its oracle network. Nodes are devices on a blockchain that maintain a copy of the network’s ledger and participate in consensus. Nodes play a pivotal role in orchestrating transaction collection and batch processing. Through the generation of compressed transaction data and zero-knowledge (ZK) proofs, Merlin Chain achieves a previously unattainable level of transparency and security by securely anchoring this information onto Bitcoin’s Taproot.
ZK proofs are cryptographic methods that allow one party to prove to another that a statement is true without revealing any information beyond the validity of the statement itself. Bitcoin’s Taproot, on the other hand, is an upgrade that improves privacy and efficiency on the Bitcoin network by combining multiple signatures and complex smart contracts into a single, making transactions more private and lighter in terms of data.
Strategic Collaborations to Elevate the Network’s Trustworthiness
In its quest for uncompromised data integrity, Merlin Chain has entered into a strategic collaboration with Celestia, utilizing it as its Data Availability Layer. With the partnership, the platform ensures the verifiable publication of block data, dramatically elevating the network’s transparency and trustworthiness. Celestia’s commitment to public data availability serves as a cornerstone for maintaining data integrity and consistency across Merlin Chain, effectively forestalling data withholding attacks and facilitating seamless transactions for users.
Merlin Chain’s adoption of a Taproot-based solution for integrating aggregate ZK proofs with the Bitcoin mainnet marks a significant milestone in securing L2 data. The platform’s ingenious approach not only capitalizes on Bitcoin’s stringent security protocols but also enhances the scalability and operational efficiency of L2 processing, firmly rooting data immutability in the bedrock of Bitcoin’s security paradigm.
The alliance with Cobo heralds a new frontier in asset security within the Merlin Chain ecosystem, bringing to the fore an advanced multi-party computation (MPC) wallet that eliminates the need for a single point of control. The wallet solution leverages state-of-the-art technology to achieve an unprecedented level of security through cold-hot wallet isolation and secure asset custody, emblematic of Merlin Chain’s pursuit of institutional-level security measures.
Moreover, Merlin Chain’s establishment of the Merlin Security Council, in partnership with leading security firms, represents a proactive approach to ecosystem protection. The council boasts renowned names like Slowmist, BlockSec, Salus, Secure3, ScaleBit and Revoke.Cash, among others. The platform also aims to attract more white-hat hackers and DApps to join its decentralized organization.
Charting the Future of Blockchain with Community Engagement
By integrating third-party platforms for on-chain monitoring, Merlin Chain empowers its users with real-time visibility into the ecosystem’s security posture, fostering a culture of transparency and trust. The forthcoming introduction of Council Grants and the Merlin Bug Bounty program is a testament to Merlin Chain’s forward-thinking strategy, inviting community engagement in fortifying the ecosystem’s security infrastructure.
About Merlin Chain:
Merlin Chain is a pioneering BTC layer 2 solution that leverages the strength of the Bitcoin ecosystem to foster innovation, collaboration, and growth. With a strong foundation in community-driven assets and a strategic approach to ecosystem expansion, Merlin Chain is committed to driving the future of Bitcoin-native innovation.
Contact:
Twitter: https://twitter.com/MerlinLayer2
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