GOAT Network: An Innovative Solution for BTC Layer2

With the continuous development of the Bitcoin ecosystem, the construction of BTC-related ecology has become an important topic in the Web3 field. Against this backdrop, Layer 2 built on BTC has become a crucial part of ecological construction. Data shows that in the second quarter of 2024, BTC L2 projects raised $94.6 million, a quarter-on-quarter increase of 174%, reflecting the strong expectations within the industry for BTC Layer 2.

Currently, there are many BTC Layer2 solutions, but none have appeared that are excellent enough in both technology and ecology. Among the many solutions, GOAT Network stands out with its innovation and potential, becoming the first BTC Layer2 project to adopt a decentralized sequencer and share network ownership.

GOAT Network Overview

GOAT Network expands Bitcoin functionality by implementing Bitcoin Rollup, with its security deriving from the underlying Bitcoin blockchain. The network introduces the optimistic challenge protocol GOAT-OCP and employs BitVM2 and ZKM interleaved Rollup technology to enhance transaction inclusivity and finality. Meanwhile, a decentralized sequencer is used to ensure network stability and asset security.

The GOAT Network testnet is about to launch, with the mainnet expected to go live in the third or fourth quarter of this year. The official will introduce the GOAT Club points program to provide lasting value and fair, sustainable rewards for Bitcoin holders of different scales.

Addressing the Three Major Challenges Faced by L2

The GOAT Network has proposed effective solutions to the common issues of decentralization, security, and sustainable profits faced by L2 networks:

1. Decentralized Sequencer: GOAT will adopt a decentralized sequencer from the launch of the mainnet, initially setting up 7 sequencer nodes. Currently, 5 founding sequencer nodes have been confirmed, including several well-known institutions. These nodes have committed over 5,000 BTC for liquidity at the network launch, with a target of reaching 8,000-10,000 BTC.

2. Security: The GOAT Network applies enhanced time-lock and one-time signature technologies on the first layer of Bitcoin, and utilizes the zero-knowledge virtual machine zkVM developed by ZKM on Layer 2, ensuring that the system meets the native security standards of the Bitcoin base layer.

3. Sustainable Revenue Model: The decentralized sequencer can earn Gas fees in the form of BTC and mining rewards in the form of GOAT tokens by producing blocks, providing security, and being active around the clock. This mechanism offers various participants the opportunity to obtain sustainable revenue.

Become a universal Layer 2 for all L1s

The vision of the GOAT Network is to become a universal L2 for all L1s, showcasing its ambition and foresight. Bitcoin is the first ecosystem integrated into the GOAT Network, with plans to include Ethereum, TON, Cosmos, and others in the future. The project aims to achieve seamless connections between any L1 and any L2, addressing blockchain interoperability and decentralized liquidity issues while avoiding the vulnerabilities of traditional third-party bridges.

GOAT Network achieves message passing and asset transfer across multiple different networks by deploying its internal Entangled Rollup technology on all L1 and L2 blockchains, without relying on third-party bridges, ensuring smooth network liquidity and asset security.

Team Background

The GOAT Network has an experienced team. The technical team is led by Professor Stephen Duan, who previously founded Baidu Blockchain and Eigen Network. The head of economics, Redouane Elkamhi, is a finance professor at the Rotman School of Management at the University of Toronto, specializing in strategic asset allocation and DeFi. The Chief Innovation Officer, Dr. Eric Wang, holds a PhD in Computer Science from the University of Waterloo and designed GOAT's sustainable BTC yield model.

Ecosystem Construction

GOAT Network is building an organic ecosystem. Multiple key DeFi applications will be launched simultaneously with the mainnet, including DEX, lending, Perp DEX, a zero-fee trading platform for BRC-20 and other Bitcoin native assets, as well as a MEME center, among others.

GOAT Club Points Program

The GOAT Club points program offers early participants the opportunity to receive future airdrops. The program includes three types of points:

• Community Points (CP): Hold 0.001BTC to receive long-term benefits and points.
• Builder Points (BP): Earned based on TVL or gas consumption through smart contracts.
• Node Points (SP): Node operators earn points based on the blocks produced.

The innovative solutions and comprehensive ecosystem development of the GOAT Network are expected to make it a leading project in the BTC Layer 2 space, bringing more utility and profit opportunities to Bitcoin holders.