Phala Network Partners with Bitcoin Gold to develop Lightweight Cross-Chain Bridges to the Polkadot Ecosystem for BTG and other Bitcoin-Based Chains
Bitcoin Gold (BTG) and Phala Network are happy to announce a project partnership to develop lightweight, low-cost, trustless bridges by leveraging Phala’s TEE-based confidential computing technology. BTG will be the first asset bridged, but the project is being built to work with tokens from any blockchain based on bitcoin’s underlying technology, including LTC, BCH, DOGE, BSV, and other long-tail offshoots of Bitcoin. This will provide a path for the liquidity of the $36 billion market value of this coin family into the Polkadot ecosystem for use in smart contracts, DeFi, DEXes, and more.
The joint Phala/BTG team’s confidence in this approach rests on three pillars:
open-source bridges like Interlay’s PolkaBTC have been demonstrated, but require deep-pocketed backers for security collateral
Phala Network has demonstrated the ability to deliver security and confidentiality through a network of TEEs
Hang Yin, a co-founder of Phala Network, is also the Lead Developer (and a co-founder) of Bitcoin Gold, bringing deep knowledge of bitcoin-based blockchain tech to the joint project’s leadership
BTG and Phala look forward to collaborating and to helping bring this exciting new technology to BTG investors and hodlers as well as extending this open source technology to other coin projects.
About Bitcoin Gold (BTG)
BTG is a cryptocurrency with Bitcoin fundamentals, mined on common GPUs instead of specialty ASICs. BTG enhances and extends the crypto space with a blockchain closely compatible with Bitcoin (with SegWit and Lightning Network) but without using resources like Bitcoin hash power or vying for the “real Bitcoin” title.
Bitcoin Gold is an open-source project by the community for the community. Our code is freely available on Github, where you can follow or contribute to development. Many coin-related services also provide API support and plugins for developers to use.
Learn more about Bitcoin Gold at: https://bitcoingold.org/
About Phala Network
Phala Network tackles the issue of trust in the computation cloud.
This blockchain is a trustless computation platform which enables massive cloud processing without sacrificing data confidentiality. Built around TEE-based privacy technology already embedded into modern processors, Phala Network’s distributed computing cloud is versatile and confidential. By separating the consensus mechanism from computation, Phala ensures processing power is highly scalable. Combined, this creates the infrastructure for a powerful, secure, and scalable trustless computing cloud.
As a member parachain of the Polkadot cross-chain ecosystem, Phala will be able to provide computing power to other blockchain applications while protecting the data layer, enabling possibilities like privacy-protected DeFi trading positions and transaction history, co-computing DID confidential data, developing light-node cross-chain bridges, and more.
On-chain services currently being developed on Phala Network include Web3 Analytics: high-performance smart contracts from Phala enable highly concurrent mass data analytics with privacy, paving the way for an alternative to Google Analytics that inherently respects individual confidentiality.
Learn more about Phala Network at: https://phala.network/