BOB, a 'Hybrid' Layer-2 Blockchain Mixing Bitcoin and Ethereum, Raises $10M

BOB's aim is to roll out the first Bitcoin layer-2 network that's compatible with the Ethereum Virtual Machine standard.BOB, a hybrid layer-2 network – sitting atop the Bitcoin blockchain, but with Ethereum compatibility – has raised $10 million in seed funding.

BOB's aim is to roll out the first Bitcoin layer 2 with Ethereum Virtual Machine compatibility. EVM is Ethereum’s native processing system that allows developers to create smart contracts. The name BOB is an acronym for"Build on Bitcoin." Bringing Ethereum-style contracts to Bitcoin is seen as something of a sticky wicket due to concerns that the computations would place a strain on the network and degrade performance for other users.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

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