ZKM, a protocol aimed at enhancing Bitcoin through its zkVM protocol, has announced the introduction of a Bitcoin layer-2 network called GOAT Network.

In an announcement on Monday, ZKM revealed that GOAT Network will go live in Q3, 2024, marking the debut of the first universal L2 in the market. This decentralized platform will also be the first L2 on Bitcoin to share network ownership.

ZKM’s Entangled Rollup technology will power this new L2, allowing users to benefit from Bitcoin network’s security.

“GOAT Network’s launch of a Bitcoin L2 is a powerful first step in ZKM’s quest to unite the fragmented Web3 universe,” GOAT Network core contributor Kevin Liu said in the press release.

GOAT Network’s Unique Approach

Unlike other Bitcoin L2s that have foundations controlling their operations and revenue, GOAT Network is taking a different path. This network employs a decentralized sequencer model where decentralized ownership allows sequencer nodes to earn yield on their BTC while securing the network. Additionally, the nodes earn from BTC fees.

The ZKM team states that everyone from Bitcoin miners and BTC holders to Web3 and TradFi institutions can apply to operate sequencer nodes. This creates an ecosystem run by partners and stakeholders.

GOAT Network to Launch with Institutional Nodes

Five institutional node operators have committed 5,000 bitcoin to help secure the network. At launch, GOAT Network will have seven node operators and aims to increase this number to boost network liquidity.

The platform also anticipates the launch of several decentralized applications (dApps) on the first day of the mainnet launch. These will include a decentralized exchange (DEX), perpetual swaps protocol, borrow/lend services, and a zero-gas platform to power BRC-20 token trading, among others.

Series A Funding Round

GOAT Network has also introduced a rewards program for BTC holders. In the future, any bitcoin holder that whitelists BTC – 0.001 or more – will be eligible for rewards. These rewards will also extend to dApps that launch on the first day and to sequencer node operators who lock their BTC to help secure the network.

As part of the mainnet launch preparations, GOAT Network will open its Series A funding round to attract more capital after closing a $5 million pre-A fundraiser in November last year.

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