TLDR:
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GOAT Network will launch its testnet this month and the mainnet in Q3.
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It has secured 5000 BTC for liquidity when the mainnet goes live, with initial nodes including Amber Group, Hashkey Cloud, RockX, Benmo, and an undisclosed operator.
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GOAT Network addresses the three major challenges faced by L2: decentralization, security, and sustainable revenue. Its vision is to become a universal L2 for all L1.
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Early users can earn points through participation in the GOAT Club program, which can be used for upcoming airdrops.
With the continuous development and improvement of the Bitcoin ecosystem, the construction of the BTC ecosystem has become an important narrative in Web3 in 2023 and 2024.
Layer2 built on BTC is an indispensable and important part of the BTC ecosystem. Data shows that BTC L2 companies and projects raised $94.6 million in Q2 2024, a 174% increase compared to the previous quarter, demonstrating the strong expectations of the industry for BTC Layer2.
Currently, there are many solutions for BTC Layer2, but there are no projects that are both technologically and ecologically excellent. This track is still in the stage of fierce competition, and any high-quality project has the opportunity to become a leader, attracting the majority of users and funds.
Among the many BTC Layer2 solutions, GOAT Network is the most innovative and promising project, and it is the first project on the network to adopt a decentralized sequencer and share network ownership. Its ultimate goal is to become a universal L2 for all L1.
This article will present GOAT Network from various perspectives such as background, technology, ecosystem, and team.
About GOAT Network
GOAT Network extends the functionality of Bitcoin by implementing Bitcoin Rollup, and the security of the network is obtained from the underlying Bitcoin blockchain, which is L1.
By introducing an optimistic challenge protocol, GOAT-OCP, and using BitVM2 to ensure security, as well as ZKM interwoven Rollup as a universal settlement layer, GOAT Network can enhance the inclusiveness and finality of transactions. At the same time, it uses a decentralized sequencer to protect the stability of the network and ensure the security of assets.
The GOAT testnet will be launched soon, and the mainnet is expected to go live in Q3 or Q4. The official will launch the GOAT Club points program, providing long-term value and fair sustainable rewards for Bitcoin holders of various scales.
Solving the Three Challenges Faced by L2
All L2 networks face challenges of decentralization, security, and achieving sustainable revenue. GOAT Network proposes effective solutions to these challenges:
Decentralized sequencer
Currently, the majority of L2 networks use centralized sequencers. If the sequencer encounters problems, the entire system will be chaotic or even collapse. This centralization poses security risks to the entire system and affects its organic growth.
GOAT will adopt a decentralized sequencer from the first day of the mainnet launch. Initially, there will be 7 sequencer nodes, and each node will need to pledge BTC to protect the GOAT network. As the ecosystem develops, more sequencers will join.
There are already 5 confirmed founding sequencer nodes, including Amber Group, Hashkey Cloud, RockX, Benmo, and an undisclosed operator, which have committed over 5,000 BTC. The goal is to reach 8,000-10,000 BTC at launch. A deeper liquidity pool will contribute to the construction and operation of on-chain DeFi applications and ensure the stability and security of the network.
Amber, one of the first sequencer operators, is an outstanding blockchain infrastructure provider and asset management company. It is also one of the first investors in GOAT. Amber is proficient in both technology and investment, and the projects it invests in have significant reference value for the crypto market.
Security
In terms of security, GOAT Network applies enhanced versions of Bitcoin time locks and one-time signature technology to protect locked BTC assets at the Bitcoin layer. Babylon also uses the same technology. At Layer2, it applies zkVM, a zero-knowledge virtual machine developed by ZKM, to ensure the system meets the native security standards of the Bitcoin base layer.
Sustainable revenue model
Decentralized sequencers can earn BTC gas fees and GOAT token mining rewards by generating blocks, providing security, and maintaining constant activity.
This mechanism provides opportunities for node operators, builders, BTC holders, and even small holders to participate in sequencer operations and earn sustainable revenue.
This structure also creates a new BTC bond market by tokenizing the income of decentralized sequencers.
Universal Layer2 for All L1
GOAT Network aims to become a universal L2 for all L1, which fully demonstrates GOAT's ambition and foresight.
Bitcoin is the first ecosystem integrated by GOAT Network, and in the future, it will include Ethereum, TON, Cosmos, and others. The goal is to seamlessly connect any L1 to any L2, solving the interoperability and decentralized liquidity issues of blockchain without traditional third-party bridges. Currently, no other L2 can achieve this.
Cross-chain is the most fragile layer of interoperability in the blockchain and is prone to security issues that result in significant losses. GOAT Network deploys its internal Entangled Rollup technology on the L1 and L2 of all blockchains, aggregating transaction states, message passing, and ZKP from a source chain and verifying them on another chain. This enables messaging and asset transfers across many different networks without the need for third-party bridges, ensuring smooth liquidity and asset security throughout the network. This makes it possible for GOAT Network to become a universal L2 for all L1.
Team
The team is the soul of a project and the key to its success. Stephen Duan, the leader of the GOAT technical team, previously founded Baidu Blockchain and Eigen Network. The growth and development team members are senior industry professionals who have led multiple well-known Web3 projects.
Projects that can operate for a long time have a common characteristic: sustainable token economics. Redouane Elkamhi, the economist of GOAT Network, is a finance professor at the Rotman School of Management, University of Toronto. Dr. Elkamhi has served as an advisor to KPMG and Ernst & Young. Elkamhi specializes in strategic asset allocation, fund management, and DeFi. He has designed a sustainable revenue mechanism for GOAT, covering nodes and BTC holders, and the final details can be expected.
Dr. Eric Wang, Chief Innovation Officer, holds a Ph.D. in Computer Science from the University of Waterloo. He specializes in financial derivative pricing, dynamic asset allocation, risk management, and DeFi, with extensive experience in the traditional financial industry. He has designed a sustainable BTC revenue model for GOAT, applicable to GOAT node operators, BTC miners, large holders, and small holders.
The GOAT Network team has been transparent and active in the Web3 field since day one. Such a team and transparency increase the credibility and future expectations of GOAT!
Conclusion
GOAT Network adopts a decentralized sequencer and shares network ownership from the first day of the mainnet launch, embodying true decentralization. It has already confirmed the participation of 5 institutional sequencer nodes and has secured 5000 BTC for liquidity on the first day, providing deep liquidity for GOAT Network and ensuring efficient fund utilization.
In addition to technological and mechanism innovations, GOAT Network is building an organic ecosystem. When the mainnet goes live, it will simultaneously launch key DeFi programs, including DEX, lending, Perp DEX, BRC-20, and a zero-fee trading platform for other Bitcoin-native assets, including the MEME center!
The GOAT Club points program is the best opportunity for early participants in GOAT Network, and point holders will be eligible for upcoming airdrops. There are three types of points:
Community Points (CP): Community members only need to hold 0.001 BTC to earn long-term revenue and points.
Builder Points (BP): Builders can earn additional rewards based on their TVL or gas consumption through their smart contracts or by integrating the GOAT Club API with a custom points system.
Sequencer Points (SP): Sequencer operators earn points based on the blocks they produce, ensuring direct rewards for their contributions to network activity and security.
For specific details, please refer to the official explanation: https://club.goat.network/points
Finally, we look forward to the launch of the GOAT Network mainnet and its potential to become a leading BTC Layer2, bringing more use cases and returns for BTC holders!
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