the blockchain that unites Bitcoin and Ethereum

Jeff Garzik, well-known Bitcoin Core developer, as well as collaborator of Satoshi Nakamoto, has announced that he has closed a round of funding to build the Hemi blockchain.

In total, 15 million dollars have been raised by Binance Labs and other investors to develop the network that aims to unite the Bitcoin world with that of Ethereum.

Hemi seeks to unlock the hidden potential of integrating these two ecosystems, bringing the security of Bitcoin within the EVM standard.

Its mission is to facilitate interoperability between the two chains, and unite their reciprocal liquidity by opening the doors to a new set of decentralized applications.

Let’s see all the details below.

Hemi blockchain challenges the laws of interoperability between Bitcoin and Ethereum

Jeff Garzik, one of the people closest to Satoshi Nakamoto and the early development of Bitcoin, has recently launched the revolutionary Hemi blockchain.

It is a modular network designed to bring the concepts of scaling, security and interoperability to a higher level compared to the cryptographic standard.

Hemi’s mission is to unify the Bitcoin world with that of Ethereum, making the two resources part of a single supernetwork.

Historically, it has always been challenging to establish communication between two worlds so distant from each other at the code level, except through centralized counterparts.

After the recent development phase of the DeFi on Bitcoin, however, developers have begun to sense the strong potential of a shared framework.

Hemi tries to unlock the potential inherent in connecting the two largest blockchains in the world, valued at approximately 2 trillion dollars.

By merging Bitcoin and Ethereum around a single ecosystem, the aim is to unlock new potential in the development of still unexplored decentralized dapps.

Think about the security and the reserve value capacity that characterizes BTC with the smart contracts and the programmability of ETH.

At the moment Hemi is still in the testnet phase, while its launch in mainnet is expected by the end of the year.

Regarding the launch of Hemi, Sam Kin, one of the main investors in the project, highlighted the potential of the new blockchain product:

“Hemi is transforming the way Bitcoin and Ethereum interact, and not simply providing a bridge between the two largest networks in the blockchain ecosystem, but a supernetwork that more elegantly marries the capabilities of both.”

The innovative features of Hemi: the security of Bitcoin within the EVM

Moving to a more technical level, let’s see how the fusion of Bitcoin with Ethereum occurs within the Hemi blockchain.

The main feature of the new chain is that it integrates a full Bitcoin node within an Ethereum Virtual Machine (EVM).

Hemi operates as an Ethereum Layer-2 protected by the Proof-of-Work (PoW) of Bitcoin from which it inherits security.

The miners of the project publish the network data on the Bitcoin blockchain. Once confirmed, they move the security level to a more accessible and compatible network on the programmability side.

On the consensus level the protocol integrates a Proof-of-Proof (PoP) based on a flexible and permissionless approach. The idea is to use the security of the orange network as a Bitcoin-security-as-a-Service model to be moved to other blockchain networks.

The result is that Hemi allows the creation of smart contracts that work with both Bitcoin and Ethereum, while maintaining full compatibility with dApp EVM.

Hemi also uses a dedicated framework called Hemi Bitcoin Kit (hBK), which unlocks direct access to the smart contract at the granular Bitcoin state.

In this way, native Bitcoin applications can reach sectors that are under-implemented in its DeFi such as staking, lending protocols, and MEV market.

For the connection cross-chain, Hemi’s channels provide a secure way to move resources between chains, greatly improving traditional bridge methods.

Other features include on-chain routing, time-lock, password protection, and gasless transfers.

Announcing the development of the promising cryptographic network, its founder Jeff Garzik reported the following in a recent interview:

“The excitement for what we are building is reflected in the quality and enthusiasm of our investors and ecosystem partners. They understand the uniqueness and value of Hemi’s approach to scaling and integrating the two main blockchain networks, adding to the phenomenal growth and energy in this particular area.”

Binance Labs and other VCs financially support the development of the blockchain

The development of Hemi’s blockchain and the challenge of interoperability between Bitcoin and Ethereum are entrusted to the funding of a series of Ventures funds.

Yesterday Binance Labs, Breyer Capital, and Big Brain Holdings announced that they had led a funding round of 15 million dollars.

The trio is widely known in the VC world precisely for their previous successful investments marked in their respective careers.

To give an idea, Binance Labs has pushed over 150 of the best blockchain projects since the branch of the exchange was created.

Big Brain Holding has accompanied the development of about 140 products, among which Monad, Solayer, SatLayer, MegaETH and others stand out.

Breyer Capital was instead one of the first investors in Facebook, Circle and Spotify, capable of sensing the potential of these billion-dollar companies. Among other things, the fund is a leader in web3 investments with Solana, The Graph, and Arweave.

The money will be used by Jeff Garzik and his team to push the scaling and security of the Hemi blockchain towards new horizons.

In addition to the main lead investors, there are also many other VCs who have been attracted by Hemi’s mission to unite the Bitcoin world with that of Ethereum. We find, in fact, the participation of names such as Crypto.Com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, and many others.

To commemorate the great event, Alex Odagiu, director of investments at Binance Labs, spoke publicly to offer his support:

“We look forward to supporting Hemi Labs as they work on important infrastructure that connects Bitcoin and Ethereum in a modular and scalable way. Hemi’s approach aligns with our commitment to supporting projects focused on building practical and decentralized solutions with long-term potential”.