Introducing Hemi: An Advanced Modular Blockchain Network Powered by Bitcoin and Ethereum
July 24 2024 - 9:37AM
Business Wire
Next Generation Layer-2 Protocol Delivers the
Best Access to Bitcoin Security and Deeper Interoperability Between
the Two Networks That Drive the Blockchain Ecosystem
Key Facts
- Launching at the Bitcoin 2024 conference in Nashville, the
largest Bitcoin gathering in the world, the Hemi Network (“Hemi”)
is a modular layer-2 blockchain network built for superior scaling,
security, and interoperability between Bitcoin and Ethereum.
- By approaching Bitcoin and Ethereum as components of a single
supernetwork, Hemi delivers the best capabilities of both.
- Hemi was co-founded by renowned early Bitcoin developer Jeff
Garzik and blockchain security pioneer Max Sanchez.
- Hemi’s novel features include “Proof-of-Proof” (PoP) consensus
that utilizes (and exceeds) Bitcoin’s security, plus powerful
Bitcoin/Ethereum interoperability technologies for delivering
trust-critical decentralized finance and AI applications.
- The testnet and referral program are available today. The Hemi
leaderboard and “Miles” program will start in one week.
Hemi Labs today announced the Hemi Network (“Hemi”), a modular
layer-2 blockchain network focused on delivering superior scaling,
security, and interoperability between Bitcoin and Ethereum.
Hemi Labs was co-founded by early Bitcoin core developer Jeff
Garzik and blockchain security pioneer Max Sanchez, who was the
principal developer behind Hemi’s unique method for inheriting
Bitcoin’s unique security characteristics — the Proof-of-Proof
(“PoP”) consensus protocol.
A Layer-2 from a Different Point of
View
Attempts to integrate and scale Bitcoin and Ethereum have tended
to address the problem within their respective communities,
resulting in a fractured ecosystem. Hemi instead approaches Bitcoin
and Ethereum as components of a larger supernetwork. This surfaces
the best capabilities of both networks and, in turn, enables a new
class of previously unattainable blockchain applications.
Hemi’s powerful benefits include:
- Unifying Bitcoin & Ethereum — The Hemi Virtual
Machine (hVM) integrates a full Bitcoin node within an Ethereum
Virtual Machine (EVM), enabling developers to harness the power of
both Bitcoin and Ethereum using familiar and proven development
tools. It maintains full backwards compatibility with EVM smart
contracts, auditors, and Ethereum wallets.
- Bitcoin Programmability — Building with the Hemi Bitcoin
Kit (hBK) provides smart-contract developers direct access to
highly granular views of Bitcoin’s state available via the hVM.
This unlocks applications such as Bitcoin (re)staking,
Bitcoin-enabled lending markets, and democratized Bitcoin MEV
marketplaces — applications that were previously impractical or
impossible to execute in a truly trustless, secure, and efficient
way.
- Superfinality — Through its PoP consensus protocol, Hemi
inherits Bitcoin’s full security in a truly decentralized and
permissionless manner, achieving better-than-Bitcoin finality, or
“superfinality” in just a few hours. Additionally, PoP’s modular
nature enables Hemi to extend this security efficiently to other
blockchains.
- Trustless Cross-Chain Portability — With Tunnels, Hemi
delivers a Bitcoin-secured conduit for securely moving assets
between chains. Hemi’s design offers new methods for moving assets
between networks beyond the traditional methods and trust models
offered by conventional bridges.
- Asset Programmability — Hemi’s additional
asset-programmability features include on-chain routing, time-lock,
and password-protect. Gasless transfer enables asset movement
without requiring any native chain currency, regardless of the
presence of a web3 wallet.
“As we started to develop what would eventually emerge as Hemi,
we not only uncovered multiple areas where we could scale and
integrate Bitcoin and Ethereum most effectively, but also make both
of their capabilities more available and useful to developers,”
said Jeff Garzik, co-founder of Hemi Labs. “The compounding of
these discoveries and innovations results in today's announcement
and I am incredibly proud of the team we have assembled that has
brought Hemi to life.”
Participate in the Incentivized
Testnet
The Hemi incentivized testnet and referral program are
accessible today. With the points program, participants earn
“Miles” and can gain recognition for tasks that support everything
from Hemi’s growth to overall development and improvement.
Instructions for participation are available in the Hemi
documentation.
To Learn More
Website: https://hemi.xyz
Blog: https://hemi.xyz/blog/
GitHub: https://github.com/HemiLabs
Docs: https://docs.hemi.xyz
Discord: https://discord.gg/hemixyz
Twitter/X: https://x.com/hemi_xyz
LinkedIn: https://www.linkedin.com/company/hemi-labs/
About Hemi Labs
Hemi Labs is the creator of the Hemi Network (“Hemi”), a modular
Layer-2 network for superior scaling, security, and
interoperability, powered by Bitcoin and Ethereum. Instead of
approaching Bitcoin and Ethereum as siloed ecosystems, Hemi views
them as components of a single supernetwork, unlocking new levels
of programmability, portability, and potential. Hemi Labs envisions
a new, converged Internet ecosystem that is secure, interoperable,
and ready for the many challenges of a web3 that is imminently
colliding with the Internet at-large. Learn more at
https://hemi.xyz/.
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