Build on Bitcoin (BoB) (N/A)

🤔 What is Build on Bitcoin?

Build on Bitcoin, aka BoB, is the first EVM-compatible hybrid Layer-2 network powered by Ethereum and Bitcoin chain networks. It allows developers and users to enjoy all the benefits of Ethereum chain capabilities combined with Bitcoin’s PoW-level security. 

Generally, the Build on Bitcoin (BOB) network is driven by the concept of the merged mining, leveraging the mining efforts of Bitcoin L1 validators and the power of its own network. At the same time, built on Op stack, the BoB (enables developers to seamlessly integrate the chain into the various EVM dApps with a minimum changes in a code structure. It also allows developers to build their own applications on its chain, including:

• Account abstraction for BTC wallets;
• Advanced BTC NFTs;
• Bridges to the Bitcoin network and from it to other ecosystems;
• Ordinals exchange;
• AI & Bitcoin integrations;
• BTC-powered DeFi, SocialFi and GameFi applications;
• BTC-backed stablecoins;
• Tokenized mining & hashrate markets;
• BTC for DA & checkpoints for L2 chains.

Read more about the BoB Bitcoin layer 2 in its documentation. 

🪙 Build on Bitcoin token: Since Build on Bitcoin crypto network is powered by the PoW mechanism of Bitcoin L1, it is unlikely that the native BoB crypto token will power the security layer of the platform. However, it is quite possible that the Build on Bitcoin token may be actively used as a secondary currency for paying fees to the network and powering BoB's DAO layer.

The project has already finished the first season of its "BoB Fusion" contest program and even launched the second season of the contest on May 1st, 2024. This indicates that the release of the native platform's token might occur in the near future.

Considering this possibility, the CoinLaunch team decided to conduct research on the BoB L2 and provide you with some of the major pros and cons we found in the project:

✅ Build on Bitcoin pros: 

• The Bitcoin L2 industry starts receiving some significant attention from the crypto community;
• Great PR and Growth Marketing performance;
• Above the average SEO performance score;
• Coinbase Ventures and some other tier 2 funds invested into the project over $10M;
• Presence of the top tier partners supporting the project.

❌ Build on Bitcoin cons: 

• There is no publicly available security audit of the platform by top-tier companies. However, the project claims that Trail of Bits is one of its partners;
• No information about the network’s token utility and economy;
• Weak marketing infrastructure;
• Below the average SMM and Influencer Marketing score;
• Most members of the project’s team don't have any work experience in top tier crypto companies.