What is Bitfinity Network?

Bitfinity Network is a high-performance Ethereum Virtual Machine (EVM) Layer 2 solution designed to extend the capabilities of Bitcoin. Built on the Internet Computer, it allows the seamless deployment of smart contracts for Bitcoin, Ordinals, and BRC-20 tokens. The platform is engineered to provide developers and users with an infrastructure that combines efficiency, scalability, and interoperability, enabling the development of decentralized applications (DApps) that leverage the strengths of multiple blockchain ecosystems.

The platform utilizes Chain-Key cryptography, a cutting-edge threshold signature scheme, to establish a secure and decentralized bridge between the Bitcoin blockchain and Bitfinity Network. This mechanism allows users to interact with Bitcoin and other blockchain assets without compromising on decentralization or security. The system supports transaction speeds exceeding 1,000 transactions per second (TPS), making it a scalable choice for applications requiring high throughput.

Bitfinity Network supports Solidity, the widely-used programming language for Ethereum, enabling developers to build and deploy smart contracts with familiar tools. The integration of cross-chain functionality ensures that developers can build interoperable DApps capable of interacting with Bitcoin and Ethereum ecosystems. This compatibility broadens the use cases for blockchain applications, making the network appealing to a diverse range of developers and businesses.

The network’s infrastructure is optimized for decentralized finance (DeFi), non-fungible tokens (NFTs), and other applications that require high-speed and low-cost transactions. By addressing the limitations of existing blockchain systems, Bitfinity Network offers a platform capable of supporting a wide array of decentralized applications. Its decentralized bridge further enhances its capabilities by enabling trustless interactions with Bitcoin assets.

Bitfinity also prioritizes user accessibility, offering a comprehensive suite of tools and documentation to simplify the onboarding process for both developers and users. Features such as wallet integration, token minting, and cross-chain asset bridging make the platform accessible for newcomers while providing advanced functionalities for experienced developers. This approach ensures a broad adoption base and sustained engagement with the network.

Bitfinity’s vision is to bridge the gap between Bitcoin and Ethereum ecosystems, providing a unified infrastructure that fosters innovation in decentralized applications. By integrating unique cryptographic solutions, supporting EVM compatibility, and prioritizing scalability, the network establishes itself as a comprehensive platform for blockchain development and use.

Historical Background

Bitfinity Network was conceptualized to address the limitations of Bitcoin’s lack of programmability and Ethereum’s scalability challenges. The project aimed to combine the security and liquidity of Bitcoin with the flexibility and versatility of Ethereum’s EVM. This vision led to the development of a decentralized Layer 2 solution capable of unlocking new use cases for Bitcoin and other blockchain ecosystems.

The development of Bitfinity began with a focus on creating a scalable and interoperable platform that could seamlessly integrate with Bitcoin’s blockchain. The team recognized the potential of the Internet Computer to host the infrastructure due to its ability to process high transaction volumes while maintaining decentralization. This decision set the foundation for Bitfinity’s unique technical architecture.

The founding team comprises blockchain experts with backgrounds in cryptography, decentralized application development, and infrastructure design. Their collective expertise played a crucial role in designing the platform’s Chain-Key cryptographic mechanism, ensuring a secure and efficient bridge between Bitcoin and Bitfinity. Their commitment to security and scalability shaped the platform’s core features.

Key milestones in the project’s development include the successful implementation of Chain-Key cryptography, the launch of EVM compatibility, and the establishment of partnerships with blockchain developers and projects.

Founders and Funding

Max Chamberlin and Alessandro Rietmann are the co-founders of Bitfinity Network. Max Chamberlin serves as the CEO, bringing experience in blockchain infrastructure and decentralized finance. Alessandro Rietmann is the CTO, focusing on the technical architecture and security of the network. Their leadership has guided the development of Bitfinity’s Chain-Key cryptographic mechanism and Layer 2 scaling solutions.

Bitfinity Network secured $1.5 million in seed funding in December 2021 from Polychain and Draft Ventures to support its early development. In January 2024, the project raised an additional $5.5 million, reaching a valuation of $130 million. Key investors in this round included ParaFi Capital, Warburg Serres, Dokia Capital, and Draft Ventures. By November 2024, Bitfinity Network raised another $5 million to accelerate development and expand its infrastructure.

Positioning in the Blockchain Ecosystem

Bitfinity Network differentiates itself from other Layer 2 solutions through its focus on bridging Bitcoin and Ethereum ecosystems. While many Layer 2 platforms rely on rollups or zero-knowledge proofs, Bitfinity employs Chain-Key cryptography, a threshold signature scheme that enables secure and decentralized interactions with Bitcoin. This approach eliminates the need for centralized intermediaries, providing a trustless environment for cross-chain transactions.

Compared to traditional Layer 2 solutions that prioritize Ethereum scalability, Bitfinity addresses a broader scope by integrating Bitcoin assets and supporting Ethereum-compatible smart contracts. This unique positioning allows it to serve as a bridge for developers and users who want to interact with both ecosystems seamlessly. It combines the liquidity of Bitcoin with the programmability of Ethereum, unlocking new opportunities for decentralized applications.

Bitfinity’s infrastructure is designed to support a wide range of applications, from decentralized finance to non-fungible tokens and beyond. Its scalability, high transaction throughput, and low costs make it an attractive option for developers seeking to build applications that require efficient and secure interactions with blockchain assets. The platform’s compatibility with EVM further strengthens its position in the blockchain ecosystem.

The platform’s value propositions include enhanced security through advanced cryptographic solutions, seamless integration of Bitcoin and Ethereum assets, and a developer-friendly environment that reduces technical barriers.

Highlights

• Bitfinity Network is a Layer 2 solution that integrates Bitcoin with Ethereum, enabling smart contract functionality and cross-chain interoperability.
• The platform utilizes Chain-Key cryptography for secure, decentralized interactions between the Bitcoin blockchain and its infrastructure.
• Its support for Solidity and compatibility with the Ethereum Virtual Machine (EVM) allow developers to deploy smart contracts seamlessly.
• Bitfinity’s infrastructure prioritizes scalability, enabling over 1,000 transactions per second (TPS) while maintaining security and low costs.
• The network’s unique positioning combines Bitcoin’s liquidity and Ethereum’s programmability, offering innovative solutions for DeFi and other blockchain applications.