Bitcoin Developer and Security Pioneer Launch L2 Hemi Network to

Sead Fadilpašić

Last updated:

July 24, 2024 at 17:00 GMT+3

| 2 min read

Hemi Labs has announced its Hemi Network, a modular layer-2 (L2) blockchain network that aims to deliver “superior” scaling, security, and interoperability between Bitcoin and Ethereum.

The network will launch at the Bitcoin 2024 conference in Nashville, Tennessee, USA, this month.

Its creators stated that they are not approaching the two networks that “drive the blockchain ecosystem” – Bitcoin and Ethereum – as siloed ecosystems.

Attempts to integrate and scale these two massive networks “have tended to address the problem within their respective communities, resulting in a fractured ecosystem.”

Rather, Hemi views Bitcoin and Ethereum as components of a single, larger supernetwork.

“This surfaces the best capabilities of both networks and, in turn, enables a new class of previously unattainable blockchain applications,” the team argued.

Hemi Labs was co-founded by early Bitcoin core developer Jeff Garzik and blockchain security pioneer Max Sanchez.

Meanwhile, Hemi’s incentivized testnet and referral program are already available.

The Leaderboard and Miles program will start in a week.

The points program participants earn ‘Miles’ and “gain recognition for tasks that support everything from Hemi’s growth to overall development and improvement,” the announcement said.

New PoP Consensus Protocol ‘Exceeds’ Bitcoin’s Security.

According to the press release, Sanchez is the principal developer behind Hemi’s method for inheriting Bitcoin’s security characteristics, the Proof-of-Proof (PoP) consensus protocol.

This novel feature uses “and exceeds” Bitcoin’s security, in addition to Bitcoin/Ethereum interoperability technologies, to deliver trust-critical decentralized finance (DeFi) and artificial intelligence (AI) applications.

Furthermore, its creators noted some of the key benefits of the new Hemi Network.

The first one is unifying Bitcoin and Ethereum. The Hemi Virtual Machine (hVM) integrates a full Bitcoin node within an Ethereum Virtual Machine (EVM).

Therefore, developers get to utilize the power of both chains via familiar tools.

Also, it maintains full backwards compatibility with EVM smart contracts, auditors, and Ethereum wallets.

Another benefit is Bitcoin programmability. Smart-contract developers building with...

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