MultiBit

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Welcome to Multibit

Unlocking BRC20 on EVM networks

Introduction

​ is an innovative endeavor aiming to unify the liquidity amongst Bitcoin network (BTC) and EVM networks. 

Multibit Bridge offers a secure and efficient bridging mechanism to allow for seamless transfers of tokens between the ETH chain, BNB chain, and BTC network. Bridging ERC20 tokens with BRC20 tokens, the Multibit Bridge enhances the liquidity of BRC20 tokens and promotes the growth and development of the Bitcoin ecosystem.

Introducing MultiBit: Unlocking BRC20 on EVM networks

Merging Value with Versatility

Multibit envisions leading the vanguard in cross-chain transfers across the blockchain universe. We are dedicated to ceaseless innovation and technological enhancements, all with the primary goal of providing a secure, efficient, and seamless cross-chain transfer experience for users.

Multibit interweaves the robust store of value characteristic of Bitcoin with the programmability of Ethereum's EVM networks. Enhancing Bitcoin's utility through interoperability, Multibit aims to enrich the Ethereum ecosystem with a stable, significant assets. Spurring innovation and amplifying the potential of decentralized applications and DeFi. This symbiotic merger holds the promise of creating a vibrant, interconnected blockchain landscape, sparking a new era of growth in the crypto space driven by BRC20s.

BRC20

The BRC-20 “token standard: is an experimental fungible token created using Ordinals and Inscriptions and saved on the bitcoin base chain. It utilises Ordinal inscriptions of JSON data to deploy token contracts, mint tokens, and transfer tokens.

This is not a token standard like you’re used to with EVM chains, which create smart contracts that manage the token standard and its various rules, but simply is a way to store a script file in bitcoin and use that file as a way to attribute tokens to satoshis and then allow them to move from one user to another. 

The BRC-20 token was created by Twitter user  on March 8th, 2023. The name is a play on Ethereum’s ERC-20 token standard, but they don’t have the ability to interact with smart contracts like the EVM standard it derivates its name from.  

Bridging BRC20 to Ethereum Ecosystem

Multibit seamlessly bridges the gap between bitcoin ecosystem and EVM blockchains. 

Multibit: Bridging BRC20 and ERC20

Token Deposit

The journey begins when you deposit your Bitcoin RC-20 tokens (BRC20s) into a unique address provided by the Multibit Protocol. Multibit verifies the token deposits transactions.

Token Minting

Following a successful verification, the Multibit Protocol gets into action and mints an equivalent amount of tokens on Ethereum or BNB chain. 

Security

Periodically, the Multibit Protocol gathers up tokens from all the unique addresses it's given out. These tokens are securely moved to a unified cold wallet. 

Token Withdrawal

When you're ready to withdraw your tokens, the Multibit Protocol will remove (or "burn") the corresponding amount of tokens from the EVM chain. It then transfers an equivalent value from the secure cold wallet back to you.

Vision

Merging Value with Versatility

Multibit envisions leading the vanguard in cross-chain transfers across the blockchain universe. We are dedicated to ceaseless innovation and technological enhancements, all with the primary goal of providing a secure, efficient, and seamless cross-chain transfer experience for users.

Our ambition extends to empower BRC20 holders, unshackling the latent liquidity of these tokens and expanding their potential trading scenarios. In doing so, we aim to also provide substantial liquidity to other BRC20-related protocols.

But our vision transcends mere transactions. We aspire to be a driving force in the development and interoperability of the expansive blockchain ecosystem. By connecting previously disparate chains, we foresee a future where fluid cross-chain interactions are not just possible but the norm, propelling the entire blockchain sphere towards greater growth and innovation.

Vision

Our vision is based on three core principles:

Security

User Experience

Scalability

These pillars shape our perspective on how multi-chain user experiences ought to evolve. We aspire for a future where not only can data move securely and freely between blockchains, but where users and developers can engage with and build applications without feeling constrained by a specific blockchain.

We foresee an energetic ecosystem of user-centric applications that can share state across any blockchain, without concerns over security breaches, complicated UX, or fragmented liquidity.

Security

Security is a paramount concern for cross-chain applications. Therefore, Multibit places security at the heart of its design philosophy. We validate cross-chain transactions through a robust verification system where off-chain entities work together to identify and report fraudulent transactions during a specified window.

Like in traditional consensus schemes, as the number of validators (N) increases, the cost to attack the network becomes prohibitively expensive. We acknowledge the risks associated with cross-chain protocols, demonstrated by high-profile bridge hacks, but remain unwavering in our commitment to security, as the future is inevitably multi-chain.

User Experience

At Multibit, we design with one core principle in mind: create solutions that users truly want.

Our user experience obsession is evident in our Multibit Bridge, a reliable tool for seamless cross-chain token transfer. We've incorporated features to make it safer and easier for users to bridge BRC20 tokens cross chains. Additionally, we’re committed to facilitating developers who wish to leverage Multibit to create novel cross-chain experiences.

We foresee a future where the underlying blockchain is fully abstracted, allowing transactions to occur smoothly and securely.

Scalability

The current landscape of blockchain interoperability is fragmented and challenging to navigate given the myriad of new blockchains with their individual states. Multibit is designed to obliterate these interoperability barriers between BRC20 and Ethereum ecosystem tokens.

We envision a future where developers can seamlessly integrate the Multibit protocol.

At Multibit, our ultimate aspiration is to be the trusted bridge that connects the multi-chain world, and our BRC20 to ERC20 solution is a significant stride towards this goal.

Getting Started

User Experience Overview

Here’s a walkthrough of MultiBit’s current product, showcasing our seamless BRC20 bridging experience. We’ve also been developing new features and capabilities, with exciting updates coming soon, stay tuned

Sign-up/login:

Users can connect a variety of wallets powered by WalletConnect:

Choose Networks:

Users can choose which EVM network they want the BRC20 asset to be bridged to, MultiBit currently supports Ethereum Mainnet and BNB Chain.

BRC20 Bridging to EVM:

1. We’ll provide you with a unique BRC-20 deposit address. Please access your BTC wallet and select the specific quantity of assets you’d like to transfer cross-chain.

2. After you’ve completed the transfer, return to your account to verify the status of your deposit. Upon successful confirmation, you’ll be able to generate your cross-chain ERC-20 assets.

Bridging ERC20 to Bitcoin:

Specify the quantity you wish to withdraw and provide the BRC-20 receiving address where you’d like to receive the BRC20 assets back from EVM networks.

Overview

Overview of Multibit Protocol

Mutibit is revolutionizing the crypto landscape by providing a seamless bridge between BRC20 tokens and ERC20 tokens. Developed with the goal of expanding the possibilities of token migration, Mutibit empowers users to effortlessly transfer their BRC20 tokens to the Ethereum network, unlocking a whole new realm of opportunities.

With Mutibit, the process of bringing BRC20 tokens to Ethereum becomes efficient and straightforward. No longer bound by the limitations of separate blockchain ecosystems, users can harness the power of Ethereum's vast network, robust infrastructure, and thriving decentralized finance (DeFi) ecosystem.

Whether you're a seasoned crypto enthusiast or a budding investor, Mutibit offers a gateway to a world of expanded liquidity, interoperability, and enhanced financial flexibility. Seamlessly migrate your BRC20 tokens to Ethereum, opening doors to diverse investment opportunities, decentralized exchanges, lending platforms, and more.

Mutibit's user-friendly interface ensures a smooth and hassle-free experience. Simply connect your wallet, select the BRC20 tokens you want to bridge, and effortlessly transfer them to Ethereum. The platform's secure and transparent architecture guarantees the safety of your assets throughout the migration process.

By leveraging Mutibit, you align yourself with a pioneering solution that empowers you to become a trailblazer in the crypto space. Embrace the spirit of innovation, embrace the limitless potential of Mutibit.

Join Mutibit today and experience the power of bridging BRC20 tokens to Ethereum. Unlock new horizons, elevate your financial prowess, and embark on a journey towards a future of endless possibilities in the world of decentralized finance.

Technical Implementation

Smart Contracts

Multibit utilizes smart contracts to implement the logic and rules for cross-chain token transfers. 

Multi-Signature Mechanism

To ensure the security of cross-chain transfers, Multibit employs a multi-signature mechanism. When a user initiates a token transfer request, multiple authorized signatures are required to execute the cross-chain operation, mitigating potential malicious behavior and risks.

Listening Nodes

Multibit relies on listening nodes to monitor transaction statuses on the ETH chain, BNB chain, and BTC network. These nodes are responsible for monitoring token locking and release events, ensuring real-time and accurate cross-chain transfers.

Security Audits

To ensure the security of cross-chain transfers, Multibit conducts regular security audits. By reviewing smart contracts, system architecture, and relevant code, the system is checked for potential vulnerabilities and security risks.

Cross-Chain Process

BTC Network to ETH/BNB Network:

After connecting their wallet, each user will be assigned a dedicated BRC20 address by the Multibit platform.

Users need to transfer BRC20 tokens to their dedicated BRC20 address for cross-chain transfer.

After block confirmation, users can see the tokens is avaliable for minting in order book. Users have the minting authority and need to manually mint the transferred tokens.

When minting, the transaction will request the signer's signature from the backend and provide it to the contract. Once the contract verifies the signature, users can mint the tokens on ETH/BNB chain.

Advantages

Efficient Asset Portability: With Multibit, users can transfer their liquidity or token holdings from one network to another quickly and efficiently, without the need for complex manual processes or multiple transactions.

Enhanced Liquidity Pooling: Multibit facilitates the consolidation of liquidity across multiple networks, creating larger and more robust liquidity pools. This improves the overall liquidity and trading opportunities for users across different blockchain networks.

Optimized Market Access: By enabling liquidity transfer, Multibit enhances market access for users, allowing them to tap into a broader range of assets, trading pairs, and investment opportunities available across various blockchain networks.

Seamless User Experience: Multibit aims to provide a seamless and user-friendly experience for liquidity transfer, ensuring that users can easily navigate between different networks and access their assets without any technical complexities.

Increased Flexibility: The ability to transfer liquidity between networks offers users greater flexibility in managing their assets, allowing them to adapt to market conditions and explore new investment opportunities across different blockchain ecosystems.