Nubit Review: Data Availability Layer based on Bitcoin

Nubit was built to act as a Data Availability layer for other Bitcoin-based blockchains. This combination provides speed and cost efficiency while still taking advantage of some of the security of the Bitcoin network.

What is Nubit?

Nubit is a Layer 2 project that helps build the Data Availability (DA) layer, to help the Bitcoin network improve data storage capacity, increase transaction speed, and save costs for users.

Read More: BEVM Unveils Groundbreaking Taproot Consensus for Decentralized Bitcoin Layer 2 Solution

Products

The project aims to develop a secure and highly scalable Data Availability (DA) layer for the multi-chain ecosystem, supporting a variety of applications including AI, Machine Learning (ML), SocialFi, and NFT Game..

This approach allows for inheriting the security of the Bitcoin network while still ensuring increased transaction speed and cost savings for users. The products currently serve three main areas, including:

• Ordinal: Helps reduce Inscription costs on the Ordinal network.
• Price Oracle and DeFi: Provides accurate, real-time price data to serve Bitcoin-based DeFi platforms.
• Bitcoin Layer 2: Supports storing Rollup data, reducing transaction processing time on the Bitcoin Layer 2 network.

Read More: Merlin Chain Launches MERL: A Major Leap Forward in Bitcoin Layer 2 Solutions

How Nubit Works

1. Users send data to Nubit.
2. Nubit’s Validator will process the data and then transfer it to the Full node for storage and consensus. The data tag (DA Tag), identifier, and state root will be stored on the Bitcoin network for security.
3. When there is a request to use data, the user sends a request to Nubit to receive the results.

Tokenomics

Currently, the project has not yet announced official tokenomics information

Team, Investors, and Partner

Team

• Yu Feng (Co-Founder & CEO): He used to hold a professor position at UCSB University, won many prestigious academic awards in the field of software technology from Google Scholar, Ethereum Academic, and many other awards. He is currently the co-founder of Nubit and a security company called Veridise.

• Hans Liu (Co-founder & CEO): He is the co-founder of Nubit and is currently a doctoral student at the University of California, Santa Barbara (UCSB). He has experience in the security field working on Ethereum Foundation PSE projects, helping to discover many vulnerabilities in Zero-Knowledge Proof (ZKP) technology.

• Hongbo Wen (Co-Founder & CTO): He currently holds the position of technical director at Nubit. Like Hans Liu, he is also a doctoral student at UCSB. Experienced in discovering common vulnerabilities in smart contracts and ZKP technology.

Investors and Partner

Nubit has raised a total of 12 million USD in 3 funding rounds so far, with the participation of 18 investment funds:

• Round 1 (Angel – January 4, 2024): The project raised about 1 million USD from individual investors, including Mac (founder of Bounce Brand) and Domo (creator of the BRC-20 standard).
• Round 2 (Pre-Seed – March 26, 2024): Raised 3 million USD from some famous investment funds such as OKX Ventures, NGC Ventures, …
• Round 3 (Seed – June 5, 2024): Received 8 million USD in a funding round led by Polychain Capital, with the participation of OKX Ventures, dao5, Animoca Brands, …

Nubit has currently partnered with several notable projects in the Bitcoin ecosystem such as Merlin Chain (MERL), BounceBit (BB), Babylon, Bitlayer, Unisat, etc. The project has also expanded support for toolkit Layer 2 development including Polygon CDK, OP Stack, Arbitrum Orbit & Scroll.

Nubit Airdrops Portal: Step by step

Step 1: You need to prepare 1 Galxe account, 1 Keplr wallet, and 1 Metamask wallet

Step 2: You access the project’s Galxe page to perform tasks. Since we’re just starting out, the number of tasks is quite simple, mainly liking and following the project.

Step 3: Visit the testnet event homepage. Then, you connect your Keplr wallet and Galxe account together and complete all the tasks available on the website

Roadmap

The development roadmap is a gradual transition to a decentralized model. Initially, the network will be operated centrally by the development team, then gradually switch to decentralized.

Conclusion

Nubit is the pioneering Bitcoin Layer 2 project in bringing the Data Availability layer to the Bitcoin network. With an experienced development team and support from famous investors, Nubit promises to become a potential project in the future.

CoinCu estimates that participating in this project’s airdrop may provide opportunities to receive airdrops from Nubit’s partners.

FAQs

1. What is Nubit’s goal?

Reduces storage costs while maintaining security serves multiple needs, and is programmable.

2. To ensure speed and cost savings, what did they do?

Nubit stores user data on its network, then only saves a small piece including Data Availability Tag (DA Tag) and Special identifier (special identifier) ​​to the Bitcoin network. It only costs 18 bytes of data, thereby helping users save significantly on costs.

3. Who are the participants in the Nubit network?

Validator, Full Node, Light Node.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.