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Author: Admin | 2025-04-27
Lock up money between the Statechain entity and the user in a 2-of-2 multisig. The user simply hands over their private key, which is referred to as the transitory key, to the intended receiver when they wish to transfer the money.The Statechain entity and any users who possess the temporary key effectively control the money in Statechains.6. Omni Layer The Omni Layer is a software layer that is added on top of the Bitcoin blockchain and improves upon the functionality of Bitcoin with its own unique features.By offering smart contract capabilities, Omni Layer lets developers build new, customized cryptos, automate complicated financial processes, and decentralize and freely expand the Bitcoin network beyond its own currency.The comparison of HTTP to TCP/IP is frequently used to explain the connection between Omni Layer and Bitcoin. In short, Omni Layer is the HTTP layer to the TCP/IP layer of Bitcoin.Without the burden of creating a brand-new blockchain, Omni Layer uses its technology to improve the Bitcoin network by enabling tokenization and the execution of other smart contract capabilities.7. Stacks ProtocolSource | Stacks protocol, one of the Bitcoin layer 2 projectsCounted as one of the top-performing Bitcoin layer 2 projects, Stacks enhances the functionality of Bitcoin by utilizing self-executing smart contracts without requiring a Bitcoin fork.This implies that without altering any of Bitcoin’s capabilities, Stacks may add new features to Bitcoin, like decentralized apps and smart contract functionality. Muneeb Ali and Ryan Shea, two Princeton graduates, co-founded Stacks, formerly known as Blockstack, in 2017. Blockstack
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