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07 June 2024
Ark Labs launches a layer 2 solution for Bitcoin

Ark Labs launches a layer 2 solution for Bitcoin.

Ark Labs’ division is working on creating a second layer network for digital gold based on the Ark protocol, reports The Block.

The new Bitcoin scaling solution promises simpler interaction compared to the Lightning Network and a non-custodial approach.

Developers note that users do not need to manage channels and liquidity for making payments. For effective network interaction, a “light” wallet on a smartphone is sufficient, without the need to set up personal nodes.

Ark includes trustless ASP servers, which enable users to make “virtual transactions” after making a deposit.

The startup is funded by a grant from Bitcoin-friendly firm Vulpem Ventures. Ark Labs also mentioned that several commercial services are already using this protocol, and the first applications based on the new layer 2 network will appear soon.

“It is becoming clear that Bitcoin needs more scaling alternatives. We are always keeping an eye on future technologies,” noted Swan Bitcoin CEO and Ark Labs advisor Cory Klippsten.