Bitcoin data parsing protocol TerpLayer launches

Singapore, March 14, 2024 (GLOBE NEWSWIRE) — The Bitcoin data parsing protocol TerpLayer (formerly Merlin Protocol) announced on its official X on Thursday that it is rebranding and partnering with multiple blockchain infrastructures including Chainlink and NFTScan to launch the Terp Indexer Oracle and the decentralized BRC20 asset cross-chain transfer solution Terp BRC20 Adapter.

Addressing the Challenge:

Bitcoin’s absence of smart contract support hinders its growth. Developers use off-chain execution with on-chain status recording, but the lack of a standard for on-chain data serialization raises costs and wastes storage.

Bitcoin’s Proof of Work (PoW) ensures network security and global consensus without third-parties. However, most Layer 2 and cross-chain solutions still require third-party trust, posing risks and limiting Bitcoin’s ecosystem potential.

The TerpLayer Solution

TerpLayer provides decentralized BDIL nodes, anyone can set up nodes to provide service support, ensuring the decentralization of the BDIL nodes, and a higher degree of decentralization equals higher security.

On one hand, TerpLayer provides BTC native data parsing and access services for the Bitcoin L2 layer (BDIL). The L2 layer does not need to run a BTC full node to download and synchronize data. It can directly connect to BDIL to ensure state synchronization, data storage, and publication.

On the other hand, TerpLayer provides infrastructure services such as Bitcoin custody, wallet services, insurance, and payment processing, simplifying the threshold for Bitcoin L2 and BTC developers. They can directly call the modularized services of BDIL nodes without having to re-research BTC.

Moving Forward

In summary, TerpLayer’s upgrade marks an improvement in protocol efficiency, functionality, and developer-friendliness. It aims to optimize the data indexing process, attract more developers to join the ecosystem, and enhance the overall capability of the Bitcoin network.

Contact

Stay up-to-date with TerpLayer’s latest advancements by following their social media:

Twitter: https://twitter.com/terp_layer 
Website: https://terplayer.org/ 

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.