New York, May 14, 2024 (GLOBE NEWSWIRE) — As a pioneer in the DID field, Lifeform continuously fulfills its mission amid the BTC surge, contributing to the development of the BTC ecosystem. The Lifeform token announced the official launch on the Bybit and kuCoin exchange, trading will begin on May 15, 2024.

Lifeform, supported by investments from a number of leading institutions, excels in focusing on the two objectives mentioned. Let’s explore how Lifeform is executing its DID project.

Unlike other DID solutions that are constrained by the specific characteristics of different public blockchains, thus limiting their cross-chain capabilities and scope of application, Lifeform offers full-chain domain names with .btc services. It is the first platform to support multi-blockchain domain name resolution (including, but not limited to, Bitcoin, Ethereum, BNB Chain, Solana, Base, Avalanche, and OPBNB) as an all-in-one domain resolution platform. This platform has already implemented mappings for .eth, .bnb, .sol, .arb and other domain names under the Lifeform Universal Domain .btc, enabling features such as cross-chain transactions, multi-chain asset request, multi-channel integration , interactive social networking and cross-chain finance.

In its roadmap, Lifeform also proposes collaborations with various wallets to integrate the .btc domain SDK into exchange wallets; its plan to support seamless interaction across multiple Layer1 and Layer2 networks.

Lifeform leverages its technological advantage in artificial intelligence to analyze cross-chain activity. By profiling users based on their asset management behaviors, Lifeform provides tailored recommendations for blockchain services, tokens or dApps.

Particularly for Web2 users who hold substantial amounts of idle BTC assets, Lifeform facilitates connection to Layer2 BTC protocols, such as decentralized staking protocols featuring stable returns and DeFi Machinegun Pool. This approach increases the possibility of earning additional income without the need to sell cryptocurrency assets.

In the future, Lifeform also plans to use artificial intelligence to launch various convenient smart devices, such as BTC Mobile and head-mounted displays. These innovations will help create a free and unrestricted Bitcoin ecosystem mobile application store, providing comprehensive mobile solutions for the Bitcoin developer community.

In terms of presentation, Lifeform is the leader in visual DID. With advanced high-resolution engines, users can easily create any virtual avatar and one-click connect it to Web2 media streaming for dynamic manipulation of virtual characters. Ultimately, Lifeform aims to bring the next billion users to Web3. Users will not only possess a unique full-chain identity and social space, but in the near future they will also be able to navigate the AR and XR world using smart devices with Universal Domain.

From digital gold to application-based assets

2024 is set to be a milestone year for Bitcoin: with the SEC finally approving the Bitcoin ETF and the four-year halving event taking place. If before 2024, Bitcoin’s DeFi applications were simply anchored as anchors of value, the subsequent approval transformed BTC from simply being the digital gold of the cryptocurrency world to a truly application-based asset.

One manifestation is that, spurred by the rapid increase in signups last year, a plethora of Layer2 projects aimed at building new scaling solutions on top of Bitcoin have sprung up like mushrooms after rain, with TVL in DeFi crossing the 2 billion mark of dollars. At the same time, however, Bitcoin, which followed a development path similar to that of Ethereum, replicated the same problems: Layer2 solutions are not the panacea for improving scalability. As economic activities between various protocols become segregated, forming a barrier to blockchain interoperability, the construction of “bridge builders” is inevitably seen as a crucial element in this transformation, of which decentralized identities (DIDs) represent a part important.

As other application-specific public blockchains have developed their own representative DID projects, the Bitcoin ecosystem has seen the emergence of service providers such as Lifeform. Over the past year, Lifeform has raised $400 million in valuations across two rounds of funding, with investments from notable institutions such as Binance, IDG Capital, GeekCartel, Foresight Ventures, KuCoin Labs and SevenX Ventures, whose shares are becoming increasingly most influential.

Why is DID so important and why is Lifeform a leader in BTC’s DID journey? This article will outline the importance of DID and the activities undertaken by Lifeform.

It offers a promising solution to improve blockchain interoperability.

The essence of the network is connectivity. On the Internet, most platform data cannot yet be freely exchanged or exploited to create further value. Blockchain technology faces similar challenges. Not only is interaction between chains difficult, but transitions between different smart contracts on the same chain, as well as interactions between Layer1, Layer2, and Layer3, are also severely limited.

Decentralized identifiers (DIDs) have emerged as a solution to improve blockchain interoperability. DIDs serve as containers for identities, certificates, private keys, and resources, designed to connect multiple service scenarios and data sources. Compared to traditional Internet IDs, Web3 DIDs, with their decentralized nature, have inherent privacy advantages. Control is in the hands of users, eliminating the security risks associated with outsourcing identity management to centralized entities. Furthermore, compared to crypto wallets, DIDs can integrate multiple blockchain addresses and even multiple wallet accounts. They can evolve from 2D to 3D identities, providing a richer user profile and a more vivid, dimensional identity image. The combination of different data increases the richness of application scenarios.

An ideal DID would aggregate addresses from major public blockchains, supporting basic functions like signing and transferring while integrating fragmented data from different blockchains a user might have. Furthermore, it would allow users to self-authorize which data to disclose to projects, thus helping users achieve data sovereignty.

Ready to become the super gateway that helps Web3 go viral

DID is playing a critical role in expanding the reach of Web3. Particularly significant was the US Securities and Exchange Commission’s approval of the Bitcoin ETF in January of this year, which officially recognized BTC as a US dollar-denominated investment. According to the latest data, major financial institutions such as BlackRock and Fidelity, among others, have collectively purchased over 500,000 bitcoins across 10 ETFs (excluding Grayscale), injecting more than $30 billion into the sector.

For people eager to embrace the world of cryptocurrency but lacking a low-barrier entry point as an opportunity, a sufficiently simple Web3 gateway is the first step in creating a positive user experience for non-Web3 users.

DIDs offer a lower barrier of entry and lower cognitive load, combined with a strong network effect, making them a likely candidate as a super gateway for users accessing Web3. Once DID becomes a new channel for capital inflows, its ability to transform non-financial behaviors into reliable reputation scores and financial behaviors into quantifiable credit values ​​could drive transformative development across Web3 applications.

Lifeform’s introduction of a full-chain domain opened a door to the crypto world for Web2 users, serving as the first Web3 passport for new entrants. With crypto assets, users can easily earn high annual returns without having to master complex blockchain technologies; just one click is enough. As 2024 sees an influx of new Web2 users, most of whom are unfamiliar with blockchain operations, this capital segment is looking for a familiar entry point. Lifeform provides this accessible gateway, acting as a bridge between Web2 and Web3 and allowing every user to manage their finances effortlessly. With the significant inflow of capital, the prospects for future development are unimaginable.

Lifeform will usher in a transformative era for BTC.

In conclusion, the future of BTC and Lifeform is intertwined, mutually reinforcing each other’s efforts. With growing interoperable integration, Lifeform is enhancing the BTC ecosystem to make it simpler, faster, fairer, and more trustworthy.

For Lifeform, leveraging the broad recognition of BTC, the oldest and most valuable blockchain network, outside of the crypto circle significantly opens up broader market opportunities and prospects.

In the future, BTC will also usher in a truly decentralized user ecosystem focused on credit and reputation: DeFi could see a world of low-collateral or even unsecured lending, generating a wider range of credit financial products; meanwhile, advanced and simplified social service behaviors, such as chat, reputation scoring and personal achievement display, will also build a mature on-chain social network, comparable in scale to Web2; GameFi, NFTs, and DAOs, among other Web3 applications, will also have a distinct future within the BTC ecosystem.

Looking ahead, as the frequency and complexity of users’ on-chain operations increases, along with the continued advancement of cryptography and Web3 technology, we can expect Lifeform to become a key hub and critical infrastructure connecting BTC and assets , even broader Web3 applications and services. .

Disclaimer: The views, suggestions and opinions expressed herein are the sole responsibility of the experts. Do your research before making a financial decision regarding any crypto company or asset.

Joanna Simpson

official@lifeform.cc

Fuente