Marathon Digital Holdings announced Anduro, a multichain layer two platform on top of Bitcoin, to expand Bitcoin's functionality and attract activity from other chains.
Marathon Digital Holdings, one of the world's largest publicly traded Bitcoin mining companies, has announced its work on Anduro, a multichain, layer two platform on top of Bitcoin.
Marathon Announces Anduro to Expand Bitcoin Functionality
With Anduro, Marathon proposes the creation of multiple sidechains designed to expand Bitcoin's standard functionality and attract activity previously directed to other chains. Marathon Digital Holdings, a publicly traded bitcoin mining company, has announced that it is working on Anduro, a multichain layer-two Bitcoin platform. Marathon explains that Anduro will help expand functions that Bitcoin cannot provide, due to its sleek design.
The company believes that there is a growing demand for Bitcoin applications, given the trust and security associated with the cryptocurrency, as opposed to the fraud and cheating perpetrated using other blockchain projects. Anduro aims to be Bitcoin's application layer, facilitating the creation of multiple sidechains, which will be supported by the collective.
The collective is a centralized element that organizes and maintains the stakes of bridged assets and participates in the consensus tasks of the aforementioned sidechains, according to the Anduro litepaper, there is already work underway on two sidechains specifically geared towards addressing the weak points that bitcoin has At the moment.
Coordinate, the first sidechain, is focused on providing a compatible space for current assets on Bitcoin, such as inscription, that will benefit from an environment of “low latency, and low fees.” Alys, the second sidechain, is focused on bringing Ethereum applications to Bitcoin, including smart contract functionality to attract institutions looking for tokenization solutions.
All of these sidechains will benefit from mining pooling, meaning that Marathon can help secure assets across Anduro's various sidechains while still mining bitcoin on the base layer.
Marathon Chairman and CEO Fred Thiel stated that Anduro "adds to Marathon's growing technology stack by potentially introducing new sources of fee revenue," emphasizing that Anduro may "could increase Bitcoin adoption."
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