Crypto mining company Marathon Digital is incubating a Bitcoin-focused multi-chain sidechain network named Anduro.
The first two sidechains on Anduro, Coordinate and Alys, are currently under development. Coordinate aims to provide a more efficient UTXO stack for ordinals, while Alys is an EVM-enabled network for asset tokenization.
“Anduro is a platform built on the Bitcoin network that enables the creation of multiple sidechains, providing a new avenue for innovation within the Bitcoin ecosystem,” the report said. announcement said. Marathon added that it wanted developments on the network, designed to incorporate decentralized governance, to be community-led.
Anduro uses a system called merge-mining, in which miners can potentially earn Bitcoin-denominated revenue through sidechain transactions while continuing to mine Bitcoin on the base layer, according to Marathon.
“We believe Anduro is one of those ideas that brings value to Bitcoin holders and application developers, while strengthening the long-term sustainability of Bitcoin’s proof of work,” said Fred Thiel , President and CEO of Marathon.
Disclaimer: The Block is an independent media outlet providing news, research and data. Since November 2023, Foresight Ventures has been a majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to provide objective, impactful and current information about the crypto industry. Here is our current financial information.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.