On March 5th, 2023, the Rollkit framework for rollups was successfully launched, allowing for the storage of rollup information developed for Ethereum on the Bitcoin network. Rollups are a way to compress or group a number of transactions into a single one, increasing privacy and making the network more efficient. Rollkit supports different execution layers, including the Ethereum Virtual Machine and Cosmos’ CosmWasm. It also relies heavily on Taproot and Ordinals, which are the equivalent of non-fungible tokens (NFTs) that store data on the Bitcoin network in hexadecimal format.
The news of the launch was met with mixed reactions from Bitcoin enthusiasts. Some praised the development, believing that it could bring something new to the industry, while others criticized it, arguing that the Bitcoin network should be used for financial transactions and nothing else. Supporters of the launch believe that it could help optimize the use of free space on the Bitcoin blocks, expanding the capabilities of the network and helping to create a healthy fee market on Bitcoin. However, others worry that using the network for other purposes might be detrimental for users as they will have to compete for the limited space of each block.
