Multibit is a protocol designed to unify liquidity among the Bitcoin network and Ethereum Virtual Machine (EVM) networks. It facilitates a secure and efficient bridging mechanism for seamless token transfers between the Ethereum (ETH) chain, Binance Smart Chain (BNB), and Bitcoin (BTC) network.
Multibit leverages the BRC-20 token standard for Bitcoin to enable two-way connectivity between EVM networks and the Bitcoin blockchain. It operates on both the Bitcoin blockchain and EVM networks like Ethereum and BNB. Smart contracts are used to facilitate the bridging process, allowing for the minting of equivalent token volumes on the EVM network when BRC-20 tokens are deposited and validated.
Potential use cases for Multibit include:
These applications highlight its role in sectors like DeFi, blockchain, and cross-chain solutions.
Multibit originally referred to a Bitcoin wallet software launched in 2011, which gained popularity for its ease of use. It was discontinued in 2017 due to maintenance issues. The current Multibit (MUBI) protocol is unrelated to this wallet. It focuses on bridging tokens between Bitcoin and EVM networks, with significant developments in its ecosystem planned through 2024.