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Glossary

This glossary provides definitions for key terms used in the BeL2 documentation.

A​

Arbitrator Nodes​

Nodes in the BeL2 network responsible for dispute resolution, time-based execution, and loan management. They maintain decentralization while earning BTC fees.

B​

BeL2​

An innovative framework and protocol that bridges the Bitcoin and Ethereum ecosystems using Zero-Knowledge Proofs (ZKPs), enabling secure and efficient cross-chain interactions.

Bitcoin (BTC)​

The first and most well-known cryptocurrency, based on a decentralized ledger technology called blockchain.

Bretton Woods System​

An international monetary system established in 1944 that used gold as a standard for international currency exchange. BeL2 aims to create a new, digital version of this system using Bitcoin.

C​

Cairo Circuit​

A component of the BeL2 technology stack used for generating and verifying zero-knowledge proofs.

Cross-Chain Interoperability​

The ability of different blockchain networks to communicate and interact with each other, allowing for the exchange of data or assets between them.

D​

Decentralized Finance (DeFi)​

A system of financial applications and services built on blockchain technology that aims to remove intermediaries and provide open access to financial services.

Decentralized Exchange (DEX)​

A type of cryptocurrency exchange that operates without a central authority, allowing for direct peer-to-peer cryptocurrency transactions.

E​

Ethereum​

A decentralized, open-source blockchain platform that enables the creation and deployment of smart contracts and decentralized applications (dApps).

Ethereum Virtual Machine (EVM)​

The runtime environment for smart contracts in Ethereum. It's completely isolated, which means that code running inside the EVM has no access to network, filesystem, or other processes.

EVM ZKP Contract​

A smart contract in the BeL2 system that handles zero-knowledge proofs on Ethereum-compatible blockchains.

L​

Layer 2 (L2) Solution​

A secondary framework or protocol built on top of an existing blockchain system to help with scalability and transaction speed issues.

N​

New Bretton Woods​

A concept in BeL2 that envisions a new global financial system based on Bitcoin, inspired by the original Bretton Woods system that used gold as a standard.

S​

Smart Contract​

A self-executing contract with the terms of the agreement directly written into code. They run on blockchain networks, particularly Ethereum.

Z​

Zero-Knowledge Proof (ZKP)​

A cryptographic method by which one party can prove to another party that they know a value X, without conveying any information apart from the fact that they know the value X.

ZKP Block Explorer​

A tool in the BeL2 ecosystem that allows users to independently verify Bitcoin transactions using Zero-Knowledge Proofs. It enhances Bitcoin's security and decentralization while enabling integration with smart contracts.

ZKP-Enhanced Transactions​

Transactions that leverage Zero-Knowledge Proofs to provide additional security and verification capabilities.

ZKBTC Full Nodes​

Specialized nodes in the BeL2 network that handle the generation and verification of Zero-Knowledge Proofs for Bitcoin transactions.

ZKP Bitcoin Transaction Verifier​

A component in the BeL2 system that verifies Bitcoin transactions using zero-knowledge proofs.

Additional Terms​

API (Application Programming Interface)​

A set of protocols, routines, and tools for building software applications that specifies how software components should interact.

Blockchain​

A distributed, decentralized, public ledger technology that records transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.

dApp (Decentralized Application)​

An application that runs on a decentralized network, typically a blockchain, rather than a centralized server.

SDK (Software Development Kit)​

A collection of software development tools in one installable package, typically including libraries, documentation, code samples, and tools to help developers create applications.

TypeScript​

A programming language developed and maintained by Microsoft. It is a strict syntactical superset of JavaScript and adds optional static typing to the language.

Note: This glossary will be updated as new terms are introduced or existing terms are refined in the BeL2 documentation.