World's First BTC Layer 2 Summit To Attract Over 500 Blockchain Elites

Blockchain venture BTC Security Lab on Monday announced what it said would be the world's first Bitcoin Layer 2 summit, which is expected to be held on April 8, 2024 in Hong Kong.

"This landmark event is anticipated to draw over 500 blockchain industry elites and feature participation from more than 100 top companies worldwide, fostering unparalleled global collaboration and knowledge exchange," the venture said in a press release.

Dubbed as the Bitcoin Layer 2 Conference – East & West 2024, the summit will feature fully decentralized EVM (Ethereum virtual machine) compatible Bitcoin layer-2 BEVM as the title sponsor. It will be hosted by blockchain security team Scalebit and web3 media platform Web3CN.

Co-hosts include blockchain tech and digital assets institutional manager HashKey Capital, Hong Kong-based tech media outlet Techub News, the Hong Kong government's HKSTP, and Bitcoin ecological infrastructure BiHelix.

During the conference, the Bitcoin Layer 2 Technical Specification Library will be unveiled. It is described as "a collaborative project designed to enhance the security of the Bitcoin ecosystem." Multiple entities such as Bison and BounceBit were "instrumental" in the development of the library, as per the press release.

Below are some of the confirmed participants:

• Merlin Chain – EVM-compatible chain
• EOS Network Foundation – tech firm specializing in the EOS Network
• MAP Protocol – BTC layer-2 and peer-to-peer omnichain infrastructure
• Bitmain – app-specific Bitcoin mining chips designer
• Bool Network – permission-less Bitcoin verification layer
• Bitlayer – BTC security-equivalent layer-2 based on BitVM
• iPollo – Singapore-based supercomputer equipment designer
• Comma3 Ventures – blockchain venture capital investment firm

The conference will be held at the Charles K.Kao Auditorium at the Hong Kong Science Park.

Meanwhile, interest in layer-2 Bitcoin continues to grow as displayed in the recent rally of STX, the native token of Bitcoin-focused layer-1 smart contract platform Stacks.

A recent report from crypto market intelligence provider Messari said that STX's average transaction fees surged 400% quarter-over-quarter. The said performance far surpasses Bitcoin's 90% increase in activity from mid-October 2023 through February.

There's also much excitement around leading layer-2 scalability solution Shibarium, as K9 Finance, a liquid staking derivatives (LSDs) platform for the Shib network, will have its $KNINE token generation event on March 7.

While layer-1 blockchain networks such as Ethereum have been crucial in driving crypto and blockchain growth, layer-2 projects and networks are considered game-changers as they compensate for the lack of speed in layer-1 platforms.