Lifeform Token is Officially Launching on Bybit and KuCoin Exchange
What Can Lifeform Bring To WEB3 And BTC Ecosystem? — True Interconnectivity And Interoperability
New York, May 14, 2024 (GLOBE NEWSWIRE) — As a pioneer in the DID field, Lifeform continuously fulfills its mission amidst the BTC wave, contributing to the development of the BTC ecosystem. Lifeform token has announced the official launch on Bybit and kuCoin exchange, trading commences on 15th May, 2024.
Lifeform, supported by investments from a host of prominent institutions, excels in focusing on the mentioned two objectives. Let us explore how Lifeform is executing its DID blueprint.
Unlike other DID solutions that are constrained by the specific characteristics of different public blockchains, thereby limiting their cross-chain capabilities and application scopes, Lifeform offers full-chain domain names with .btc services. It is the first platform to support multi-blockchain domain name resolution (including, but not limited to, Bitcoin, Ethereum, BNB Chain, Solana, Base, Avalanche, and OPBNB) as an all-in-one domain resolution platform. This platform has already implemented mappings for .eth, .bnb, .sol, .arb, and other domain names under the Lifeform Universal Domain .btc, enabling functionalities such as cross-chain transactions, multi-chain asset inquiry, multi-channel integration, interactive social networking, and cross-chain finance.
In its roadmap, Lifeform also proposes collaborations with various wallets to integrate the .btc domain SDK into exchange wallets; its plan for supporting seamless interaction across multiple Layer1 and Layer2 networks.
Lifeform leverages its technological edge in AI to analyze cross-chain activities. By profiling users based on their asset management behaviors, Lifeform provides tailored recommendations for blockchain services, tokens, or dApps.
Particularly for Web2 users who hold substantial amounts of idle BTC assets, Lifeform facilitates easy linkage to BTC Layer2 protocols, such as decentralized staking protocols characterized by stable yields and DeFi Machinegun Pool. This approach enhances the possibility of earning additional income without the need to sell cryptocurrency assets.
In the future, Lifeform also plans to utilize AI to launch various practical smart devices, such as BTC Mobile and head-mounted displays. These innovations will contribute to the establishment of a free, unrestricted Bitcoin ecosystem mobile application store, providing comprehensive mobile solutions for the Bitcoin developer community.
In terms of presentation, Lifeform is a leader in visual DID. With advanced high-resolution engines, users can easily create any virtual avatar and link it with one click to Web2 streaming media for dynamic virtual persona manipulation. Ultimately, Lifeform aims to bring the next billion users into Web3. Users will not only possess a unique full-chain identity and social space, but in the near future, they will also be able to navigate through the AR & XR world using smart devices with the Universal Domain.
From Digital Gold to Application-Driven Asset
2024 is set to be a landmark year for Bitcoin: with the SEC finally approving the Bitcoin ETF, and the quadrennial halving event taking place. If prior to 2024, Bitcoin DeFi applications were merely tethered as value anchors, the subsequent approval has shifted BTC from merely being the digital gold of the crypto world to a truly application-driven asset.
One manifestation is that, spurred by the rapid rise of inscriptions last year, a plethora of Layer2 projects aimed at constructing new scaling solutions on Bitcoin sprang up like mushrooms after rain, with the TVL in DeFi surpassing the $2 billion mark. However, at the same time, Bitcoin, which has followed a developmental path similar to Ethereum, has replicated the same issues: Layer2 solutions are not the panacea for enhancing scalability. As economic activities between various protocols become segregated, forming a barrier to blockchain interoperability, the construction of “bridge builders” is inevitably seen as a crucial element in this transformation, with Decentralized Identities (DID) being an important part of this process.
As other application-specific public blockchains have developed their own representative DID projects, Bitcoin ecosystem has seen the emergence of service providers like Lifeform. Over the past year, Lifeform has raised $400 million in valuation through two funding rounds, with investments from notable institutions such as Binance, IDG Capital, GeekCartel, Foresight Ventures, KuCoin Labs, and SevenX Ventures, whose actions are becoming increasingly influential.
Why is DID so critical, and why is Lifeform a leader on the BTC DID track? This article will outline the importance of DID and the activities undertaken by Lifeform.
Offers A Promising Solution to Enhance Blockchain Interoperability.
The essence of the network is connectivity. On the internet, most platform data still cannot be freely traded or leveraged to create additional value. Blockchain technology faces similar challenges. Not only is inter-chain interaction difficult, but the transitions between different smart contracts on the same chain, as well as interactions among Layer1, Layer2, and Layer3, are also severely limited.
Decentralized Identifiers (DID) have emerged as a solution to enhance blockchain interoperability. DIDs serve as containers for identity, certificates, private keys, and assets, designed to bridge multiple service scenarios and data sources. Compared to traditional internet IDs, Web3’s DIDs, with their decentralized nature, have inherent privacy advantages. Control is in the hands of the users, eliminating the security risks associated with outsourcing identity management to centralized entities. Furthermore, compared to crypto wallets, DIDs can integrate multiple blockchain addresses and even multiple wallet accounts. They can evolve from 2D to 3D identities, providing a richer user profile and a more vivid and dimensional identity image. The combination of different data enhances the richness of application scenarios.
An ideal DID would aggregate addresses from mainstream public blockchains, supporting basic functions like signing and transferring while integrating fragmented data from different blockchains that a user may have. Additionally, it would allow users to autonomously authorize which data to disclose to projects, thereby helping users achieve data sovereignty.
Poised to Become the Super Gateway That Helps Web3 Go Viral
DID is playing a pivotal role in expanding the reach of Web3. Particularly significant was the approval by the U.S. Securities and Exchange Commission of the Bitcoin ETF in January of this year, which officially recognized BTC as a U.S. dollar-denominated investment. According to the latest data, leading financial institutions like BlackRock and Fidelity, among others, have collectively purchased over 500,000 bitcoins through 10 ETFs (excluding Grayscale), injecting more than $30 billion into the sector.
For individuals eager to embrace the world of cryptocurrency yet lacking a low-barrier entry point as an opportunity, a sufficiently simple Web3 gateway is the first step in creating a positive user experience for non-Web3 users.
DIDs offer a lower barrier to entry and lower cognitive load, combined with a strong network effect, making them a likely candidate as a super gateway for users entering Web3. Once DID becomes a new channel for capital inflows, its ability to transform non-financial behaviors into trustable reputation scores and financial behaviors into quantifiable credit values could drive transformative development across Web3 applications.
Lifeform’s introduction of a full-chain domain has opened a gateway to the crypto world for Web2 users, acting as the first Web3 passport for new entrants. With crypto assets, users can easily earn high annual yields without needing to master complex blockchain technologies; a single click is all that is required. As 2024 sees an influx of new Web2 users, the majority of whom are unfamiliar with blockchain operations, this segment of capital is in search of a familiar entry point. Lifeform provides this accessible gateway, serving as a bridge between Web2 and Web3 and enabling every user to manage their finances effortlessly. With the significant influx of capital, the future development prospects are unimaginable.
Lifeform will kickstart a transformative era for BTC.
In conclusion, the future of BTC and Lifeform is intertwined, mutually empowering each other’s endeavors. With increasing interoperable integration, Lifeform is enhancing the BTC ecosystem to become simpler, faster, more equitable, and more trustworthy.
For Lifeform, leveraging the widespread recognition of BTC, the earliest-born and most valuable blockchain network, outside the crypto circle, opens up broader market opportunities and prospects significantly.
BTC will also usher in a truly decentralized user ecosystem centered around credit and reputation in the future: DeFi may see a world of low collateral or even uncollateralized credit loans, spawning a wider array of credit financial products; meanwhile, advanced and simplified social service behaviors, such as chatting, reputation scoring, and personal achievement displays, will also build a mature on-chain social network comparable in scale to Web2; GameFi, NFTs, and DAOs, among other Web3 applications, will also have a distinct future within the BTC ecosystem.
Looking ahead, as the frequency and complexity of user on-chain operations increase, alongside the continuous advancement of cryptography and Web3 technology, we can expect Lifeform to become a key hub and foundational infrastructure connecting BTC and even broader Web3 assets, applications, and services.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. Do your own research before making a financial decision related to any crypto company or asset.
CONTACT: Joanna Simpson official@lifeform.cc
