Bitcoin developer has launched Hemi Network solution to interconnect Bitcoin and Ethereum networks

What’s new? One of the first bitcoin developers, Jeff Garzik, has created the Hemi Network protocol to connect Bitcoin and Ethereum blockchains using tunnels. The Hemi team claims that unlike cross-chain protocols (bridges), which also serve to transfer assets between incompatible networks, tunnels create a unique environment, allowing Bitcoin and Ethereum to “coexist” without the inherent vulnerabilities of bridges.

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What else is known? Hemi Labs co-founder and CTO Max Sanchez said that connecting the Hemi protocol to Bitcoin and Ethereum allows users to move assets from both networks into Hemi. These assets can then be used in any applications deployed on Hemi.

Hemi Network is a modular blockchain with a Proof-of-Proof (PoP) consensus algorithm based on the Bitcoin and Ethereum networks, providing high scalability, security, and interoperability. The project views Bitcoin and Ethereum as components of a larger supernetwork. In addition to Garzik and Sanchez, entrepreneur Matthew Roszak participated in the launch of the project.

Hemi network features include the Hemi Virtual Machine (HVM), which allows developers to create smart contracts compatible with Bitcoin and Ethereum, and the Hemi Bitcoin Kit, a software development kit that enables the creation of staking solutions, marketplaces, and other applications.

The project also offers asset programmability, which includes on-chain routing, temporary blockchain, password protection, and fee-free transfers, eliminating the need for a native token.

The Hemi Network testnet is currently running, with the mainnet scheduled to launch in Q4 of this year.

On September 18, the venture capital arm of Binance, the largest exchange, announced its investment in Hemi Labs. Binance Labs did not disclose the amount of the investment but said the funds will allow the Hemi team to attract developers of decentralized applications (DApps), improve interoperability with HVM, and release a number of major updates in the areas of AI and DeFi.

At the time, Garzik noted that Binance Labs has become a key partner in Hemi’s mission to transform the blockchain infrastructure into a unified ecosystem.

In total, Hemi Labs raised $15 million for the blockchain startup from Binance Labs, Breyer Capital, and Big Brain Holdings. Participating investors included Crypto.com, Web3 Ventures, HyperChain Capital, Alchemy, SALT Fund, Kelly Investments, Sunflower Capital, DNA Fund, Gate Ventures, Quantstamp, TRGC, BTC INC, Artichoke Capital and Cypher Capital.

To create the tunneling system, Hemi is relying on BitVM2 from the creators of the Bitcoin Virtual Machine (BitVM) solution to scale the bitcoin blockchain, Sanchez said.

“People will be able to tunnel Bitcoin assets through Hemi to Ethereum, bringing highly secure Bitcoin-based asset tokenization to the entire Ethereum ecosystem,” Sanchez added.