One developer working on “BitVM” — a virtual machine based on Bitcoin — reiterates that the goal of the technology is to scale Bitcoin rather than launching Ethereum-like decentralized financial applications on the network.
The BitVM white paper was released by ZeroSync project lead, Robin Linus, on October 10 with technical support provided by developer alias “Super Testnet” – implementing the first proof of concept for BitVM and working to expand BitVM’s capabilities.
Upon its release, some industry critics took issue with it impression That BitVM will bring DeFi to Bitcoin like what the Ethereum Virtual Machine (EVM) did to Ethereum.
Lightning also falls short in the measurement department. It’s not even close to a scalability solution.
We need more complementary things.
> This is just another challenge to try with Bitcoin.
Again, BitVM was not motivated by DeFi by the author. It was sizing up.
– Hampus (@hampus_s) October 12, 2023
However, Super Testnet told Cointelegraph that BitVM is focused on scaling rather than on implementing smart contracts and a large number of altcoins:
“The real killer app is scaling Bitcoin. [Robin Linus isn’t] Big fan of smart contracts. He’s not a big fan of Bitcoin’s increased expression. He is really interested in making Bitcoin capable of processing millions of transactions per second.
Super Testnet said it doesn’t want BitVM to be flooded with EVM-like tokens because it will bring bad actors into Bitcoin:
“I don’t want to see everything from the Ethereum ecosystem because most of it is Ponzi schemes.”
He added that building a decentralized exchange on Bitcoin would be a “step backwards.”
Meanwhile, Super Testnet notes that BitVM will not be the “instant death” of Ethereum altcoins, which some have. Proposal -Although that may take demand away from them.
Off the Press: BitVM White Paper Drops! Experience an innovative computing approach to smart contracts #Bitcoin
Unleash functionality that was previously assumed to require a soft fork with these improved smart contracts.
– Rich Quack (@RichQuack) October 10, 2023
The developer hopes that Bitcoin (BTC) will remain the only monetary unit on the Bitcoin network:
“The big characteristic that makes bitcoin important is maintaining a single monetary asset that everyone can agree on rather than having floating exchange rates that are a burden on trade,” he said.
BitVM can fix one of Lightning’s drawbacks
Meanwhile, Super Testnet said BitVM’s intended payment infrastructure will also aim to improve one of the Lightning Network’s shortcomings – payment reliability:
“Lightning is great as a system and is much faster than anything we can do with Bitcoin. But one thing that Lightning doesn’t do well is payment reliability.
River, a Bitcoin-only exchange, revealed that the success rate of Lightning payments reached 99.7% in August across 308,000 transactions.
He hopes that BitVM can reach 60% of the transaction speed of the Lightning Network.
BitVM: 24-hour update.
After thousands of Twitter posts and hours of spaces and discussions, we know a lot more about BitVM than we did yesterday. Here’s a quick update:
1. BitVM is a new computing paradigm that takes advantage of the NAND Universal Gateway (along with other… pic.twitter.com/zBws7gOhjA
—Bob Bodley, Ph.D #BTC #ETH #ICP (@BobBodily) October 11, 2023
Related: Coinbase to Integrate Bitcoin Lightning Network: CEO Brian Armstrong
The developer also stressed that BitVM is optional like the Lightning Network and anyone will be able to move BTC or Bitcoin assets from the virtual machine back to cold storage or wherever they were previously located.
“No one is forcing you to send your money to a virtual machine. If you want your money safe, keep it safe.”
“Calculating anything” is a misconception
Super Testnet also cleared up a potential misunderstanding, explaining that BitVM, in its current state, cannot compute “anything” as its whitepaper suggests.
“We have to build more primitives so we can run anything in it.” They noted that implementing SHA-256 and encryption are some of the additions that need to be made.
However, Super Testnet revealed on October 12 that BitVM does indeed handle basic functionality:
Update: bitvm can do *3* jobs now and I’m in the middle of creating a webpage where you can play with it pic.twitter.com/bXYOZKx2GV
– Super Testnet (@super_testnet) October 12, 2023
He said Linus and Super Testnet met at a Bitcoin conference about 18 months ago and have been working on scaling Bitcoin at the scripting level almost ever since.
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