BitVM proposes a new method for expressing Turing-complete Bitcoin smart contracts without altering the network's consensus rules.
Blockchain developer ZeroSync's co-founder Robin Linus unveiled a whitepaper for BitVM, aiming to enhance Bitcoin smart contract capabilities without requiring a soft fork upgrade to the network's consensus rules.
However, "Bitcoin really isn’t any more Turing Complete by the technical definition as it was before, it simply has been given a runtime to its programs that we can reasonably say it's 'Turing complete enough' for any program that we could realistically want to execute," Parker added. Instead of executing computations directly on Bitcoin, BitVM verifies them in a manner akin to optimistic rollups, utilizing fraud proofs, a challenge-response protocol and Bitcoin's Taproot upgrade.
Bob Bodily, CEO of Ordinals marketplace and launchpad Bioniq, said BitVM is not as good as the Ethereum Virtual Machine, being slower, more complex and more expensive. "The core benefit of BitVM is we get additional programmability right now on Bitcoin without an upgrade," he added.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoiner drops BitVM paper — bringing Ethereum-like contracts to BitcoinBitcoin developer Robin Linus of ZeroSync has unveiled “BitVM,” which proposes to bring Ethereum-like contracts to life on Bitcoin. Its architecture is based on fraud proofs and its implementation doesn’t require a hard fork.
Read more »
Are Cardano (ADA) and Ethereum (ETH) in Trouble After This Bitcoin Update?Whole shape of cryptocurrency market might change if BitVM ends up being successful
Read more »
Bitcoin's And Ethereum's Weakness Fixed With Bitcoin Spark's Impressive Whale Resistance TechnologyBitcoin Spark is initiating a new beginning that solves the weaknesses and limitations found on the Ethereum and Bitcoin networks
Read more »
Bitcoin (BTC) Might Meet 'Key Pivot Point' on Nov. 21, Here's WhyBitcoin (BTC) price still mirroring its performance demonstrated in last two cycles, analyst Miles Deutscher says
Read more »
Bitcoin (BTC) Forms Rare Pattern, Analyst Predicts 5% DropTop market analyst Bitcoin (BTC) bears may sustain drawdown by 5%
Read more »
Bitcoin is undervalued now -- but just look at its projected long-term returnBitcoin’s fair value is about $31,400, according to one respected forecasting model
Read more »