Bitcoin

<p>A recently <a href="https://twitter.com/sunnydecree/status/1711406987408240754https://twitter.com/sunnydecree/status/1711406987408240754" target="_blank" rel="noopener noreferrer nofollow">released</a> Bitcoin whitepaper argues major altcoin use cases can now be replicated on Bitcoin without a soft fork due to a new computing paradigm called BitVM.</p>
<p>The paper claims any computable function can be verified on Bitcoin using BitVM without modifying the network’s consensus rules. Computations are verified rather than executed.</p>
<p>A prover makes a claim that a function validates for given inputs and outputs. If false, the verifier can submit a fraud proof to punish the prover.</p>
<p>Although complex off-chain computation and communication are initially required, the resulting on-chain footprint is minimal. Parties can thus conduct complex stateful applications with no trace left on-chain unless there is a dispute.</p>
<p>The whitepaper asserts that this enables all altcoin utilities to run natively on Bitcoin, rendering alternative cryptocurrencies redundant. It congratulates Bitcoin holders for owning the “correct” coin with maximal utility.</p>
<p>However, some analysts are skeptical that BitVM can fully replicate major altcoin use cases, especially smart contract platforms. The technology remains unproven at scale.</p>
<p>Nonetheless, being able to mimic more altcoin functions without tradeoffs does increase Bitcoin’s capabilities and value proposition. If BitVM works as envisioned, it could bolster Bitcoin’s competitive moat versus other cryptocurrencies.</p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/new-bitcoin-whitepaper-claims-network-can-now-support-altcoin-utilities/">New Bitcoin Whitepaper Claims Network Can Now Support Altcoin Utilities</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

New Bitcoin Whitepaper Claims Network Can Now Support Altcoin Utilities

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