Bitcoin

Capone

<p>The recently proposed BitVM protocol has generated enthusiasm for its potential to expand Bitcoin’s smart contract capabilities without requiring upgrades to the base layer. However, experts urge a measured assessment as research remains in its early stages.</p>
<p>According to <a href="https://twitter.com/BobBodily/status/1711581484254192013?t=kJAE9_ir7brHGoDJFso-Xg&amp;s=31" target="_blank" rel="noopener noreferrer nofollow">Bob Bodily</a>, the CEO of Bioniq Market, BitVM leverages an Optimistic Rollup design to enable Turing-complete smart contracts on Bitcoin. This theoretically allows any computable function to be verified on-chain via a series of transactions.</p>
<p>The core benefit is introducing additional programmability utilizing Bitcoin’s existing feature set. No new opcodes or soft forks are necessary, highlighting BitVM’s deployability.</p>
<h3 class="wp-block-heading" id="key-highlights">Key Highlights</h3>
<ul>
 <li><strong>No Upgrade Required:</strong> BitVM doesn’t necessitate upgrades; it’s ready to use immediately.</li>
 <li><strong>Opt-In:</strong> Users have the choice to opt in or out, adding flexibility to their transactions.</li>
</ul>
<h3 class="wp-block-heading" id="potential-use-cases">Potential Use Cases</h3>
<ul>
 <li><strong>Decentralizing Services:</strong> BitVM can replace centralized “Bitcoin edge” services, enhancing trustlessness.</li>
 <li><strong>Trustless Contracts:</strong> DLC oracles, congestion control, coinjoin aggregators, and sidechain quorums can become 100% trustless.</li>
</ul>
<h3 class="wp-block-heading" id="expert-opinions">Expert Opinions</h3>
<ul>
 <li>Eric Wall is cautiously optimistic about BitVM’s potential, highlighting its ability to verify zk proofs.</li>
 <li>Adam Back compared BitVM to Greg Maxwell’s ZKP contingent payments, but BitVM comes out as superior.</li>
 <li>Super Testnet calls BitVM the most exciting development in Bitcoin script history, opening doors to covenants, sidechains, and EVM-like capabilities without forks.</li>
 <li>Rijndael suggests that enabling BIP-119 (Simple Covenants) would make BitVM more efficient.</li>
 <li>Post Capone commends the positive reception and expects BitVM to further fuel innovation within Bitcoin.</li>
</ul>
<p>Analysts tout use cases like decentralizing services, which are currently dependent on trusted intermediaries. For example, DLC oracle aggregation and sidechain quorums could transition to entirely trustless models under BitVM.</p>
<p>However, multiple limitations exist in BitVM’s current iteration. The multi-transaction complexity makes applications expensive and slow to execute. Programmability enhancements via soft forks could accomplish similar goals more efficiently.</p>
<p>There are also unresolved questions around enshrining global states and facilitating trustless bridges to sidechains. While research continues, BitVM does not yet deliver a clear path to those desired outcomes.</p>
<p>Additionally, the need for sizeable pre-signed transaction batches poses permission hurdles for certain 1:N setups between multiple parties. Further peer review and live testing will shed light on issues like overhead costs.</p>
<p>Overall, developers praise BitVM’s creative approach to expanding Bitcoin’s capabilities within existing constraints. But as a novel primitive, scrutiny from academics and trial experimentation will determine if the concept’s promise can be fulfilled.</p>
<p>BitVM’s primary objective is to enable “any computable function to be verified on Bitcoin.” This means Bitcoin achieves Turing completeness without requiring any changes. It introduces a runtime for programs, making Bitcoin “Turing complete enough” for most practical purposes.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/bitvm-everything-you-need-to-know/">BitVM: Everything You Need to Know About The New Proposed Bitcoin Whitepaper</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

BitVM: Everything You Need to Know About The New Proposed Bitcoin Whitepaper

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