{"id":173302,"date":"2023-10-13T05:42:23","date_gmt":"2023-10-13T00:12:23","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=173302"},"modified":"2023-10-13T05:42:23","modified_gmt":"2023-10-13T00:12:23","slug":"bitvms-goal-is-to-scale-bitcoin-not-be-a-pseudo-ethereum-says-dev-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitvms-goal-is-to-scale-bitcoin-not-be-a-pseudo-ethereum-says-dev-crypto-news\/","title":{"rendered":"BitVM\u2019s goal is to scale Bitcoin, not be a pseudo-Ethereum, says dev – Crypto News"},"content":{"rendered":"
\n

One of the developers working on \u201cBitVM\u201d \u2014 a Bitcoin-based virtual machine \u2014 reiterates the tech is intended to scale Bitcoin rather than launching Ethereum-like decentralized finance applications on the network.<\/p>\n

BitVM\u2019s whitepaper was released<\/a> by ZeroSync\u2019s project lead Robin Linus on Oct. 10 with technical support provided by pseudonymous developer \u201cSuper Testnet\u201d \u2014 implementing BitVM\u2019s first proof-of-concept and working on expanding BitVM\u2019s capabilities.<\/p>\n

Upon its release, some industry pundits formed the impression<\/a> that BitVM would bring DeFi to Bitcoin like what the Ethereum Virtual Machine (EVM) did for Ethereum.<\/p>\n

\n

Lightning also fall short in the scaling department. It’s nowhere near solving scalability.
We need more complementary things. <\/p>\n

> this is just another defi on bitcoin attempt.<\/p>\n

Again, the motivation behind BitVM by the author was not DeFi. It was scaling.<\/p>\n

\u2014 Hampus (@hampus_s) October 12, 2023<\/a><\/p><\/blockquote>\n

However, Super Testnet tells Cointelegraph that BitVM is scaling-focused rather than being about implementing smart contracts and an avalanche of altcoins:<\/p>\n

\u201cThe real killer app is scaling Bitcoin. [Robin Linus isn\u2019t] a big fan of smart contracts. He’s not a big fan of increasing Bitcoin’s expressivity. He really is interested in making it so that Bitcoin can process millions of transactions per second.\u201d<\/p><\/blockquote>\n

Super Testnet said he doesn\u2019t want BitVM to be flooded with (EVM)-like tokens<\/a> because it\u2019ll bring bad actors to Bitcoin:<\/p>\n

\u201cI don’t want to see everything from the Ethereum ecosystem because most of it is Ponzi schemes.\u201d<\/p><\/blockquote>\n

Building a decentralized exchange on Bitcoin would be a \u201cstep backward,\u201d he added.<\/p>\n

Meanwhile, Super Testnet notes that BitVM won\u2019t be an \u201cinstant death\u201d for Ethereum\u2019s altcoins, which some have suggested<\/a> \u2014 though it could take demand away from them.<\/p>\n

\n

Hot Off the Press: BitVM White Paper Drops! Experience a groundbreaking computing approach for smart contracts on #Bitcoin<\/a> <\/p>\n

Unlock functionalities previously assumed to demand a soft fork with these enhanced smart contracts.<\/p>\n

Could this be the end of #altcoins<\/a>? pic.twitter.com\/1GA43VE7If<\/a><\/p>\n

\u2014 RichQuack (@RichQuack) October 10, 2023<\/a><\/p><\/blockquote>\n

The developer hopes that Bitcoin (BTC)<\/a> essentially remains the only monetary unit on the Bitcoin network:<\/p>\n

\u201cA big property that makes Bitcoin important is maintaining one monetary asset that everyone can agree on instead of having floating exchange rates that are a burden for commerce,\u201d he said.<\/p>\n

BitVM could patch up one of Lightning\u2019s flaws<\/h3>\n

Meanwhile, Super Testnet said BitVM\u2019s intended payment infrastructure will also aim to improve one of the Lightning Network\u2019s shortfalls \u2014 payment reliability: <\/p>\n

\u201cLightning is wonderful as a system and it’s much faster than probably anything we can make on Bitcoin. But one thing that Lightning doesn’t do well is payment reliability.\u201d <\/p><\/blockquote>\n

River, a Bitcoin-only exchange, revealed its Lightning payments success rate was 99.7%<\/a> in August across 308,000 transactions.<\/p>\n

He hopes BitVM can reach 60% of the transaction speed<\/a> of the Lightning network.<\/p>\n

\n

BitVM: The 24 hour update.<\/p>\n

After thousands of Twitter posts and hours of spaces and discussions, we know much more about BitVM than we did yesterday. Here\u2019s a quick update:<\/p>\n

Excitement<\/p>\n

1. BitVM is a new computing paradigm that leverages the universal gate NAND (along with other\u2026 pic.twitter.com\/zBws7gOhjA<\/a><\/p>\n

\u2014 Bob Bodily, PhD | #BTC #ETH #ICP (@BobBodily) October 11, 2023<\/a><\/p><\/blockquote>\n

Related: <\/em><\/strong>Coinbase to integrate Bitcoin Lightning Network: CEO Brian Armstrong<\/em><\/strong><\/a><\/p>\n

The developer has also stressed that BitVM is optional like the Lightning Network and anyone will be able to transfer BTC or Bitcoin-assets out of the virtual machine back into cold storage or wherever they were beforehand.<\/p>\n

\u201cNo one is forcing you to send your money into a virtual machine. If you want your money safe, keep it safe.\u201d<\/p><\/blockquote>\n

‘Compute anything’ misconception<\/h3>\n

Super Testnet also clarified a possible misunderstanding, explaining that BitVM, in its current state, cannot compute \u201canything\u201d like its whitepaper suggests. <\/p>\n

\u201cWe have to build more primitives in order to make it so that anything can run in it.\u201d Implementing SHA-256 and encryption are some of the additions that need to be made, they noted.<\/p>\n

However, Super Testnet revealed on Oct. 12 that BitVM is already processing basic functions:<\/p>\n

\n

Update: bitvm can perform *3* functions now and I’m in the middle of making a webpage where you can play with it pic.twitter.com\/bXYOZKx2GV<\/a><\/p>\n

\u2014 Super Testnet (@super_testnet) October 12, 2023<\/a><\/p><\/blockquote>\n

Linus and Super Testnet met at a Bitcoin conference around 18 months ago and have been working to scale Bitcoin at the scripting level almost ever since, he said. <\/p>\n

Magazine: <\/em><\/strong>Should you \u2018orange pill\u2019 children? The case for Bitcoin kids books<\/em><\/strong><\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

One of the developers working on \u201cBitVM\u201d \u2014 a Bitcoin-based virtual machine \u2014 reiterates the tech is intended to scale Bitcoin rather than launching Ethereum-like decentralized finance applications on the network. BitVM\u2019s whitepaper was released by ZeroSync\u2019s project lead Robin Linus on Oct. 10 with technical support provided by pseudonymous developer \u201cSuper Testnet\u201d \u2014 implementing […]<\/p>\n","protected":false},"author":2,"featured_media":173303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-173302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=173302"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173302\/revisions"}],"predecessor-version":[{"id":173305,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/173302\/revisions\/173305"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/173303"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=173302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=173302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=173302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}