Bitcoin Developer Proposes “BitVM” System for Enhanced Functionality
Robert Linus, project lead at Bitcoin development group ZeroSync, has put forward a new system called “BitVM” that aims to enhance Bitcoin’s functionality. Unlike other proposals, BitVM does not require any changes to Bitcoin’s code that could cause division within the network and community.
What is BitVM?
According to the project’s whitepaper, BitVM is a computing paradigm that allows for Turing complete Bitcoin contracts. Instead of executing complex computations on the blockchain itself, BitVM suggests that they should be verified on Bitcoin while the computation is done off-chain. This approach is similar to Ethereum’s optimistic rollups, which process transactions off-chain before posting them in batches on the main chain.
Linus believes this system will enable more expressive Bitcoin contracts and potentially allow for games like Chess, Go, or Poker to be played on the Bitcoin network. It could also facilitate trustless sidechains for bridging BTC to other networks without centralization, although this remains uncertain.
BitVM’s Limitations
Despite generating significant attention on Twitter, some developers have criticized BitVM as overhyped. They argue that the protocol only works for two parties and cannot be used in rollups or other multiparty applications. Additionally, BitVM requires substantial off-chain computation and communication to execute programs.
Adam Back, CEO of Blockstream, pointed out that a similar proposal called Zero-Knowledge Contingent Payment (ZKCP) has existed since 2016. However, Linus claims there are key differences between ZKCP and BitVM.
Hot Take: Enhancing Bitcoin’s Functionality with BitVM
The introduction of BitVM could potentially bring significant improvements to Bitcoin’s functionality, allowing for more complex contracts and the possibility of games and trustless sidechains. While there are limitations and criticisms surrounding BitVM, it represents an interesting development in expanding Bitcoin’s capabilities without contentious changes to its code. As the project progresses, it will be interesting to see how BitVM can further enhance the Bitcoin network and address the challenges raised by developers.
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