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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Oct 10, 2023 11:01 UTC
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BitVM, The Future of Bitcoin is Here! Here’s What You Should Know
BitVM is a new technology that adds more possibilities to Bitcoin without needing upgrades.
It is still a work in progress, but it has the potential to decentralize different parts of applications that used to rely on central services.
BitVM could work well with the Lightning Network to enable trustless Bitcoin peg-ins and various decentralized applications.
In today’s tech world, where blockchain tech can be tricky to grasp, BitVM is making waves. It’s an innovative creation by Robin Linus at Zero Sync, and its white paper, with 1.5 million views and endorsements from Super Testnet and Sam Parker, has everyone talking. But what exactly is BitVM, and why should you care?
Bob Bodily, CEO at Bioniq Market, used Twitter to break down this complex tech. First things first, BitVM isn’t a one-stop solution for everything. Unlike the Ethereum Virtual Machine (EVM), BitVM is slower, costlier, and more intricate. Here’s what makes it so intriguing.
Understanding The Core Advantage
BitVM shines because it adds more possibilities to Bitcoin, without needing upgrades. Surprisingly, no new op_codes or soft forks are needed; it’s ready to go now. BitVM unlocks the potential to decentralize different parts of applications that used to rely on central services. Think about decentralized oracle solutions (DLC), congestion control, conjoin aggregators, and sidechain quorums.
But, keep in mind, BitVM is still a work in progress. It doesn’t solve the trustless bridging problem for sidechains, and it’s not easy to understand or use. To make BitVM work, you need enough funds for off-chain computation/proofs, a lot of bandwidth for handling big data, and the ability to do plenty of Bitcoin transactions.
Also Read: Bitcoin Price Prediction for Q4 of 2023: Is Now the Right Time to Buy?
The Reviews Are In!
Blockchain tech expert Eric Wall cautiously praised BitVM after reading the white paper. He had concerns about big pre-signed transaction exchanges. On the other hand, Adam Back, co-founder of Blockstream, wasn’t as positive, comparing BitVM to Greg Maxwell’s 2016 Zero-Knowledge Contingent Payment (ZKCP) example.
But Super Testnet, a white paper reviewer, called BitVM “probably the most exciting discovery in the history of Bitcoin script.” It adds new possibilities to Bitcoin’s programming, sidechains, and more, without any need for forks.
Teaming Up With Lightning Network
Dylan LeClair and Sam Parker suggest that BitVM could work well with the Lightning Network. This could mean trustless Bitcoin peg-ins and various decentralized applications (dApps), potentially changing how we see what Bitcoin can do.
In the end, BitVM is still new, but it has great potential. Bob Bodily praised the BitVM team’s work and encouraged developers to explore this tech to solve important problems.
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