The newest Bitcoin upgrade has the community and industry in a frenzy. The Bitcoin network could undergo a transformation thanks to this computing paradigm, which is intended to describe Turing-complete Bitcoin contracts.
The fact that this doesn’t necessitate altering the network’s consensus rules is even more fascinating. Rather than doing calculations on, they are just checked, making comparisons with optimistic rollups.
This technique opens the door for smart contracts on the Bitcoin network by enabling the verification of any computable function on the network. However, what does this signify for the two industry titans of smart contract technology, Ethereum and Cardano?
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BitVM Whitepaper as a sourceAfter dominating the DeFi and NFT industries for a while, Ethereum has been in decline.
After this Bitcoin update, are Cardano (ADA) and Ethereum (ETH) in trouble?,After this Bitcoin update, are Cardano (ADA) and Ethereum (ETH) in trouble?
However, the once-thriving DeFi and NFT landscapes have lost their lustre as users have grown wary of recurrent scams and what they see as a lack of innovation since the 2021 bull run. has been promoting itself as an Ethereum substitute that is more scalable and efficient, but it too has difficulties finding widespread adoption.
BitVM for Bitcoin has the potential to drastically alter the game. It is revolutionary to be able to carry out intricate off-chain computations without leaving any trace—that is, until there is a dispute—on the chain. It provides a degree of efficiency and anonymity that may make it a strong rival in the smart contract market.
Bitcoin may be able to lure consumers and developers away from Ethereum and Cardano if it can effectively deploy and gain traction with this functionality. When paired with BitVM’s new features, the trust and security associated with Bitcoin might make it an appealing platform for developers creating decentralised apps.
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Furthermore, Bitcoin’s position is strengthened by the fact that it is Turing-complete, which enables it to confirm the execution of any programme. Although the present model can only be used in a two-party situation, further generalisations may increase its functionality.
After this Bitcoin update, are Cardano (ADA) and Ethereum (ETH) in trouble?,After this Bitcoin update, are Cardano (ADA) and Ethereum (ETH) in trouble?After this Bitcoin update, are Cardano (ADA) and Ethereum (ETH) in trouble?