BitVM is causing a stir in the IT world of today, where blockchain technology may be difficult to understand. It’s a creative product of Zero Sync’s Robin Linus, and everyone is talking about its white paper, which has received 1.5 million views and support from Super Testnet and Sam Parker. However, what is BitVM precisely, and why is it important?
The CEO of Bioniq Market, Bob Bodily, explained this complicated technology on Twitter. To start with, BitVM is not a one-stop shop for all needs. In contrast to the Ethereum Virtual Machine (EVM), BitVM is more complex, slower, and more expensive. This is the fascinating thing about it.
Recognising The Fundamental Advantage
BitVM excels because it expands Bitcoin’s potential without requiring updates. It’s surprisingly ready to use right now; no additional op_codes or soft forks are required.
BitVM opens up the possibility of decentralising some aspects of applications that were previously dependent on central services. Conjoin aggregators, sidechain quorums, congestion control, and decentralised oracle solutions (DLC) come to mind.
BitVM: Bitcoin’s Future Is Here! This Is What You Need to Know,BitVM: Bitcoin’s Future Is Here! This Is What You Need to Know
Remember, though, that BitVM is still an evolving project. It’s difficult to use and comprehend, and it doesn’t address the sidechain trustless bridging issue. BitVM requires a lot of bandwidth to handle large amounts of data, a sufficient amount of money for off-chain computing and proofs, and the capacity to process a large number of Bitcoin transactions.
Reviews Have Arrived!
After reading the white paper, blockchain technology specialist Eric Wall gave BitVM cautious approval. Large pre-signed transaction exchanges worried him. However, Blockstream co-founder Adam Back wasn’t quite as optimistic, drawing comparisons between BitVM and Greg Maxwell’s 2016 Zero-Knowledge Contingent Payment (ZKCP) example.
However, BitVM was dubbed “probably the most exciting discovery in the history of Bitcoin script” by Super Testnet, a white paper reviewer. Without requiring splits, it expands the capabilities of Bitcoin’s programming, sidechains, and other areas.
In Collaboration With Lightning Network
Sam Parker and Dylan LeClair speculate that BitVM could function well with the Lightning Network. This might lead to a variety of decentralised apps (dApps) and trustless Bitcoin peg-ins, which could alter our perception of what Bitcoin is capable of.
BitVM is still in its infancy, but it has a lot of promise. Bob Bodily applauded the efforts of the BitVM team and urged programmers to investigate this technology for solving significant issues.
BitVM: Bitcoin’s Future Is Here! This Is What You Need to Know,BitVM: Bitcoin’s Future Is Here! This Is What You Need to Know,BitVM: Bitcoin’s Future Is Here! This Is What You Need to Know