BitVM, a Bitcoin-based virtual machine, is being developed with the primary goal of scaling Bitcoin rather than facilitating decentralized finance (DeFi) applications like Ethereum. The whitepaper for BitVM was released by ZeroSync’s project lead Robin Linus on October 10, with technical support provided by pseudonymous developer “Super Testnet”, who is currently working on expanding BitVM’s capabilities.
Contrary to some misconceptions, BitVM is not focused on implementing smart contracts and introducing a plethora of altcoins on the Bitcoin network. According to Super Testnet, the main objective of BitVM is to scale Bitcoin and enable the processing of millions of transactions per second, rather than increasing Bitcoin’s expressivity or adopting the features of the Ethereum Virtual Machine (EVM). The developer expressed skepticism about flooding BitVM with EVM-like tokens, as many of them are associated with Ponzi schemes that could potentially harm Bitcoin.
Super Testnet emphasized that building a decentralized exchange on Bitcoin would be a “step backward”, indicating that BitVM is not intended to replace existing DeFi platforms but to create a more scalable and reliable payment infrastructure. The developer believes that Bitcoin should remain the primary monetary unit on the Bitcoin network to ensure a stable and widely accepted currency for commerce.
In addition to its scaling focus, BitVM aims to address one of the Lightning Network’s limitations, which is payment reliability. While Lightning is known for its speed, it sometimes fails to ensure consistent payment reliability. BitVM intends to improve this aspect and aims to achieve a transaction speed that is 60% as fast as the Lightning network. The developer hopes that BitVM can enhance the overall payment infrastructure of Bitcoin and provide a more reliable and efficient experience for users.
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It is important to note that BitVM is optional and users are not obligated to transfer their Bitcoin or Bitcoin-assets into the virtual machine. Super Testnet highlighted that anyone can choose to keep their funds in cold storage or wherever they feel is secure. BitVM is designed to provide additional functionalities and options for those interested in exploring the potential of the Bitcoin network.
There have been misconceptions about BitVM’s capabilities, with some assuming that it can compute “anything” as suggested in the whitepaper. However, Super Testnet clarified that additional primitives, such as implementing SHA-256 and encryption, need to be developed to enable BitVM to compute a wider range of functions. While work is still ongoing, BitVM is already capable of processing basic functions, as announced by Super Testnet on October 12.
The collaboration between Robin Linus and Super Testnet began around 18 months ago at a Bitcoin conference, where they shared a common interest in scaling Bitcoin. Since then, they have been dedicated to improving Bitcoin’s scripting level capabilities and exploring ways to enhance its scalability.
In conclusion, BitVM is primarily focused on scaling Bitcoin and improving its payment infrastructure, rather than replicating the features of Ethereum or introducing a multitude of altcoins. The developers aim to provide a more scalable and reliable Bitcoin network, while also ensuring the stability and widespread acceptance of Bitcoin as a monetary asset. BitVM is an optional tool that users can choose to explore, and its capabilities are gradually expanding to encompass a wider range of functions.
