Bitcoin sidechain developers have released a new whitepaper detailing the second version of Bitcoin Virtual Machine (BitVM2) and an updated BitVM Bridge. The document, shared by Alexei Zamyatin, co-author and co-founder of Bitcoin sidechain BOB, outlines significant improvements aimed at enhancing Bitcoin's transaction capacity and efficiency.
Primary Goals of BitVM2
The primary goal of BitVM2, as stated in the whitepaper, is to increase Bitcoin's transaction capacity without altering its core code or compromising its fundamental principles, such as decentralization. To achieve this, BitVM2 employs optimistic computation to scale Bitcoin with sidechains, operating under the assumption that network operators act honestly unless proven otherwise through fraud proofs.
Introduction of a Permissionless Challenge System
A key advancement in BitVM2 is the introduction of a permissionless challenge system. Unlike its predecessor, which restricted challenge rights to designated parties, the new version allows any user to challenge suspicious transactions. This change represents a significant step towards a more open and secure network.
BitVM Bridge Improvements
The whitepaper also highlights improvements to the BitVM Bridge, focusing on two critical areas: reduced capital requirements and shorter asset lock-up periods. These enhancements are designed to support the transfer of bitcoins to and from rollups - secondary networks that enable faster and less expensive transactions on the Bitcoin network.
BitVM2's approach to scaling aims to address longstanding issues in the Bitcoin network without compromising its core structure. By improving transaction handling capabilities and, in some instances, updating cryptographic methods, the developers seek to enhance the overall efficiency of Bitcoin transactions. The concept of BitVM was initially introduced in October 2023 by Robin Linus, the lead of the ZeroSync project and creator of BitVM. This latest iteration builds upon the original idea, incorporating feedback and technological advancements to create a more robust and efficient system for Bitcoin scaling.
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