BitVM Prioritizes Scaling Bitcoin Over Launching Ethereum-Style DeFi
Summary:
BitVM," a Bitcoin-based virtual machine, aims to amplify Bitcoin's scalability, not to create Ethereum-style DeFi applications, according to one of the project's main developers. The primary developer, Robin Linus, made the BitVM's whitepaper public on Oct 10, and it is being further developed by an anonymous developer, "Super Testnet." In a conversation with Cointelegraph, Super Testnet clarified that BitVM's objective is to boost Bitcoin's transaction processing capacity to millions per second. The platform aims to enhance the deficiency of payment reliability in the Lightning Network and hopes to achieve 60% of the Lightning network's transaction speed.
The primary aim of "BitVM," a Bitcoin-based virtual machine, is to amplify the scalability of Bitcoin, not to establish Ethereum-style decentralized finance (DeFi) applications on the platform, asserts a main developer of the project. BitVM's whitepaper was made public on October 10 by Robin Linus, the leading figure of Project ZeroSync, with vital technical assistance from an anonymous developer known as "Super Testnet." This developer has been instrumental in applying BitVM's initial concept proof and is actively furthering BitVM's abilities.
Despite assertions made by some industry analysts, BitVM is not set to introduce DeFi to Bitcoin in the way the Ethereum Virtual Machine (EVM) brought it to Ethereum. Super Testnet, in a conversation with Cointelegraph, clarified that the focus of BitVM is solely on scalability. It is not about implementing smart contracts and inviting hordes of alternative coins. The primary goal is to boost Bitcoin's ability to process millions of transactions per second, as opposed to enhancing Bitcoin's expressivity or venturing into the world of smart contracts, which Linus does not favor.
Super Testnet firmly expressed a desire not to see BitVM overwhelmed with EVM-style tokens, as he fears it would invite unethical players to Bitcoin and, consequently, result in numerous Ponzi schemes. Establishing a decentralized exchange on Bitcoin would be regressive, as per his statement.
Additionally, Super Testnet is convinced that BitVM will not spell the end for Ethereum's alternative coins, but it could potentially diminish their demand. He hopes that Bitcoin (BTC) remains the exclusive monetary unit on the Bitcoin network. This aligns with the fundamental attribute of Bitcoin, a singular monetary asset that everyone can agree upon, thus avoiding the complications of fluctuating exchange rates associated with trade.
The developer also touched upon how BitVM aims to enhance payment infrastructure to overcome the shortcomings of the Lightning Network, primarily concerning payment reliability. He cited River, a Bitcoin-only exchange, that reported a successful Lightning payment rate of 99.7% in August over 308,000 transactions. Super Testnet has set a goal for BitVM to achieve 60% of the Lightning network's transaction speed.
He was quick to confirm that BitVM, much like the Lightning Network, is optional. Bitcoin or Bitcoin-assets can be moved out of the virtual machine back to cold storage or any other preferred location. He cleared a common misconception, stating that BitVM isn't presently capable of computing "anything," despite assertions in its whitepaper. He indicated that more primitives need to be put in place for it to be universally functional.
Concluding the conversation, Super Testnet revealed that basic functions were already being processed in BitVM. He also mentioned that he met Linus around a year and a half ago at a Bitcoin conference, and they have been focused on scaling Bitcoin at the scripting level almost ever since.
Published At
10/12/2023 10:54:57 PM
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