Bitcoin Sidechain Creators Roll Out New Enhanced Version BitVM2
Ronin Linus, the developer of the Bitcoin sidechain Bitcoin Virtual Machine (BitVM2), has announced two new developments.
The team rolled out new improvements to the original BitVM called BitVM2 and the BitVM Bridge. According to the whitepaper on the new project, the developments significantly improved the first version.
BitVM2 and BitVM Bridge Come with Significant UpgradesAlexei Zamyatin, the BitVM co-founder, took to X to reveal the latest project developments. In his post, the executive shared a summary of the project's whitepaper outlining the new scaling features.
BitVM2 and BitVM Bridge: TLDR
Today we released the BitVM2 tech and bridge paper!
Huge thanks to brilliant @robin_linus @lukas_aumayr Andrea Pelosi @zetavar1 @matteo_maffeiTLDR:
- BitVM2 is a major improvement over previous BitVM versions.
- BitVM Bridge is now the most... pic.twitter.com/KeNdjSCTwA- Alexei Zamyatin | Hiring (@alexeiZamyatin) August 15, 2024
The outline indicated the new work-frame and functionalities for both BitVM2 and the BitVM Bridge.
It also showed the move to enhance efficiency in Bitcoin transactions viaupgrades to transactionprocessing and cryptographic methods. The upgrades focused on improving the system without altering decentralized principles and Bitcoin's consensus rules.
Robin Linus, BitVM creator and ZeroSync project lead, first disclosed BitVM in October last year. The project aims to introduce off-chain smart contracts to the Bitcoin blockchain without using a soft fork.
"Any computable function can be verified on Bitcoin"https://t.co/Itf9UHos0C pic.twitter.com/CLQv49Ydsg
- obin linus (@robin_linus) October 9, 2023
Moreover, one of the remarkable upgrades in the new version includes the permissionless" option. This feature allows users to query any suspicious transaction with three actions.
This change counters the old and rigorous approach, which takes about 70 actions for such queries. Moreover, such inquiries were previously limited to only a specific set of system users. So, the upgrade enables more people to support and sustain transaction security on the system.
Again, BitVM2 fosters faster transactions by leveraging an included roll-up sidechain compatible with Bitcoin. The sidechain enables the speedy execution of transactions while maintaining the system's robust security. Speed and scalability are the primary focus of this upgrade.
The new version also introduces seamless and easy asset transfers. With the new BitVM Bridge, users can conveniently and quickly send or withdraw BTC tokens on the roll-up network.
The bridge enables shorter lock-up periods and minimal upfront capital demands for token transfers. It further ensures the safety of funds throughout the transaction processes.
BitVM Project Aim to Scale the Bitcoin BlockchainThe release of BitVM and its subsequent enhanced version reflects growing interest and innovations in the Bitcoin network. The crypto space has recorded the emergence of some Bitcoin-based layer-2 projects and roll-ups.
BitVM developers indicated that the project focuses on scaling the Bitcoin blockchain with several impressive features. They have no intention of operating some Ethereum-like decentralized finance (DeFi) applications on the Bitcoin network.
In the project, Linus and the other developers established a formidable system for Bitcoin transactions without changing the blockchain's underlying code. This breakthrough is crucial to sustaining Bitcoin's decentralized governance.
Zamyatin, Andrea Pelosi, Matteo Maffei, Lukas Aumayr, and Zeta Avirikioti are co-authors of the BitVM whitepaper, along with Linus.
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