BitVM proposes a new method for expressing Turing-complete Bitcoin smart contracts without altering the network's consensus rules.
Blockchain developer ZeroSync's co-founder Robin Linus unveiled a whitepaper for BitVM, aiming to enhance Bitcoin smart contract capabilities without requiring a soft fork upgrade to the network's consensus rules.
However, "Bitcoin really isn’t any more Turing Complete by the technical definition as it was before, it simply has been given a runtime to its programs that we can reasonably say it's 'Turing complete enough' for any program that we could realistically want to execute," Parker added. Instead of executing computations directly on Bitcoin, BitVM verifies them in a manner akin to optimistic rollups, utilizing fraud proofs, a challenge-response protocol and Bitcoin's Taproot upgrade.
Bob Bodily, CEO of Ordinals marketplace and launchpad Bioniq, said BitVM is not as good as the Ethereum Virtual Machine, being slower, more complex and more expensive. "The core benefit of BitVM is we get additional programmability right now on Bitcoin without an upgrade," he added.
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