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Market News A Bitcoin Developer Proposes Soft Fork-Free Off-Chain Smart Contracts

A Bitcoin Developer Proposes Soft Fork-Free Off-Chain Smart Contracts

BitVM is a novel approach for developing Turing-complete off-chain smart contracts for Bitcoin, which are capable of resolving any computable problem. BitVM verifies the contract logic on Bitcoin using fraud proofs and challenges, without altering the protocol's underlying regulations. It enables numerous applications and expands the functionality of Bitcoin, but BitVM requires a great deal of off-chain labour and only functions for two parties. Additionally, Tree++ is a programming language requirement for BitVM, which is built upon the Taproot upgrade.

TOP1 Markets Analyst

2023-10-10

6960

A Bitcoin developer has reportedly proposed a new method to incorporate more expressive off-chain smart contracts into Bitcoin (BTC) without a soft schism. BitVM, according to a white paper published on October 9 by ZeroSync's project lead Robin Linus and titled "BitVM: Compute Anything on Bitcoin," facilitates Turing-complete Bitcoin contracts without modifying Bitcoin's consensus rules. In theory, it is possible for a Turing Complete system to offer a solution to any computational problem.

BitVM aims to implement off-chain execution of Bitcoin contract 'logic' while ensuring substantiation on the Bitcoin blockchain, akin to the optimistic rollups observed on Ethereum. A challenge-response model and fraud proofs underpin the architecture of BitVM, in which a 'prover' can assert claims and a'verifier' can execute a fraud-proof in order to penalise the prover for making false claims. Bitcoin, as it currently stands, is restricted to fundamental operations such as hashlocks, timelocks, and signatures, according to Linus. However, this constraint can be expanded with the addition of BitVM, which, in his opinion, is capable of computing a variety of intriguing applications.

As stated by Linus, the model's functionality is restricted to a two-party configuration comprising a prover and a verifier. Furthermore, programme execution requires a substantial quantity of off-chain computation and communication. Linus stated that the next "milestone" will be the complete implementation of BitVM and Tree++, a high-level programming language utilised for the development and debugging of Bitcoin contracts. The BitVM functionality was initiated by the Taproot soft fork in November 2021.