Bitcoin and Programmability: A New Step Forward with BitVM2 by Robin Linus
Date: 2024-08-16 Author: Oliver Abernathy Categories: BLOCKCHAIN
Last year, the publication of the "BitVM" concept sparked a wave of interest in creating second-layer networks and protocols powered by the oldest and largest blockchain platform. Robin Linus and his team have recently unveiled an updated version called "BitVM2", which addresses many of the shortcomings of the previous version and significantly improves its efficiency.
The basic idea behind BitVM2 is to use complex cryptography to create "bridges" that allow bitcoins to be safely transferred from the main network to auxiliary networks called "rollups". Unlike the first version, the new model has a "permissionless challenging" feature, which allows any user to verify suspicious transactions, not just a limited number of operators.
Linus, the developer of Bitcoin, first proposed the concept of blockchain programmability last year. His new project, BitVM2, could bring this idea much closer to reality. According to a new white paper published by Linus and his co-authors, programs can be compressed into subroutines and executed within Bitcoin transactions, greatly simplifying the verification process. Previously, this process could take up to 70 transactions, but now it only takes three.
The main improvement in the new version is the ability for any user to initiate a check of a suspicious transaction. In the first version of BitVM, only a certain group of operators could initiate such checks, which significantly limited the functionality of the system. According to one of the co-authors, Alexey Zamyatin, the new model significantly improves the BitVM paradigm and opens the way to more practical applications of this technology.
Robin Linus is also a key contributor to the ZeroSync Association, a non-profit organization based in Switzerland. In addition to Zamyatin, the development team includes such specialists as Lucas Aumayr, Andrea Pelosi, Zeta Avarichioti, and Matteo Maffei.
What makes BitVM2 unique is that it does not require any changes to the Bitcoin base code. This is important because Bitcoin is decentralized, making it difficult to adopt any changes to its code base. Even small proposals like OP_CAT often encounter difficulties when trying to implement them.
The first practical implementation of BitVM2 involves the creation of a "rollup" - a Bitcoin-based auxiliary network that can process transactions faster and cheaper, while maintaining a high level of security.
The publication of Linus' original project inspired developers to create many Bitcoin-based projects. By July, at least 83 second-layer projects were recorded, including rollups and sidechains. The new BitVM2 paradigm allows for the creation of a "bridge" that will ensure the secure transfer of bitcoins to auxiliary networks and their return for subsequent withdrawal.
While Bitcoin's Proof-of-Work consensus mechanism has been criticized for its high energy consumption, most experts recognize it as the most secure of all blockchains. This is supported by the market value of all bitcoins, which exceeds $1.2 trillion.
Linus noted that the new bridge design is simpler and requires less capital, which reduces liquidity risks and reduces the time that bridge operators lock their funds.
