BitVM aims to enhance Bitcoin’s scalability, not to serve as a substitute for Ethereum, according to the developer.

One of the developers involved with “BitVM” — a virtual machine based on Bitcoin — emphasizes that the technology aims to enhance Bitcoin’s scalability rather than to introduce decentralized finance applications similar to those on Ethereum.

The whitepaper for BitVM was published by Robin Linus, the project lead at ZeroSync, on October 10, with technical assistance from the pseudonymous developer “Super Testnet,” who is responsible for implementing the initial proof-of-concept and expanding BitVM’s functionalities.

Upon its announcement, some experts in the industry perceived that BitVM would introduce DeFi to Bitcoin in a manner akin to the Ethereum Virtual Machine (EVM) for Ethereum.

Lightning also falls short in terms of scalability. It does not adequately address the scalability issue.
We require additional complementary solutions.
> this is merely another attempt at DeFi on Bitcoin.
Once more, the creator’s motivation behind BitVM was not DeFi. It was about scaling.

— Hampus (@hampus_s) October 12, 2023

However, Super Testnet informed Cointelegraph that BitVM is focused on scaling rather than on the implementation of smart contracts and a multitude of altcoins:

“The true game-changing application is scaling Bitcoin. [Robin Linus isn’t] particularly enthusiastic about smart contracts. He doesn’t favor increasing Bitcoin’s expressiveness. His primary interest lies in enabling Bitcoin to handle millions of transactions per second.”

Super Testnet expressed a desire to prevent BitVM from being inundated with tokens similar to those in the EVM ecosystem, as this could attract malicious actors to Bitcoin:

“I don’t want to see everything from the Ethereum ecosystem because much of it consists of Ponzi schemes.”

He further stated that establishing a decentralized exchange on Bitcoin would represent a “step backward.”

Meanwhile, Super Testnet remarked that BitVM will not lead to an “instant death” for Ethereum’s altcoins, as some have suggested, although it may divert some demand from them.

Hot Off the Press: BitVM White Paper Drops! Experience a groundbreaking computing approach for smart contracts on #Bitcoin
Unlock functionalities previously assumed to demand a soft fork with these enhanced smart contracts.
Could this be the end of #altcoins? pic.twitter.com/1GA43VE7If

— RichQuack (@RichQuack) October 10, 2023

The developer aspires for Bitcoin (BTC) to remain the sole monetary unit on the Bitcoin network:

“A significant characteristic that renders Bitcoin valuable is the preservation of a single monetary asset that everyone can agree upon, rather than having fluctuating exchange rates that complicate commerce,” he stated.

BitVM could address one of Lightning’s shortcomings

Additionally, Super Testnet indicated that BitVM’s proposed payment infrastructure aims to enhance one of the Lightning Network’s weaknesses — payment reliability:

“Lightning is an excellent system and is likely faster than anything we can create on Bitcoin. However, one area where Lightning struggles is payment reliability.”

River, a Bitcoin-only exchange, disclosed that its Lightning payments achieved a success rate of 99.7% in August across 308,000 transactions.

He hopes that BitVM can achieve 60% of the transaction speed of the Lightning network.

BitVM: The 24 hour update.
After thousands of Twitter posts and hours of spaces and discussions, we know much more about BitVM than we did yesterday. Here’s a quick update:
Excitement
1. BitVM is a new computing paradigm that leverages the universal gate NAND (along with other… pic.twitter.com/zBws7gOhjA

— Bob Bodily, PhD | #BTC #ETH #ICP (@BobBodily) October 11, 2023

Related: Coinbase to integrate Bitcoin Lightning Network: CEO Brian Armstrong

The developer has also emphasized that BitVM is optional, similar to the Lightning Network, and users will have the ability to transfer BTC or Bitcoin-assets out of the virtual machine back into cold storage or their previous locations.

“No one is compelled to send their funds into a virtual machine. If you wish to keep your money secure, maintain its safety.”

'Compute anything' misunderstanding

Super Testnet also clarified a potential misconception, stating that BitVM, in its current form, cannot compute “anything” as suggested in its whitepaper.

“We need to develop more primitives to enable it to run anything.” Implementing SHA-256 and encryption are among the enhancements that need to be made, they noted.

Nonetheless, Super Testnet revealed on October 12 that BitVM is already capable of processing basic functions:

Update: bitvm can perform *3* functions now and I'm in the middle of making a webpage where you can play with it pic.twitter.com/bXYOZKx2GV

— Super Testnet (@super_testnet) October 12, 2023

Linus and Super Testnet first met at a Bitcoin conference approximately 18 months ago and have been collaborating to enhance Bitcoin at the scripting level almost continuously since then, he mentioned.

Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books