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Reported by The Block: Bitcoin sidechain developers released a whitepaper on the second version of Bitcoin Virtual Machine, BitVM2, and the updated BitVM Bridge.
Bitcoin scaling developers released a new whitepaper on the second version of Bitcoin Virtual Machine, BitVM2, and the updated BitVM Bridge. Co-author Alexei Zamyatin and co-founder of Bitcoin sidechain BOB shared details on X on Thursday.
The whitepaper details updated efforts to improve the efficiency of transactions within the Bitcoin network through improvements in transaction handling capabilities and, in some cases, updated cryptographic methods.
The document stated that BitVM2's main aim is to increase Bitcoin's transaction capacity without modifying its core code or principles, such as decentralization.
The whitepaper explains that BitVM2 employs optimistic computation to scale Bitcoin with sidechains. It assumes that the operators of such networks act honestly until challengers demonstrate otherwise using fraud proofs.
In the whitepaper, BitVM2 introduces a permissionless system that allows any user to challenge suspicious transactions, a departure from the previous version, which limited challenge rights to designated parties.
It also notes improvements to the BitVM Bridge, focusing on reduced capital requirements and shorter asset lock-up periods. These enhancements support the transfer of bitcoins to and from rollups — secondary networks that facilitate faster and less costly transactions on the Bitcoin network.
Robin Linus, the lead of the ZeroSync project, first introduced BitVM in October of last year.
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