Updated: August 16, 2024 4:49 AM EDT
Bitcoin scaling developers have released a new whitepaper detailing the second version of the Bitcoin Virtual Machine, BitVM2, and an updated BitVM Bridge. Co-author Alexey Zamyatin, co-founder of Bitcoin sidechain BOB, shared details about X on Thursday.
The whitepaper details recent efforts to improve the efficiency of transactions on the Bitcoin network by improving transaction processing capabilities and, in some cases, updating encryption methods.
The document states that the main goal of BitVM2 is to increase Bitcoin’s transaction capacity without modifying its core code or principles, such as decentralization.
The whitepaper explains that BitVM2 scales Bitcoin as a sidechain using optimistic computation, which assumes that operators of these networks act honestly until a challenger proves otherwise using fraudulent proofs.
In the whitepaper, BitVM2 introduces a permissionless system where any user can dispute suspicious transactions, unlike previous versions where dispute rights were limited to designated parties.
It also mentions improvements to BitVM Bridge, which focus on reducing capital requirements and shortening asset lock-up periods. These improvements support Bitcoin transfers with Rollup, a secondary network that enables faster and cheaper transactions on the Bitcoin network.
Robin Linus, who leads the ZeroSync project, first introduced BitVM in October of last year.
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