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Home»ADOPTION NEWS»Bitcoin Virtual Machine Team Launches ZK Rollup Service to Scaling Bitcoin
ADOPTION NEWS

Bitcoin Virtual Machine Team Launches ZK Rollup Service to Scaling Bitcoin

By Crypto FlexsJune 26, 20243 Mins Read
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Bitcoin Virtual Machine Team Launches ZK Rollup Service to Scaling Bitcoin
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team behind Bitcoin BTC

-1.61%
Last week, the Virtual Machine (BVM) launched BitZK, a zero-knowledge proof service that improves Bitcoin’s scalability by allowing users to create rollups and migrate applications from Ethereum to Bitcoin.

This need for scaling solutions was manifested last year with the launch of protocols such as Ordinals and Runes, which sparked similar on-chain activity as Ethereum. This surge in activity has led several development teams to explore new ways to extend Bitcoin and incorporate ideas from other blockchain projects.

Historically, scaling Bitcoin has been problematic, including increasing block sizes or developing scalable layer 2 solutions. Previously, the network’s limited user base allowed developers ample time to make decisions, but the recent increase in on-chain usage has accelerated the need for effective scaling solutions.

“Bitcoin’s blockchain powered by BVM will be the first example of a Bitcoin ZK rollup on mainnet. This is a huge technological breakthrough.” developer @bird2836 told The Block in a direct message. Zero-knowledge proofs are used in blockchain circles to compress data and have become the basis for the most popular rollups on Ethereum.

BVM charges a minimum of $99 per month for access to BitZK services and has already assembled an initial roster of users that includes the Bitcoin Layer 2 RWA chain, POWD3R blockchain, and Octopus Bridge.

The monthly fee includes memory, CPU, and storage costs associated with running Bitcoin Layer 2. Pricing Model Available for $499 and $1,999.

Launched in January 2023, BVM aims to make the Bitcoin network as general as possible. In other words, the team wants to make features pioneered in networks like Ethereum possible on the first and largest blockchain.

According to the project’s white paper, “BVM is a state machine similar to Ethereum-VM that leverages Bitcoin as a data layer to achieve transaction-level consensus. This approach allows BVM to function as a general-purpose state machine that leverages the security and data availability of Bitcoin without the need for additional networks or consensus protocols.”

The project is one of several Bitcoin scaling solutions starting to gain traction as protocols like Ordinals and Runes drive demand for block space.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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