One of the developers behind BitVM, a Bitcoin-based virtual machine, has clarified that the technology is primarily focused on scaling Bitcoin rather than enabling decentralized finance applications like Ethereum. BitVM aims to increase Bitcoin’s transaction processing capacity and scalability, rather than implementing smart contracts and supporting a multitude of altcoins. The developer, known as Super Testnet, expressed concerns about the potential influx of Ponzi schemes and bad actors from the Ethereum ecosystem if BitVM were to support EVM-like tokens. While BitVM may divert demand away from Ethereum’s altcoins, it is not expected to completely replace them. The developer emphasized the importance of Bitcoin remaining the primary monetary asset on the network, as it provides stability for commerce. Additionally, BitVM aims to address one of the Lightning Network’s shortcomings by improving payment reliability. However, Super Testnet clarified that BitVM, in its current state, cannot compute “anything” as suggested in its whitepaper, as further development is required to add necessary primitives such as SHA-256 and encryption. Despite this, BitVM is already capable of processing basic functions. The collaboration between BitVM’s project lead, Robin Linus, and Super Testnet began around 18 months ago, with a focus on scaling Bitcoin at the scripting level.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇩🇪 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Super Testnet, Robin Linus |
| Companies | Lightning Network, ZeroSync, Coinbase, Ethereum Virtual Machine (EVM), River, BitVM, Bitcoin |
| Currencies | Bitcoin |
| Securities | None |
