BitVM Aims to Scale Bitcoin and Not Become a Pseudo-Ethereum, Says Developer

Introduction

The developer behind BitVM, a Bitcoin-based virtual machine, has clarified that the technology is designed to scale Bitcoin rather than emulate Ethereum's decentralized finance applications. This comes after some industry experts mistakenly assumed that BitVM would bring DeFi to Bitcoin, similar to Ethereum's Virtual Machine (EVM).

Scaling Bitcoin, Not Implementing Smart Contracts

The developer, known as Super Testnet, emphasized that the main goal of BitVM is to scale Bitcoin and not to introduce smart contracts or numerous altcoins. Super Testnet explained that the focus is on making Bitcoin capable of processing millions of transactions per second, rather than increasing its expressivity.

Super Testnet also expressed concerns about bringing the entire Ethereum ecosystem, including potentially fraudulent projects, into the Bitcoin network. He believes that building a decentralized exchange on Bitcoin would be a step backward.

BitVM's Impact on Ethereum

While BitVM is not expected to instantly replace Ethereum's altcoins, it could potentially divert demand away from them. However, Super Testnet noted that the ultimate vision is for Bitcoin to remain the dominant monetary unit on the Bitcoin network. He highlighted the importance of having one monetary asset that everyone can agree on, rather than dealing with fluctuating exchange rates.

Improving Payment Reliability

BitVM's intended payment infrastructure aims to address one of the shortcomings of the Lightning Network, which is payment reliability. Super Testnet acknowledged that Lightning is faster than any other system built on Bitcoin but lacks reliability. BitVM aims to reach 60% of the transaction speed of the Lightning Network while providing more reliable payments.

Optional Use and Future Development

Super Testnet emphasized that BitVM is optional, similar to the Lightning Network. Users will have the freedom to transfer their Bitcoin or Bitcoin-assets out of the virtual machine and back into cold storage or any other desired location. He reassured users that no one will be forced to send their money into the virtual machine if they prefer to keep it safe.

Regarding the misconception that BitVM can compute anything, Super Testnet clarified that the current state of BitVM requires the addition of more primitives. Implementing SHA-256 and encryption are among the developments needed to expand BitVM's capabilities.

Collaboration and Future Plans

BitVM's project lead, Robin Linus, and Super Testnet have been working together for approximately 18 months to scale Bitcoin at the scripting level. The two developers met at a Bitcoin conference and have been dedicated to advancing the technology ever since.