Jamie Crawley is a CoinDesk news reporter based in London.
The goal of BitVM is to enable Turing-complete Bitcoin contracts without making the network more complicated for other users. Turing completeness is a computing term for a system that can compute any possible calculation or program.
Under BitVM, computations would be performed off-chain and then verified on-chain, similar to the mechanics ofIn theory, there should be no limits on the complexity of the computations as they are carried out off-chain, so there is no risk of clogging up the network at the expense of other users.."Particularly, it enables functionality that we thought we'd need a soft fork for."
The protocol involves two parties: a"prover" and a"verifier". The prover makes a claim of a specific function producing a particular output when given certain inputs. They pre-sign a sequence of transaction, enabling a challenge-response game between the two of them. They then make on-chain deposits to a Bitcoin address, activating the contract and they start to exchange off-chain data, with the verifier able to take the prover's deposit if any incorrect claim is made. This should mean that attackers always lose their deposits, Linus wrote.Linus' proposal triggered a slew of responses on X, with commentators quick to point out BitVM's limitations.
"BitVM is an amazing breakthrough because while there are many gaping holes right now in the BitVM, they are mostly solvable," he said."Over the next few months I expect many of these holes to get filled in, at which point we will have more capable Bitcoin script without a Bitcoin upgrade."Attempts to implement smart contract capabilities in the Bitcoin network are of course not new.
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