Building a decentralized exchange on Bitcoin would be a “step backward,” for example, said Bitcoin developer Super Testnet.
Interview One of the developers working on “BitVM” — a Bitcoin-based virtual machine — reiterates the tech is intended to scale Bitcoin rather than launching Ethereum-like decentralized finance applications on the network. BitVM’s white paper was released by ZeroSync’s project lead, Robin Linus, on Oct. 10, with technical support provided by pseudonymous developer “Super Testnet” to implement BitVM’s first proof-of-concept and work on expanding BitVM’s capabilities. Upon its release, some industry pundits formed the impression that BitVM would bring decentralized finance to Bitcoin as the Ethereum Virtual Machine (EVM) did for Ethereum. However, Super Testnet tells Cointelegraph that BitVM is scaling-focused rather than being about implementing smart contracts and an avalanche of altcoins: Super Testnet said he doesn’t want BitVM to be flooded with EVM-like tokens because it’ll bring bad actors to Bitcoin: Building a decentralized exchange on Bitcoin would be a “step backward,” he added. Meanwhile, Super Testnet notes that BitVM won’t be an “instant death” for Ethereum’s altcoins, as some have suggested, though it could take demand away from them. The developer hopes that Bitcoin (BTC) essentially remains the only monetary unit on the Bitcoin network: “A big property that makes Bitcoin important is maintaining one monetary asset that everyone can agree on instead of having floating exchange rates that are a burden for commerce,” he said. Meanwhile, Super Testnet said BitVM’s intended payment infrastructure would also aim to improve one of the Lightning Network’s shortfalls — payment reliability: River, a Bitcoin-only exchange, revealed its Lightning payments success rate was 99.7% in August across 308,000 transactions. He hopes BitVM can reach 60% of the transaction speed of the Lightning Network.
The developer has also stressed that BitVM is optional, like the Lightning Network, and anyone will be able to transfer BTC or Bitcoin assets out of the virtual machine back into cold storage or wherever they were beforehand. Super Testnet also clarified a possible misunderstanding, explaining that BitVM, in its current state, cannot compute “anything” like its white paper suggests. “We have to build more primitives in order to make it so that anything can run in it.” Implementing SHA-256 and encryption are some of the additions that need to be made, they noted. However, Super Testnet revealed on Oct. 12 that BitVM is already processing basic functions: Linus and Super Testnet met at a Bitcoin conference around 18 months ago and have been working to scale Bitcoin at the scripting level ever since, he said.
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BitVM could patch up one of Lightning’s flaws
“Compute anything” misconception
