The advent of the Bitcoin virtual machine BVM The era of smart contracts is coming?

Author: Scaling Labs

Bitcoin is more than a cryptocurrency

In the world of cryptocurrencies, Bitcoin (BTC) is widely recognized as the largest and most secure blockchain. Its security benefits from the unique proof-of-work (POW) consensus algorithm, while the simplicity of its design makes it relatively easy to understand and use Bitcoin. However, as the cryptocurrency ecosystem continues to grow and its needs evolve, the need for more complex functionality, such as smart contracts, is gradually surfacing. ** For a long time, the application of smart contracts has been mainly concentrated on blockchain platforms such as Ethereum, but with the emergence of Bitcoin Virtual Machine (BVM), this situation is gradually changing. **

A smart contract is a contract that automatically enforces the terms of the contract, which are written into the blockchain in the form of code. Smart contracts make it possible to build more complex decentralized applications (DApps) on the blockchain. While blockchain platforms such as Ethereum already support smart contract functionality, Bitcoin is not designed to directly support this functionality.

Bitcoin smart contract has arrived

In order to explore the potential of implementing smart contracts within the simplicity and security of Bitcoin, a blockchain project called MVC (MicroVision Chain) was born. Similar to Bitcoin, MVC is a blockchain based on the UTXO (Unspent Transaction Output) model and uses the same proof-of-work (POW) consensus algorithm.

However, MVC introduces a smart contract model called BVM (Bitcoin Virtual Machine), which aims to expand the functionality of smart contracts based on Bitcoin. In the coming new era, BVM shows great potential, proving that Bitcoin can be programmed through code and has the ability to run smart contracts.

Bitcoin virtual machine BVM comes out, the era of smart contracts is coming?

The core advantages of BVM mainly include the following points:

Easy to maintain: The contract in BVM is deterministic, the output depends entirely on the input, and will not depend on or change the external state. This makes the code more understandable and predictable, improving its readability and maintainability.

Parallel Computing: There is no global state in BVM, so the state safety issue in parallel computing is effectively resolved. The design of BVM enables it to efficiently handle large-scale contract calculations, thus showing superiority in performance scalability.

Easy to test and debug: With the functional programming adopted in BVM, the testing process is easier to implement. Due to the determinism of the contract, developers only need to focus on the input and output, which simplifies the debugging process and eliminates possible problems caused by external state problems.

Code Concise and Robust: The functional programming paradigm in BVM encourages writing compact, well-structured code. Additionally, functional programming facilitates the construction of robust code by supporting immutability and stateless functions. This greatly reduces bugs related to state changes, making the code more predictable, reliable, and easier to debug.

Code Simplicity and Compactness: BVM's stack-based implementation allows writing simpler and more compact code. This simplicity reduces code size and facilitates efficient use of memory and bandwidth. In addition, simpler code means lower error rate, which improves the reliability of the code, which is especially critical in the smart contract scenario.

The design idea of BVM is to combine the advantages of Bitcoin and the flexibility of smart contracts to achieve the goal of expanding more complex functions in the Bitcoin network. BVM is compatible with Bitcoin, and draws on Bitcoin's core technology, expanding on this basis to provide smart contract functions that Bitcoin does not support in its original form.

Bitcoin's Parallel Scaling Universe

MVC is known as the best expansion isomorphic chain of Bitcoin. It has the same underlying UTXO structure, consensus mechanism, total amount, etc. as Bitcoin. Therefore, it can form a one-to-one mapping relationship with all Satoshi of BTC, and can become BTC Some degree of "parallel universe" like sidechains.

MVC has the industry's first Turing-complete smart contract based on Bitcoin UTXO, which has achieved ultra-high performance exceeding 1w TPS in the test network. Its ecology currently has more than 20 available applications and 1w+ active addresses, and it is about to open the future of building massive applications on Bitcoin and carrying hundreds of millions of users.

Bitcoin virtual machine BVM comes out, the era of smart contracts is coming?

It should be emphasized that MVC and BVM are not intended to replace Bitcoin, but serve as side chains of Bitcoin's existing architecture, adding additional possibilities for unlimited expansion to the Bitcoin blockchain. By separating these experimental features from the Bitcoin main protocol, Bitcoin's simplicity and security can be ensured, while expanding its potential range of applications.

Summarize

Overall, Bitcoin demonstrates enormous possibilities for scaling applications, mainly due to its unique simplicity and security properties. With the continuous evolution of the cryptocurrency ecosystem, projects like MVC (MicrovisionChain) have emerged, introducing innovations and new ideas, and playing an important role in promoting the integrity of Bitcoin. **MVC's BVM shows that Bitcoin is likely to implement smart contract functions similar to platforms such as Ethereum, which will undoubtedly make the cryptocurrency ecosystem richer and more diverse. **Convinced that through continuous exploration and practice, we are expected to witness a more diverse and vivid blockchain future.

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The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
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