Bitcoin Virtual Machine BVM is released, ushering in the era of smart contracts?

The release of Bitcoin Virtual Machine (BVM) marks the start of smart contracts era.

Author: Scaling Labs

Bitcoin is more than just a cryptocurrency

In the cryptocurrency space, Bitcoin (BTC) is widely recognized as the largest and most secure blockchain. Its security is due to its unique proof-of-work (POW) consensus algorithm, and its design simplicity makes understanding and using Bitcoin relatively easy. However, as the cryptocurrency ecosystem continues to evolve and demand shifts towards more complex functionalities, such as smart contracts, the need for such functionality has also gradually emerged. Traditionally, smart contracts have been mainly concentrated on blockchain platforms such as Ethereum, but with the emergence of the Bitcoin Virtual Machine (BVM), this is gradually changing.

Smart contracts are contracts that can automatically execute contract terms, which are written in code on the blockchain. 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’s design does not directly support this functionality.

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Bitcoin smart contracts have arrived

In order to explore the potential for implementing smart contracts within Bitcoin’s framework of simplicity and security, a blockchain project called MicroVision Chain (MVC) has emerged. MVC is similar to Bitcoin in that it is a UTXO (Unspent Transaction Output) model-based blockchain and uses the same proof-of-work (POW) consensus algorithm.

However, MVC introduces a smart contract model called the Bitcoin Virtual Machine (BVM), designed to extend smart contract functionality on top of Bitcoin. In the upcoming new era, BVM has shown great potential, proving that Bitcoin can be programmed with code and has the ability to run smart contracts.

BVM’s core advantages mainly include:

Easy to maintain: The contracts in BVM are deterministic, and the output is entirely dependent on the input and does not depend on or change external state. This makes the code easier to understand and predict, improving its readability and maintainability.

Parallel computing: There is no global state in BVM, so the security issues of state in parallel computing are effectively resolved. BVM’s design enables it to handle large-scale contract calculations effectively, demonstrating superior performance scalability.

Easy to test and debug: With functional programming adopted in BVM, testing process becomes easier. As the contract is deterministic, developers only need to focus on input and output, simplifying the debugging process and eliminating the problems that may arise from external state.

Code simplicity and robustness: The functional programming paradigm in BVM encourages writing compact, well-structured code. In addition, functional programming promotes robust code construction by supporting immutability and stateless functions. This greatly reduces errors related to state changes, making the code more predictable, reliable, and easier to debug.

Code simplicity and compactness: BVM’s stack-based implementation allows for simpler and more compact code. This simplicity reduces code size, which is beneficial for effective use of memory and bandwidth. In addition, simpler code means lower error rates, improving code reliability, which is critical in the context of smart contracts.

The design philosophy of BVM is to combine the advantages of Bitcoin with the flexibility of smart contracts to achieve the goal of extending more complex functionality in the Bitcoin network. BVM is compatible with Bitcoin and draws on Bitcoin’s core technology, which has been extended to provide smart contract functionality not supported in Bitcoin’s original form.

Parallel Scaling Universe of Bitcoin

MVC is called the best scalable isomorphic chain of Bitcoin, with the same underlying UTXO structure, consensus mechanism, total amount, etc. as Bitcoin, so it can achieve a one-to-one mapping relationship with all Satoshi of BTC, becoming a “parallel universe” side chain of BTC to a certain extent.

MVC has the industry’s first Turing-complete smart contract based on Bitcoin UTXO, which has run over 10,000 TPS in the test network with ultra-high performance. Its ecology currently has more than 20 available applications, 10,000+ active addresses, and is about to open up the future of building massive applications on Bitcoin and hosting hundreds of millions of users.

It should be emphasized that MVC and BVM are not intended to replace Bitcoin, but as a side chain of Bitcoin’s existing architecture, to add additional infinite scalability possibilities to the Bitcoin blockchain. By separating these experimental features from the Bitcoin main protocol, the simplicity and security of Bitcoin can be ensured while expanding its potential application range.

Summary

Overall, Bitcoin has demonstrated enormous potential for expansion, thanks in large part to its unique simplicity and security features. As the cryptocurrency ecosystem continues to evolve, projects like MVC (MicrovisionChain) have emerged, introducing innovation and new ideas that play an important role in promoting the integrity of Bitcoin. MVC’s BVM demonstrates that Bitcoin may be capable of achieving smart contract functionality similar to platforms like Ethereum, which will undoubtedly make the cryptocurrency ecosystem more diverse and rich. We firmly believe that through continuous exploration and practice, we may witness a more diverse and vibrant blockchain future.

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