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

The release of BVM introduced smart contracts to the Bitcoin era.

/ Bitcoin is more than just a cryptocurrency

In the cryptocurrency field, Bitcoin (BTC) is widely recognized as the largest and most secure blockchain. Its security is due to the unique Proof of Work (POW) consensus algorithm, while its design simplicity makes understanding and using Bitcoin relatively easy. However, as the cryptocurrency ecosystem continues to evolve and demand evolves, demands for more complex functionality, such as smart contracts, are also emerging. Smart contract applications have traditionally been concentrated on blockchain platforms such as Ethereum, but with the emergence of the Bitcoin Virtual Machine (BVM), this situation is gradually changing.

Smart contracts are contracts that can automatically execute contract terms, which are written in code on a blockchain. Smart contracts make it possible to build more complex decentralized applications (DApps) on the blockchain. Although blockchain platforms such as Ethereum already support smart contract functionality, Bitcoin’s design does not directly support this functionality.

/ Bitcoin smart contracts are here

To explore the potential of implementing smart contracts within the framework of Bitcoin’s simplicity and security, a blockchain project called MVC (MicroVision Chain) has emerged. MVC is similar to Bitcoin, both are UTXO (Unspent Transaction Output) model-based blockchains and use the same Proof of Work (POW) consensus algorithm.

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

/ The core advantages of BVM are mainly as follows:

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

Parallel computing: There is no global state in BVM, so the safety issue of parallel computing has been effectively solved. The design of BVM makes it capable of processing large-scale contract computing effectively, thus showing superior performance and 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, simplifying the debugging process and eliminating the problems that external state issues may bring.

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

Code simplicity and compactness: The stack-based implementation of BVM allows for simpler and more compact code. This simplicity reduces code size, which is advantageous for efficient use of memory and bandwidth. In addition, simpler code means a lower error rate, which improves code reliability, which is particularly critical in the scenario of smart contracts.

The design concept of BVM is to combine the advantages of Bitcoin with the flexibility of smart contracts to achieve the goal of expanding more complex functions in the Bitcoin network. BVM is compatible with Bitcoin and has borrowed from Bitcoin’s core technology to provide smart contract functions that are not supported in Bitcoin’s original form.

/ The parallel scaling universe of Bitcoin

MVC is known as Bitcoin’s best scaling isomorphic chain, with the same underlying UTXO structure, consensus mechanism, and total supply as Bitcoin, so it can form a one-to-one mapping relationship with all Satoshi of BTC, and can become a sidechain of BTC to some extent like a “parallel universe”.

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

It is important to emphasize that MVC and BVM are not intended to replace Bitcoin, but rather to serve as a sidechain to the existing Bitcoin architecture, providing additional unlimited scalability possibilities for 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 applications.

/ Summary

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

Source:

Introducing Bitcoin Virtual Machine (BVM)

https://medium.com/@mvcglobal/introducing-bitcoin-virtual-machine-bvm-d96fcad5aa3a

Bitcoin Virtual Machine (BVM) Emerges: Decoding BTCFi Rising Star MVC

Bitcoin Virtual Machine (BVM) Emerges: Decoding BTCFi Rising Star MVC

A New Bitcoin Era: Ordinals, Smart Contracts, and BVM

https://stably.io/a-new-bitcoin-era/

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