The introduction of BITVM Smart Contracts has marked a significant milestone on the path for the scalability and programability of Bitcoin. Rooted in the original bitvm protocol, Bitlayer’s Final bridge It presents the first version of the Live On Testnet protocol, which is a good starting point to realize the promises of the Bitcoin Renaissance or “Season 2”.
Unlike the previous BTC bridges that often required dependence on centralized entities or assumptions of questionable trust, the final bridge takes advantage of a combination of Bitvm intelligent contracts, fraud tests and zero knowledge tests. This combination not only improves security, but also significantly reduces the need for confidence in third parties. We are not at the level without confidence that Lightning provides, but this is a million times better than the current Sidechains designs that claim to be Bitcoin 2s layers (in addition to significantly increasing the design space for Bitcoin applications).
The system operates at the beginning in which the funds are blocked safely in the directions governed by a Bitvm intelligent contract, which works under the premise that at least one participant in the system will act honestly. This configuration inherently reduces the trust requirements, but you have to introduce additional complexities that Bitlayer Its objective is to manage with this version of the bridge.
The mechanics of trust
In practical terms, when Bitcoin is blocked in the intelligent Bitvm contract through the final bridge, users are broadcast YBTC, a token that maintains a strict 1: 1 dive with bitcoin. This plug is not just a promise, but is applied by the logic of the underlying intelligent contract, ensuring that each YBTC represents a real and blocked bitcoin in the main chain (without “fake” fake “rejected” metric). This mechanism allows users to participate in activities, as loans, loans and performance agriculture within the Bitlayer ecosystem without compromising the safety and liquidation guarantees that Bitcoin provides.
While some in the community can find these objectable activities, this type of architecture allows users To make it happens (although the agreements would make this bridge design completely “minimized by trust, which would effectively make it a”TRUE“Bitcoin 2). For more details on the different levels of risks associated with lateral technologies designs, take a look Bitcoin layers of Bitlayer here.
However, until such advances come to fruition, the bridge purpose of Bitlayer serves as the best realization of the Bitvm 2 paradigm. It is a testimony of what is possible after the “brain leak” of development from centralized chains to Bitcoin . Despite all the challenges that Bitvm chains will face, I remain exceptionally excited about the perspective that Bitcoin fulfills its destination as the maximum settlement chain for all economic activity.
This article is a Carry. The opinions expressed are completely from the author and do not necessarily reflect those of BTC INC or Bitcoin magazine.
Guillaume articles in particular can discuss issues or companies that are part of your company’s investment portfolio (Rubo management). The opinions expressed are only yours and do not represent the opinions of their employer or their affiliates. He is not receiving financial compensation for these shots. Readers should not consider this content as financial advice or support from any company or investment in particular. Always do your own research before making financial decisions.
