Bitcoin Virtual Machine BVM is launched. Is the era of smart contracts coming?

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, while the simplicity of its design makes it relatively easy to understand and use Bitcoin. However, as the cryptocurrency ecosystem continues to develop and demand evolves, the need for more complex features, such as smart contracts, has gradually surfaced. Until now, the application of smart contracts has been mainly concentrated on blockchain platforms such as Ethereum, but with the emergence of the Bitcoin Virtual Machine (BVM), this situation is gradually changing.

A smart contract is a contract that automatically executes the terms of a 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. Although blockchain platforms such as Ethereum already support smart contract functionality, Bitcoin is not designed to directly support this feature.

Bitcoin Smart Contracts Are Here

In order to explore the potential of implementing smart contracts within the simplicity and security framework of Bitcoin, a blockchain project called MVC (MicroVision Chain) came into being. MVC is similar to Bitcoin in that both are blockchains based on the UTXO (unspent transaction output) model and use 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.

The core advantages of BVM include the following:

Easy to maintain: The contracts in BVM are deterministic, the output depends entirely on the input, and will not rely on or change external states. 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 state security problem in parallel computing is effectively solved. The design of BVM enables it to effectively handle large-scale contract computing, 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 inputs and outputs, which simplifies the debugging process and eliminates the problems that may arise from external state issues.

Code Conciseness and Robustness: The functional programming paradigm in BVM encourages writing compact, 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, making the code more predictable, reliable, and easier to debug.

Simplicity and compactness of code: BVM's stack-based implementation allows for simpler and more compact code. This simplicity reduces code size, which is conducive to efficient use of memory and bandwidth. In addition, simpler code means lower error rates, thereby improving code reliability, which is particularly critical in the context of smart contracts.

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 it to provide smart contract functions that are not supported by Bitcoin in its original form.

Bitcoin’s Parallel Scaling Universe

MVC is known as the best scalable 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 a side chain of BTC like a "parallel universe" to a certain extent.

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

It should be emphasized that MVC and BVM are not intended to replace Bitcoin, but as side chains of Bitcoin's existing architecture, they add additional unlimited expansion 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.

Summarize

In general, Bitcoin has shown great potential for expansion, mainly due 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, and playing an important role in promoting the integrity of Bitcoin. MVC's BVM shows that Bitcoin has the potential to achieve smart contract functions similar to those of platforms such as Ethereum, which will undoubtedly make the cryptocurrency ecosystem richer and more diverse. I firmly believe that through continuous exploration and practice, we are expected to witness a more diverse and vivid blockchain future.