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- The developer behind BitVM reveals the technology’s position within the Bitcoin ecosystem amidst intense criticism.
- The technology is not designed to replicate Decentralized Finance (DeFi), it aims to produce a different type of service.
According to the developer spearheading the creation of BitVM, the BitVM technology is not another Bitcoin competitor.
In a recent post shared to X (Twitter), a developer working on the Bitcoin-based virtual machine (BitVM), addresses rumors that the technology would introduce decentralized finance (DeFi) to Bitcoin. The developer explained that the technology is designed to scale Bitcoin and has no plans of making it a DeFi application that runs like Ethereum on the Bitcoin network.
The developers’ comments are in response to a comment made by another X user. “btc doesn’t need to replicate all aspects of finance.” The user wrote.
To clarify the position of the BitVM technology, the developer said the following;
Sound money is enough, true. BTC doesn’t need to replicate all aspects of finance, true. Bitcoin doesn’t need to replicate a visa but lightning’s gunning for it anyway. If you just want to protect your savings, that’s great! Bitcoin does that best — no need to use bitvm.
Another user explained that the motivation behind the creation of BitVM by Linus Robin was fueled by the desire to scale Bitcoin for payments. The new development is essential for the Bitcoin network at this stage, as scalability remains important to the network.
BitVM offers way more than lighting does, user insists
The developer went on to combat the narrative that the Bitcoin lightning network already provides the services that BitVM intends to offer. He added.
That’s what I want it for, yes.” He responded, affirming that he wants BitVM to become just another defi on Bitcoin attempt. However, the investor of the technology has different plans. “Robin, the inventor, wants to use it to bring rollups to Bitcoin. rollups are a scaling solution, they are not defi.
Another user explained that although Bitcoin lighting has a lot of benefits, it still falls short in the scaling department, as it is nowhere near solving scalability problems on the network. “We need more complementary things. This is just another defi on Bitcoin attempt. Again, the motivation behind BitVM by the author was not DeFi. It was scaling.” The user explained.
Notably, the BitVM white paper was developed by Robin Linus, the project lead at ZeroSync, and released on the 10th of October. Technical support has played a huge role in implementing BitVM’s first proof-of-concept, as it prepares towards expanding and developing its existing capabilities.
More recently, it was disclosed that BitVM can now perform 3 functions. A web page is currently underway and users can test run said functions once it has been completed. Interested users can also gain access to the GitHub repo links via GitHub.
Update: bitvm can perform *3* functions now and I'm in the middle of making a webpage where you can play with it pic.twitter.com/bXYOZKx2GV
— Super Testnet (@super_testnet) October 12, 2023
