Bitcoin developers release BitVM2 white paper to enhance network scalability

Bitcoin scaling developers have released a new white paper on the second version of the Bitcoin Virtual Machine (BitVM), BitVM2, and the updated BitVM bridge. Co author and co-founder of the Bitcoin sidechain BOB, Alexei Zamyatin, shared file details on the X platform on Thursday.

The BitVM2 white paper provides a detailed introduction to the upgrade efforts to improve transaction efficiency in the Bitcoin network by enhancing transaction processing capabilities and, in some cases, updating encryption methods. The document states that the main goal of BitVM2 is to increase the trading capability of Bitcoin without modifying its core code or principles, such as decentralization.

The white paper explains that BitVM2 uses optimistic computation to extend Bitcoin through sidechains, introducing a permissionless system that allows any user to challenge suspicious transactions. The previous version only allowed designated parties to have the right to challenge.

In addition, the white paper also mentions improvements to BitVM Bridge, with a focus on reducing capital requirements and shortening asset lock up periods, which support transfers between Bitcoin and Rollups.

Robin Linus, the head of ZeroSync, a Bitcoin proof of system development project, first introduced BitVM in October last year and also contributed to the BitVM2 white paper.

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