Dear smart sers of #nostr can you please attempt to explain the #BitVM breakthrough? Really I’m trying to understand what it’ll enable for #Bitcoin and why. In ELI5 style would be great bc I’m regarded. Will zap answers⚡️#asknostr
Discussion
Yes, can someone explain? Or give a good link? 🤔
As far as I understood it brings smart contracts to the BTC blockchain, maybe read this article https://bitcoinmagazine.com/technical/the-big-deal-with-bitvm-arbitrary-computation-now-possible-on-bitcoin-without-a-fork
Reading the abstract, I gathered that participating miners can perform arbitrarily complex, stateful off-chain computations that would be easily verified by participating nodes.
I didn’t read past the abstract, and I’m always skeptical.
GM #plebchain
You really gotta understand how logic gates function
Fundamentals of microprocessors
I don’t understand that. Not a dev and not technical.
In your opinion is it a legitimate breakthrough? And if so what sort of downstream effects will it have on Network capabilities / functionality?
Breakthrough-Yes & No
Yes because it’s 1 proof of concept
No because I believe there’s better was of doing it.
It’s going to get expensive to use depending on what your trying to do because of limited blockspace & the size of the transactions.
But you must understand that this sort of technology will let you pretty much let you build & run any program you want on bitcoin blockchain.