BVM Emerges: Unleashing the Power of Bitcoin

[Scaling Labs]

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Bitcoin is more than just a cryptocurrency
In the field of cryptocurrency, Bitcoin (BTC) is widely recognized as the largest and most secure blockchain. Its security is derived from a unique Proof-of-Work (PoW) consensus algorithm, and its design makes understanding and using Bitcoin relatively easy. However, as the cryptocurrency ecosystem continues to evolve and the demands shift towards more complex functionalities such as smart contracts, the need for such features has become apparent. While smart contracts have primarily been associated with blockchain platforms like Ethereum, the introduction of the Bitcoin Virtual Machine (BVM) is gradually changing this landscape.

Smart contracts are contracts that can automatically execute contract terms written in code on a blockchain. Smart contracts enable the construction of more complex decentralized applications (DApps) on the blockchain. While blockchain platforms like Ethereum already support smart contract functionality, Bitcoin’s design does not directly support this feature.

Bitcoin Smart Contracts have arrived
To explore the potential of implementing smart contracts within the framework of Bitcoin’s simplicity and security, a blockchain project called MicroVision Chain (MVC) was born. MVC, similar to Bitcoin, is a blockchain based on the Unspent Transaction Output (UTXO) model and uses the same Proof-of-Work (PoW) consensus algorithm.

However, MVC introduces a smart contract model called the Bitcoin Virtual Machine (BVM), aimed at expanding the functionality of smart contracts on the basis of Bitcoin. In the upcoming new era, BVM demonstrates tremendous potential, proving that Bitcoin can be programmed and capable of running smart contracts.

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The core advantages of BVM include the following:

Ease of Maintenance
Contracts in BVM are deterministic, where the output solely depends on the input and does not produce side effects, nor does it depend on or alter external states. The code is easier to understand and predict with readability and maintainability.

Parallel Computing
Since there is no global state in BVM, one does not need to worry about state safety issues in parallel computing. This allows the BVM to handle large-scale contract calculations effectively, providing an advantage in performance scalability.

Ease of Testing and Debugging
Testing is easier to perform thanks to the functional programming used in BVM. The deterministic nature of the contracts, where you only need to focus on inputs and outputs, simplifies the debugging and eliminates external states concerns.

Code Conciseness and Robustness
The functional programming paradigm employed in BVM encourages the use of compact, well-structured code. Developers can write more with less, enhancing code efficiency and readability.

Furthermore, functional programming promotes the construction of robust code by favoring immutability and stateless functions. This minimizes bugs related to state changes and makes the code more predictable, reliable, and easier to debug, leading to overall system robustness.

Simplicity and Compactness of Code
The stack-based implementation of BVM allows for simpler and more compact code. The operations are performed in one place — the top of the stack, which reduces the complexity of the code.

This simplicity often leads to smaller code sizes and is beneficial to memory and bandwidth usage. Furthermore, simpler code tends to be less error-prone, reducing the likelihood of bugs and making the code more reliable. This is crucial in the context of smart contracts.

Bitcoin’s Parallel Scaling Universe
MVC is referred to as the best scaling homomorphic chain of Bitcoin, sharing the same underlying UTXO structure, consensus mechanism, and total supply as Bitcoin. Therefore, it can establish a one-to-one mapping relationship with all Satoshis of BTC, becoming a “balanced universe” sidechain to some extent.

MVC possesses the industry’s first Turing-complete smart contract based on Bitcoin UTXO, demonstrating super-high performance with over 10,000 transactions per second (TPS) on its test network. Its ecosystem currently has over 20 available applications, 10,000+ active addresses, and is about to embark on building massive applications on Bitcoin to accommodate billions of users in the future.

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It is important to emphasize that MVC and BVM are not intended to replace Bitcoin but rather to serve as a sidechain to the existing Bitcoin architecture, adding additional unlimited scalability 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 applications.

Conclusion
Overall, Bitcoin demonstrates immense potential for expanding its applications, primarily due to its unique simplicity and security features. As the cryptocurrency ecosystem continues to evolve, projects like MicroVision Chain (MVC) have emerged, introducing innovation and new perspectives that play a crucial role in driving the integrity of Bitcoin. MVC’s BVM shows that Bitcoin has the potential to achieve smart contract functionalities similar to platforms like Ethereum, undoubtedly enriching and diversifying the cryptocurrency ecosystem. Through continuous exploration and practice, it is believed that we will witness a more diverse and vibrant future of blockchain.

Sources:
Introducing Bitcoin Virtual Machine (BVM)

https://medium.com/@mvcglobal/introducing-bitcoin-virtual-machine-bvm-d96fcad5aa3a

Bitcoin Virtual Machine (BVM) Emerges: Decoding BTCFi Rising Star MVC

https://www.coinspeaker.com/bitcoin-virtual-machine-emerges-decoding-btcfi-rising-star-mvc/

A New Bitcoin Era: Ordinals, Smart Contracts, and BVM

https://stably.io/a-new-bitcoin-era/

[digaran]

Do we need to mine this emerging garbage coin?
How many were pre mined?

What I wanna know, is someone in control of the supply and the chain or not?

If they are, then it's a garbage like any other, if they are not, then it's also another type of garbage like any other.

I really don't understand the meaning of smart contracts if they are being controlled by some third parties.

[yhiaali3]

What I wanna know, is someone in control of the supply and the chain or not?

If they are, then it's a garbage like any other, if they are not, then it's also another type of garbage like any other.

I really don't understand the meaning of smart contracts if they are being controlled by some third parties.

A smart contract is a self-executing contract with terms written between the two parties to the contract directly in lines of code. The code and the agreements contained therein exist across a distributed and decentralized blockchain network. Where the code controls the implementation.

Therefore, it is called smart contracts because they are self-executed once the conditions in them are met without the need for a third party.

But at the same time, there are malicious smart contracts, so you should check the smart contract before using it.

[Ucy]

Do we need to mine this emerging garbage coin?
How many were pre mined?

What I wanna know, is someone in control of the supply and the chain or not?

If they are, then it's a garbage like any other, if they are not, then it's also another type of garbage like any other.

I really don't understand the meaning of smart contracts if they are being controlled by some third parties.

We don't really need to over-emphasize that. A serious developer who wants his/her sidechain or layer2 solution to be taken seriously or become part of the Bitcoin Network must build according to the Bitcoin principles otherwise it will be treated as foreign body.

I hope Op ideas is according to what was proposed on Bitcointalk last month... which is Sidechains/Multichain Network abit similar to Lightening Network but more decentralized and advanced. With that, Bitcoin users can transfer their bitcoins from the Mainchain to the Sidechain Network and have them locked in some sort of smart-contract, then the native coin/token of the Sidechain which is equal to 1 Bitcoin in price is automatically printed and given to the users to use on the Sidechain. Tokens printed for users is equal to the amount of Bitcoin they have locked on the Sidechain network. Once they are done using the tokens, users final balance is calculated and automatically deducted from locked Bitcoin then transfered to the Bitcoin address on the MainChain.


It's very important that users of all kinds are able to run full nodes og the sidechains, that's part of the reasons I want it to be a Multichain Network

[so98nn]

MicroVision Chain? that would be based on the current blockchain and thus take up more space and burden the entire blockchain with traffic. I am not sure how many more projects are going to be launched on the blockchain but they should stop now. We saw what happened when NFT ordinals were launched for the first time and to date they are creating messy jams on the blockchain. Once it keeps growing the burden on the chain will keep rising all the time. In similar ways, this project which literally based on the Bitcoin PoW basis can end up putting more traffic if it ever gets publicized to that extent.

On the other hand, we also need a solution which will help us get rid of slow transactions and not the other way around. I am not sure how this will also help in the scalability issues but that is the first thing we need to address when finding Bitcoin based solution.