In recent times, a seismic shift has occurred in the narrative surrounding Bitcoin’s computational capabilities. Robin Linus, a prominent Bitcoin developer, has submitted a new paper titled “BitVM: Compute Anything on Bitcoin,” which potentially redefines what Bitcoin can do. Tech commentator Sam Parker has offered an incisive commentary on the paper, elucidating its key arguments and implications for Bitcoin and the broader blockchain ecosystem.
Turing Complete or Not, That is the Question
The longstanding debate in blockchain circles is whether Bitcoin is Turing complete, i.e., if it can simulate any computational device. Conventional wisdom had long stated that Bitcoin was not Turing complete, especially when compared to networks like Ethereum. However, according to Parker, Bitcoin has now attained a level of Turing completeness comparable to any other blockchain. The narrative that “Turing Complete = Bad” is unfounded for several reasons.
Firstly, nothing in our reality can be truly Turing complete because the term, by its technical definition, requires an “unbounded runtime.” Given the limitations of space and time, this is practically unachievable. Bitcoin developers like Robin Linus and other script hackers have successfully incorporated functionalities into Bitcoin’s VM, making it nearly as expressive as Ethereum. What set them apart was not the expressivity but rather the limitations in runtime, specifically the stack size limit.
BitVM: A New Dawn for Bitcoin
BitVM, as described in Linus’s paper, essentially allows for the extension of the runtime of a logic sequence across multiple transactions. It doesn’t introduce any new semantic features but increases the length of programs that can run. This takes Bitcoin from being “not Turing complete” to “Turing complete enough” for realistically executable programs. It serves as a monumental step towards ossification, reducing the necessity for future changes to Bitcoin. In other words, why add new operational codes when Bitcoin can already simulate any code imaginable?
Risk Reduction and Trustlessness
One of the most significant implications of BitVM is the minimization of risk and the evolution towards trustless transactions. It removes the requirement for semi-trusted or trusted third parties like escrow services, congestion control, and Coinjoin aggregators. With BitVM, Bitcoin can satisfy arbitrary logical constraints, making it entirely self-reliant and further strengthening its position as a trustless medium of transaction. It fundamentally reshapes how we understand and interact with Bitcoin, bringing it on par with more flexible platforms like Ethereum without compromising on its core principles.
Opt-In for Security
Importantly, the adoption of BitVM functionalities is opt-in. Users skeptical of locking their coins into Turing complete contracts can refrain from doing so. This aligns well with the security sandboxing inherent to Bitcoin’s UTXO system. Critics questioning the inclusion of these capabilities would have to confront the prospect of removing already integrated features like Taproot, an idea deemed “very dumb” by Parker.
BTC Price Chart
A Word of Caution
Despite the buzz around the potential revolution BitVM promises, some in the community remain skeptical. Commenter Bawdy highlights an essential caveat: “I’m always amused by people who take a single theoretical research paper, and then call it case closed. It’s VERY likely that implementation will be highly complex, and run into major limitations. And that’s a lot of complexity/work to do what EVM already does.” Indeed, the road to implementation is fraught with uncertainty, and the practical challenges could well temper the enthusiasm.
The Future is Here
As Sam Parker points out, the debate should now pivot from questioning Bitcoin’s capabilities to discussing features that increase efficiency, privacy, and security. BitVM not only extends Bitcoin’s functional domain but also consolidates its future, diminishing the need for significant alterations.
It fortifies Bitcoin’s foundational promise of decentralization and trustlessness while enhancing its computational capacity. If anything, BitVM underscores Bitcoin’s metamorphosis from a digital gold to a more versatile and robust computational platform. However, as Bawdy suggests, the devil will be in the details of its implementation.
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- Ex-community moderator of the Banano memecoin. I have since been involved with numerous cryptocurrencies, NFT projects and DeFi organizations. I write about crypto mainly.
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