BitVM Version 2 Marks a New Era for Bitcoin Layer 2 Scaling Solutions

On August 15, 2024, the white paper for BitVM2 was released, showcasing major upgrades in Bitcoin’s layer two (L2) scaling capabilities.

Building on the original BitVM, introduced by Robin Linus in October 2023. BitVM2 enhances scalability and security by improving programmability and reducing on-chain transaction complexity. It utilizes optimistic computation and SNARK verification to ensure program correctness with fewer transactions, cutting the number from 70 in BitVM1 to just three. Key to BitVM2 is the BitVMBridge.

Which connects Bitcoin to L2 systems with reduced trust assumptions and requires only one active operator. This new version aims to address Bitcoin’s scalability issues and enable more secure and decentralized cross-chain applications.

Clever Robot News Desk 19^th August 2024