A new computing model, BitVM, aims to enhance Bitcoin’s smart contract capabilities without requiring changes to the blockchain’s consensus rules. The white paper, published on October 9, 2023, has drawn significant attention and its fair share of criticism. Can BitVM Set a New Precedent for Bitcoin’s Smart Contracts? BitVM was proposed in a recent white paper by blockchain programmer Robin Linus . It allows for the expression of Turing-complete Bitcoin contracts through fraud proofs and a challenge-response protocol between two parties. While some believe the model has limitations, others say it paves the way for more intricate Bitcoin transactions. BitVM operates with a prover making a claim that a program runs correctly for specific inputs and outputs. The verifier can challenge that assertion with a series of succinct fraud proofs, penalizing the prover if their claim is untrue. By encoding the program into a binary circuit and committing to it bit by bit in a Taproot addre
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