Oddbean new post about login | logout HO LY SHIT nostr:note165t3drtef5ndllfdk46s5edd8gznpzkhurhry9g3mky8urpuk9fq40hz5y
Fuu
Will this lead to chain data bloat like Ordinals, NFTs on-chain? Got to keep it lean to encourage lots of modes, right?
Nah that’s nothing to do with BitVM. Everything is explicitly off chain in that model. It’s inscriptions that are the horrible bloat storm in that regard. That said a better NFT system built with BitVM may take share away from inscriptions, which would be positive.
Do you have a recommendation on a good easy to understand breakdown of Bitvm?
Good place to start, just chatted with them recently. https://open.spotify.com/episode/72ZenxAdGKbJoPyZuTF8Je?si=844ccd14628b4713
Awesome thank you!
Short version: Instead of trying to build a smart contract with the very limited scripting language of #Bitcoin, which doesn't give you much functionality for very important security reasons, instead you treat simple yes/no script as its own computation - ie. use it as 0s and 1s for an abstracted program on top of it - that way you can literally write an entire program into a huge hash tree of random yes/no script executions tied to hashes from an external program. That way all of the participants can enforce the external program, and its completely agnostic to the code. You can literally write *anything* into it and it will enforce the ownership of actual btc. Possible now, permissionless, and the programs are entirely off chain, not only does bitcoin need to do no computation, but its also private.
I’d like to read the technical details.
for technical details: the whitepaper https://bitvm.org/bitvm.pdf my implementation https://github.com/TechMiX/tapleaf-circuits/
shitcoiners in disbelief. and also excited.
ELI5 🤔
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What does this mean?
Is it working at your end ? It just freezes when selecting SHA256, then "Choose this program". The other program options are working though.
the sha256 program is very large and it might freeze your browser tab for a few minutes while it tries to run it for me it succeeded after I left it sit and process for about 5 minutes
What’s Bitvm? Been hearing it tossed around.
It's a virtual computer that can run programs created as boolean logic circuits What's cool about it is, these programs can be embedded into bitcoin addresses, so that anyone who sends money to a bitvm address can only spend it if they correctly run the program embedded into the address And the program can theoretically be anything -- it could be Photoshop, or Doom, or a copy of the ethereum virtual machine, or anything. If a computer can run it, you can in theory convert it to work in bitvm, and then basically pay someone to run that program, or get them to put up some money as a pledge that they *will* run the program correctly, then take their money if they don't
Interesting, is there a BIP I can read about it?
no, but there is this: https://t.me/bitVM_chat/58
One of the best explanations of a highly complex topic ive seen so far: nostr:nevent1qqsrt2dudpsn0vgtatkvzaqhg6gw2gx347m3ly38w2j8xjrxp6fdy6qpp4mhxue69uhkummn9ekx7mqzyqsc8628tpyp6rcjf77e83tve2j9ulj5tnht34fgfrucy5l5j7uh2qcyqqqqqqgcn248s