Ethereum Under Pressure? Layer 2s On Bitcoin Could Happen “In One Year”

, Key Takeaways

• BitVMX project by Rootstock founder aims for Ethereum-like functionality within a year.
• The scheme could enable programmable layer-2 networks without altering Bitcoin’s core code.
• Bitcoin’s layer-2 advancements could challenge Ethereum’s dominance in the smart contract space.

Sergio Demian Lerner, founder of Bitcoin layer-2 protocol Rootstock, recently outlined his new “BitVMX” project .

Speaking at the Bitcoin++ conference in Austin, Texas, he highlighted the fast-paced development of Bitcoin’s layer-2 capabilities. Lerner said these could match Ethereum’s within a year, potentially increasing competition in the blockchain space.

Bitcoin Gets Smart? New Project Aims for ETH-like Function in One Year

The project aims to enhance Bitcoin’s programmability. It builds on the “BitVM” design introduced last year by developer Robin Linus.

Lerner, an Ethereum contributor who has researched Bitcoin creator Satoshi Nakamoto’s mining techniques, told the conference the project has a one-year timeline for completion and is progressing rapidly. He also said: “We are moving forward at full speed.”

Last year’s release of BitVM could be a breakthrough for Bitcoin, which has been in existence for 15 years. This is because it could allow the creation of programmable layer-2 networks. These could be like those in the Ethereum ecosystem, which help make transactions cheaper and faster. A key feature of BitVM is that it does not require any modifications to Bitcoin’s core code. This is important because the blockchain’s decentralized governance means developers often disagree about major updates.

From Theory to Reality

Recently, Rootstock Labs shed more light on this initiative  in a blog post which talked about the practical challenges making Linus’s theoretical framework a reality. It noted that “theory and practice are two very different things”.

The blog post  said:

“The BitVMX research team intends to build on this initial discovery with additional innovations to create an improved development framework for running programs on Bitcoin. The name is a nod to BitVMX’s origins while highlighting its focus on extending Bitcoin and accelerating the development of the next generation of sidechains and layer.”

Rootstock Labs recently revealed  that a team of core contributors is developing a roadmap for enhancements to the network over the next 12 months. This is part of their broader effort to advance the capabilities of Bitcoin through the new “BitVMX framework”.

According to a whitepaper  released alongside this announcement, the BitVMX framework is designed to expand Bitcoin’s capabilities. It aims to support any CPU on the network, with a particular emphasis on facilitating a fully-compliant RISC-V processor that can be programmed using standard compilation toolchains. This could, therefore, open up a range of new use cases for Bitcoin.

Layer-2 Functionality Arrives in One Year (Without Code Changes)

One significant aspect of BitVM is that it can create Layer-2s without having to change Bitcoin’s foundation code.

Lerner’s proposals could put Ethereum under pressure, as the better established Bitcoin could offer what its rival already does relatively soon.

About the Author

Teuta Franjkovic

Teuta is a seasoned writer and editor with more than 15 years of experience. She has expertise in covering macroeconomics and technology as well as the cryptocurrency and blockchain industries. She has worked for several publications as a journalist and editor, including Forbes, Bloomberg, CoinTelegraph, Coin Rivet, CoinSpeaker, VRWorld and Arcane Bear. Teuta began her professional career in 2005, working as a lifestyle writer at Cosmopolitan in Croatia. From there, she branched out to several other publications, covering mainly business and the economy. She then turned her attention to the world of cryptocurrency and blockchain, believing that crypto is among the most important inventions in the history of humanity. Her involvement in fintech began in 2014 and she has since lent her expertise in writing, editing and gathering information about the world of crypto, blockchain, NFTs and Web3. An all-round news hound, mentor, editor, and writer, Teuta enjoys teamwork and good communication. She holds a WSET2 diploma and has a thing for chablis, punkrock music and shoes. She also holds a double MA in Political science and Entrepreneurship.

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