What is Bitcoin Virtual Machine (BitVM)?

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Bittime - Bitcoin Virtual Machine (BitVM) is a system proposed in a paper by Robin Linus that allows complex computations andsmart contracts to run on the Bitcoin network. The main innovation of BitVM is that the computation is not performed on-chain, but rather is verified on-chain using a new prover-verifier model.

How BitVM Works?

BitVM uses a prover-verifier architecture with fraud proof and challenge-response protocols to verify computations. The prover and verifier first work together off-chain to compile the program into a binary circuit format. 

Each logic gate in the circuit is represented by a leaf script in the Taproot address controlled by the prover. Prover commits the full circuit in this Taproot address, using it as a compact commit for the entire program. 

The prover and verifier also jointly sign a number of transactions in advance to enable the challenge-response protocol. After setup, both parties make an on-chain deposit to the Taproot address to activate the contract. 

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The prover can now run the program off-chain and notify the verifier of the results. If the verifier believes that the results are invalid, they can trigger a challenge transaction. 

This forces the prover to reveal the input and output of the logic gate in question to prove that it executed correctly. After several rounds of challenge-response, the false claim can be proven down the chain. 

This approach minimizes on-chain computing and data by keeping most of the work off-chain. Block chain is only involved in cases of disputes between parties.

How to Buy Bitcoin on Bittime

You can buy and sell BTC tokens in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. BTC is available on Bittime with BTC IDR pairing.

To be able to buy BTC/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make BTC purchases in the application. Learn a more complete guide on how to buy BTC on Bittime

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime. 

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.