As the Bitcoin environment grows and changes, it becomes clear that it needs more complex features, like smart contracts. In the past, most smart contract apps were built on blockchain platforms, especially Ethereum. The Bitcoin Virtual Machine (BVM), on the other hand, is slowly changing this picture.
This guide provides information about the Bitcoin Virtual Machine, why it is needed, its role, and its benefits.
What Does a Virtual Machine Mean?
A smart contract is a deal coded into the immutable blockchain ledger, and its terms are carried out. Using smart contracts makes it possible to create decentralized apps (dApps) on the blockchain that are not very easy. Ethereum’s blockchain architecture makes it possible to run smart contracts, but Bitcoin’s design doesn’t support this feature by default.
A virtual machine (VM) is software that imitates how a simple computer system works. The system has a simulated central processing unit, RAM, and disc space, which makes it impossible to tell it apart from an actual device with the same specs.
What Is a Virtual Machine Used For?
In virtual computers, an operating system, data, and programs work together to make a single unit. The system works like a real computer, easily hosting websites, running applications, and joining other networks.
When the virtual machine is shown on a screen, it appears as a separate interface that runs in the computer’s host operating system. It also has a virtual CPU, memory, and storage, none of which are real. So, many virtual machines can live on a single computer simultaneously. In this case, software called a hypervisor takes care of the computer.
The hypervisor is a vital link between the simulated hardware of the virtual machine and the genuine parts of the server that the virtual machine is running on.
In this situation, a single physical computer can hold anywhere from two to ten or more virtual machines. But it’s important to remember that the server’s resources limit the number. If there were fewer virtual machines, the system would work better than it did.
Bitcoin Virtual Machine (BVM) — What Is It?
The MVC (MicroVision Chain) blockchain project was started to see if adding smart contracts to Bitcoin’s streamlined and robust structure would be possible. Like Bitcoin, the MVC blockchain is based on the UTXO principle and uses the PoW consensus method.
The MVC framework uses the BVM (Bitcoin Virtual Machine) smart contract model to improve Bitcoin-based smart contracts. The BVM has a lot of promise for the future. It shows how Bitcoin can be programmed through code and how it can be used to carry out smart contracts.
BVM has a lot of good things about it, such as, but not limited to:
- The BVM contract is easy to follow because it is always the same. The output only depends on the input and has no effect on or relationship with the outside world. Making the code easier to read and handle makes it more transparent and consistent, boosting its performance.
- BVM handles state safety concerns in parallel computing because it doesn’t have a world state. Because of how it’s made, BVM can easily take extensive contract computations and can speed up or slow down as needed.
- BVM used functional programming to make the testing process run more smoothly. This also makes finding bugs easy. Because the contract is unambiguous, coders only need to worry about what goes in and what comes out. This makes it easy to fix bugs and keeps them from having to worry about how other things are doing.
- In BVM, the functional programming style makes writing clear and to-the-point code easier. Available programming also makes it easier to create substantial codebases by using data structures that can’t be changed and functions that don’t keep track of their state. When this method is used, worries about state changes are successfully lessened. This makes the system more stable, predictable, and easy to fix if something goes wrong.
- The stack-based way of BVM makes it easier to write clear and concise code, which makes code easier to understand and smaller. This way has been made more accessible, making the code smaller and using memory and speed better. Also, mistakes are less likely to happen when code is implemented more quickly. In the world of smart contracts, this makes the code more stable, which is essential.
The main goal of BVM’s architecture is to combine the benefits of Bitcoin with the flexibility of smart contracts. This will allow adding more complex functions to the Bitcoin environment. BVM is a platform that works with Bitcoin and uses the core technology of Bitcoin as its foundation. It adds to Bitcoin’s ability by letting smart contracts do things the original Bitcoin system couldn’t do independently.
Effective Scaling Option for Bitcoin
It has been fantastic this year to see how many different parts of the Bitcoin world have done so well. The Ordinals protocol has made the Bitcoin environment much more open and liquid, and the introduction of new standards like BRC-20 and SRC-20 has caused the market to get excited more than once. The quick rise of hot topics like Bitcoin network congestion and high transaction fees has raised concern. Due to Bitcoin’s unique qualities, people have not paid much attention to smart contracts and DeFi. Still, the BVM idea has broken new ground by incorporating Bitcoin smart contracts into a new story.
Most agree that the MVC structure is the best isomorphic chain for Bitcoin growth. The asset in question has the same UTXO structure, consensus algorithm, maximum quantity, and other critical features as the Bitcoin network. It can create a unique, direct link between each Satoshi of BTC, leading to similar sidechains that look like their own worlds.
The smart contract on the MVC platform, built on Bitcoin UTXO, is the first Turing-complete. It did very well on the test network, getting over 1w TPS. Currently, its ecosystem has more than 20 apps that can be used and an incredible 1w+ active addresses. There is a lot of hope for the future in building large applications on the Bitcoin platform that could reach millions of people.
It is essential to know that MVC and BVM are not meant to replace Bitcoin. Instead, they are intended to work as extra chains on Bitcoin’s current framework, allowing the blockchain to keep improving. By keeping these experimental features separate from the core Bitcoin system, Bitcoin can maintain its essential simplicity and security while making it more useful for a broader range of things.
MVC is making a cutting-edge BVM that can do similar things in the Bitcoin network. This is similar to the Ethereum Virtual Machine (EVM), part of the Ethereum network that runs smart contracts. The possibilities of a Blockchain Virtual Machine (BVM) could change the world in a big way, making Bitcoin an even stronger player in decentralized apps.
Because Bitcoin is so easy to use and secure, it has much potential for making apps bigger and better. As Bitcoin develops, new projects like MVC pop up, bringing fresh, cutting-edge ideas that have greatly improved Bitcoin’s security and reliability.
The BVM of MVC shows that Bitcoin is likely to add innovative contract features similar to those on Ethereum. This would increase the number of digital currencies and make them more useful. As the blockchain ecosystem continues to be studied and improved, more and more different and valuable apps will be made.