To Fulfill Its Promise, Bitcoin Requires Ethereum VM
Willem Schroé (owner of Botanix Labs) claims that Bitcoin will soon be able to collect a huge quantity of worth from actual assets if it can link with the Ethereum Virtual Machine.
According to a Web3 manager, widespread use of Bitcoin won't occur until it connects to the Ethereum Virtual Machine (EVM), which serves as the initial point of access for numerous real-world assets migrating on-chain. Willem Schroé, the founder of cross-chain technology company Botanix Labs, argued in an interview with Cointelegraph that Bitcoin demands to start dabbling in the EVM world in order to develop practical use cases that will boost acceptance and usefulness.
Bitcoin is an exceptionally technologically safe and genuinely decentralized procedure, from Schroé’s opinion, and the EVM has demonstrated its viability as a software layer for the global banking system. The promise of Bitcoin won't be realized until the cryptocurrency is linked to the wider economy, such as with securities and commodities markets. Although Bitcoin is primarily utilized as a system for payments between peers or for value storage.
As Schroé mentioned, the initial phase in that path is to use the EVM to link Bitcoin to Ethereum-based assets such as stablecoins, DeFi, and non fungible tokens (NFTs). Via its Spiderchain' proof-of-stake layer 2 implementation, Schroé's Botanix Labs seeks to link the Bitcoin and Ethereum worlds. This allows Bitcoin to communicate directly with the EVM. Staked resources are protected by a decentralized multisignature process that does not necessitate a fork of Bitcoin. Schroé says that because they are run by the centralized US-based corporation BitGo, the present options utilizing encapsulated Bitcoin on Ethereum alongside additional EVM-compatible networks are troublesome and subject to manipulation and oversight by regulators.
The Bitcoin Enhancement Proposal-300, commonly known as drivechains, is an additional idea to add Ethereum technology to Bitcoin that is currently being discussed by Bitcoin devs. In a white paper entitled BitVM: Compute Anything on Bitcoin, published on October 9, Bitcoin researcher Robin Linus explains why hopeful rollup smart contracts, which are similar to those in Ethereum, might be created on the chain of Bitcoins.
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