Bitlayer said that mining pools that account for 31.5% or more of network hashrate are implementing its Bitcoin smart-contracts system. This will ensure that the system operates on the Bitcoin Blockchain, according to the company.
In an announcement to Cointelegraph on May 27, Bitlayer’s BitVM (Bitcoin) implementation would be supported by the major Bitcoin exchanges.BTCAntpool’s CEO, Andy Chow, said that: Antpool CEO Andy Chow stated:
“Antpool has become the bridge operator for Bitlayer to support Bitcoin innovation and protect miners’ interests.”
BitVM is an open-source framework for creating complex virtual machines. smart contracts To be implemented on the Bitcoin blockchain, without modifying the base protocol. Robin Linux first proposed the concept in 2023. The complex computations involved in smart contract system can be verified offchain while being executed onchain.
Related: Here’s how Bitcoin is transforming into Web3’s backbone
BitVM Implementation
Bitlayer implements BitVM and allows Bitcoin to pass through layer-2 networks, DeFi systems (decentralized finance), or other decentralized financial systems. Chow believes that the implementation could lead to increased activity on Bitcoin’s networks and revenue for miner:
“This expansion of Bitcoin’s use cases will drive more network activity, generating additional transaction fees and revenue opportunities for miners. As block rewards decrease over time, growing fee markets are critical for miners’ sustainable income.”
The Antpool mining pool, created by Chow, is a key player in BitVM adoption because it determines the acceptance and validation of all new transactions and scripts on the consensus layer.
BitVM demands that miners include Taproot-based custom transactions which encode interactive verification logic. The mining pools have to agree on the inclusion of these scripts, which are computationally intense or non-standard, in block otherwise BitVM will not work.
Related: StarkWare researchers propose smart contracts for Bitcoin with ColliderVM
Support for mining pools
Hashrate Index dataAntpool, as of 26 May 2018, controls 17,2% of Bitcoin’s hashrate. F2Pool is in control of 8,2% while Spiderpool holds 6.1%. The total hashrate is 31.5%.
It is sufficient to ensure that transactions are included in less than one block out of every three. It is enough to test, prototype and develop early stage applications.
Developers can use this support hashrate percentage to build systems that are functional, even if there is some latency. While it’s hard to see this as enough hashrate for a fully-functional deployment, it will likely be sufficient in the early stages of BitVM development.
Bitlayer’s representative has told Cointelegraph “should collective hashrate support weaken or policy shifts occur within Bitcoin Core, we have a multi-layered contingency plan.” The plan also includes: “expanded mining pool partnerships,” The company intends to sign up more mining pools.
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Source: cointelegraph.com
