What is bitvm (bitcoin virtual machine)?
Could you elaborate on the concept of bitvm, or Bitcoin Virtual Machine? I've heard it mentioned in the cryptocurrency community but am unclear on its exact role and function. Is it a platform for executing smart contracts on the Bitcoin blockchain? How does it differ from Ethereum's Virtual Machine? Also, what are the key features and advantages of using bitvm? I'm interested in understanding its potential implications for the development of decentralized applications and financial services on the Bitcoin network.
Is bitvm a scaling solution for bitcoin?
Could you elaborate on whether BitVM truly represents a viable scaling solution for Bitcoin? Given the current challenges Bitcoin faces in terms of transaction speed and capacity, does BitVM provide a substantial improvement in those aspects? Moreover, what are the key technologies and principles behind BitVM that allow it to be considered a potential solution? And how does it compare to other scaling proposals, such as SegWit, Lightning Network, or Bitcoin Cash? Additionally, what are the potential risks and limitations of BitVM that investors and users should be aware of?