Mainstream Bitcoin (BTC) adoption won\u2019t happen until it bridges to the Ethereum Virtual Machine (EVM) \u2014 the first point of entry for many real-world assets moving on-chain, a Web3 executive argues.<\/p>\n
Speaking to Cointelegraph, the founder of cross-chain infrastructure firm Botanix Labs, Willem Schro\u00e9, claimed Bitcoin \u201cneeds to start playing in the EVM world\u201d for it to build real-world use cases to increase its adoption and utility.<\/p>\n
\u201cBitcoin is the most technologically secure and truly decentralized protocol [and] the EVM has proven itself to be the application layer for the global financial system,\u201d Schro\u00e9 said.<\/p>\n
While Bitcoin is typically used as a peer-to-peer payment system or for storing value, Schro\u00e9 said its potential won\u2019t be fulfilled unless the cryptocurrency can connect to the broader financial system, such as with security and commodity markets.<\/p>\n
Connecting Bitcoin to Ethereum-based real-world assets, stablecoins, decentralized finance and nonfungible tokens via the EVM is the first step in that direction, Schro\u00e9 argued. <\/p>\n
\u201cThat\u2019s a huge amount of value and development waiting to happen.\u201d<\/p><\/blockquote>\n
Schro\u00e9\u2019s Botanix Labs aims to connect the Bitcoin and Ethereum ecosystems through its \u201cSpiderchain\u201d \u2014 a proof-of-stake layer 2 that implements EVM to EVM bridges to enable Bitcoin to interact with the EVM.<\/p>\n
Staked assets are secured by a decentralized multisignature mechanism, and its design doesn\u2019t require Bitcoin to be forked.<\/p>\n
Schro\u00e9 believes the current solutions involving wrapped Bitcoin on Ethereum and other EVM-compatible chains are problematic and argues they are susceptible to censorship and regulatory scrutiny, as they\u2019re operated by the centralized United States-based company BitGo.<\/p>\n
A similar proposal to bring Ethereum functionality to Bitcoin is also being proposed through \u201cdrivechains,\u201d also known as the Bitcoin Improvement Proposal-300, which Bitcoin developers are again discussing. If implemented, it would allow \u201csidechains\u201d to be built on the network.<\/p>\n
On Oct. 9, Bitcoin developer Robin Linus released a white paper titled \u201cBitVM: Compute Anything on Bitcoin,\u201d which details how Ethereum-like optimistic rollup smart contracts could be made on the Bitcoin network.<\/p>\n
Related: <\/em><\/strong>El Salvador\u2019s Bitcoiners teach 12-year-olds how to send sats<\/em><\/strong><\/p>\nUnlike the Spiderchain, BIP-300 would require Bitcoin to\u00a0soft fork and would be activated by miners \u2014 similar to\u00a0the Taproot soft fork in November 2021 that paved the way for the NFT-emulating Ordinals and BRC-20 tokens.<\/p>\n
The BIP\u2019s creator, Paul Sztroc, says those favoring BIP-300 believe it will offer new privacy and scaling use cases to Bitcoin, among other benefits.<\/p>\n
However, not everyone likes the idea of expanding Bitcoin\u2019s ecosystem beyond its current use cases.<\/p>\n
Cory Klippsten, the CEO of BTC-only exchange Swan Bitcoin,\u00a0believes\u00a0drivechains and solutions that bring other assets to Bitcoin will bring an influx of scammers.<\/p>\n
Saifedean Ammous, the author of The Bitcoin Standard, opposes the idea of issuing altcoins on Bitcoin, suggesting that \u201cgood money\u201d is the only token needed.<\/p>\n
However, Schro\u00e9 said he thinks bringing together Bitcoin and Ethereum could produce a new array of applications \u201cwith decentralization and security as first principles.\u201c<\/p>\n
\u201cEVM is the winning virtual machine, and Bitcoin is the best money,\u201d he said.<\/p>\n
Magazine: <\/em><\/strong>Ethereum is eating the world \u2014 \u2018You only need one internet\u2019<\/em><\/strong><\/p>\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Mainstream Bitcoin (BTC) adoption won\u2019t happen until it bridges to the Ethereum Virtual Machine (EVM)…<\/p>\n","protected":false},"author":4,"featured_media":194782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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