Best Crypto Feed - Bitcoin Needs Ethereum VM to Reach its Full Potential - Web3 Exec
Bitcoin needs Ethereum VM to reach its full potential — Web3 exec

Bitcoin Needs to Connect to the EVM

For Bitcoin (BTC) to achieve mainstream adoption, it needs to bridge to the Ethereum Virtual Machine (EVM), according to Willem Schroé, founder of cross-chain infrastructure firm Botanix Labs.

Schroé told Cointelegraph that Bitcoin needs to start playing in the EVM world in order to increase its adoption and utility by creating real-world use cases.

“Bitcoin 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,” he said.

While Bitcoin is traditionally used as a peer-to-peer payment system or for storing value, its potential won’t be fulfilled until it connects to the broader financial system, such as with security and commodity markets, according to Schroé.

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Best Crypto Feeds for Connecting Bitcoin and Ethereum Ecosystems

According to Schroé of Botanix Labs, connecting Bitcoin to Ethereum-based real-world assets, stablecoins, decentralized finance and nonfungible tokens via the EVM is the first step to bridge the two ecosystems. To achieve this, Botanix Labs has developed the “Spiderchain” — a proof-of-stake layer 2 that implements EVM to EVM bridges to enable Bitcoin to interact with the EVM. Staked assets are secured by a decentralized multisignature mechanism, and it avoids the need to fork Bitcoin.

The current solutions involving wrapped Bitcoin on Ethereum and other EVM-compatible chains are prone to censorship and regulatory scrutiny, since they are operated by the centralized United States-based company BitGo. To get the best crypto feed and avoid such issues, Reddit is the best crypto site, and there are also best crypto podcasts and best crypto mining sites to explore. Moreover, the best crypto sites in 2022, the best crypto app Reddit, the best crypto outlets, and the best crypto API aggregator are also great sources for connecting Bitcoin and Ethereum ecosystems.

Optimistic Rollup Smart Contracts on the Bitcoin Network

The Bitcoin Improvement Proposal-300, also known as drivechains, is being discussed by Bitcoin developers as a way to bring Ethereum functionality to Bitcoin. If implemented, it would enable the creation of sidechains on the network.

On Oct. 9, a white paper titled “BitVM: Compute Anything on Bitcoin” was released by Bitcoin developer Robin Linus. It explains how Ethereum-like optimistic rollup smart contracts could be made on the Bitcoin network.

The BIP-300 proposed by Paul Sztroc would require a soft fork of Bitcoin and is similar to the Taproot soft fork from November 2021. It is believed that BIP-300 would bring additional privacy and scaling use cases to Bitcoin.

The Pros and Cons of Expanding Bitcoin’s Ecosystem

The idea of expanding Bitcoin’s ecosystem beyond its current use cases has been met with both enthusiasm and apprehension. Cory Klippsten, the CEO of BTC-only exchange Swan Bitcoin, believes that drivechains and solutions that bring other assets to Bitcoin will bring an influx of scammers. Saifedean Ammous, author of The Bitcoin Standard, opposes the idea of issuing altcoins on Bitcoin, suggesting that “good money” is the only token needed.

On the other hand, some crypto enthusiasts are optimistic about the potential of combining Bitcoin and Ethereum. For instance, Schroé believes that combining the two could open up a new array of applications “with decentralization and security as first principles.”

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““EVM is the winning virtual machine, and Bitcoin is the best money,” he said, mentioning the best crypto app reddit, best crypto outlets, and best crypto api.

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