Bitcoin needs Ethereum EVM to reach its full potential. Willem Schroe, founder of Botanics Labs, argues that a huge amount of real-world asset value is captured in Bitcoin. Provided that it is connected to the Ethereum virtual machine. Follow Pooyan Music site to follow and receive the latest news and articles in the field of crypto and cryptocurrencies.
A Web3 executive argues that Bitcoin’s mainstream adoption won’t happen until it’s connected to the Ethereum Virtual Machine (EVM). The first entry point for many real-world assets moving on-chain.
Willem Schroe, founder of blockchain infrastructure company Botanix Labs, claimed that Bitcoin should start playing in the EVM world. This leads to being able to build real-world use cases to increase its adoption and application.
“Bitcoin is the most secure and truly decentralized protocol in terms of technology,” Schroe said. EVM has proven to be the application layer for the global financial system.
Bitcoin is commonly used as a peer-to-peer payment system or as a store of value. Schroe said its potential will not be realized unless digital currency can be connected to the broader financial system, such as security and commodity markets.
Connecting Bitcoin to real-world Ethereum-based assets, stablecoins, decentralized finance and non-fungible tokens through EVMs is the first step in that direction, Schro argued. That’s a huge amount of value and development waiting to happen.
Botanix Schroé Lab plans to connect the Bitcoin and Ethereum ecosystems through its Spiderchain. A proof-of-stake layer 2 that implements EVM-to-EVM bridges to enable Bitcoin to interact with EVMs. Stakeholder assets are secured by a decentralized multi-signature mechanism, and its design does not require Bitcoin to be forked.
Schro believes that current solutions for complex Bitcoin on Ethereum and other EVM-compatible chains are problematic. He argues that they are susceptible to censorship and regulatory scrutiny because they are operated by US-based BitGo.
A similar proposal to bring Ethereum’s functionality to Bitcoin via push chains, also known as the Bitcoin-300 Improvement Proposal, is being discussed again by Bitcoin developers. If implemented, it will be possible to build side chains in the network.
On October 9, Bitcoin developer Robin Linus published a white paper titled BitVM: Compute Anything on Bitcoin, which describes how to implement Ethereum’s optimistic aggregation smart contracts on the Bitcoin network.
Unlike Spiderchain, BIP-300 requires Bitcoin to be soft-forked and activated by miners. Similar to the November 2021 Taproot soft fork that paved the way for Ordinals and NFT-emulating BRC-20 tokens.
BIP creator Paul Sztorc says proponents of BIP-300 believe it will bring new privacy and scalability use cases to Bitcoin, among other benefits. However, not everyone likes the idea of expanding the Bitcoin ecosystem beyond its current uses.
Corey Clipsten, CEO of the bitcoin-only exchange Swan Bitcoin, believes blockchains and solutions that bring other assets to bitcoin will bring an influx of fraudsters.
Saifedean Ammous, author of the Bitcoin Standard, opposes the idea of issuing altcoins to Bitcoin, suggesting that good money is all that is needed.
However, Schroe said he thinks Bitcoin and Ethereum can create a host of new applications with decentralization and security at the core. He said: EVM is the winning virtual machine and Bitcoin is the best money.