Another project that frames itself as a cutting-edge scalability and innovation project on Bitcoin. SatoshiVM introduces a new layer: a decentralized Bitcoin ZK Rollup Layer2. With its meteoric rise, it is worth looking at. What does it do and where can we speculate?
What is SatoshiVM?
SatoshiVM, named after Bitcoin’s creator, wants to combine the robust security of Bitcoin with the flexibility and developer-friendliness of the Ethereum Virtual Machine (EVM). It offers a Layer2 solution that operates with native BTC as gas, and allows for seamless integration and interaction within the EVM space. Meaning it could potentially let all the dApps that are run on Ethereum run on Bitcoin.
Developers can build on SatoshiVM with the same tools and frameworks they use for Ethereum. It combines the security of the most secure blockchain, which is Bitcoin, with the smart contract and DApp capabilities of Ethereum, utilizing ZK Rollups to bundle transactions and ZK Fraud Proofs to verify contract execution on-chain without changing Bitcoin’s consensus rules. But this project is not the only one of its kind as many Bitcoin L2s are focusing on bringing the EVM onto Bitcoin.
How Does SatoshiVM Work?
The core design philosophy of SatoshiVM is centered around maximal simplicity. As a versatile ZK Rollup, SatoshiVM utilizes EVM for off-chain computations. It mirrors the Ethereum experience, simplified meaning that users and developers will find the transition to SatoshiVM intuitive and straightforward, if they know their way around on Ethereum.
Why is SatoshiVM Built as a ZK Rollup?
SatoshiVM is constructed as a ZK Rollup to leverage the security of Bitcoin’s consensus mechanism while maintaining its own operational efficiency. ZK Rollups ensure data availability and integrity by submitting transaction data as Bitcoin transactions, which inherit Bitcoin’s security properties.
How Does Block Generation Work in SatoshiVM?
Blocks in SatoshiVM are produced by a sequencer, which confirms transactions, executes L2 blocks, and submits user transactions to the first layer (L1). The sequencer operates with a private mempool to reduce opportunities for maximal extractable value (MEV), with blocks being generated at regular intervals, providing predictable transaction processing times.
How Does Native BTC Gas Enhance SatoshiVM Operations?
The use of native BTC as gas within SatoshiVM’s EVM transactions is game-changing. It aligns with how ETH OP Rollup and ZK Rollup Layer 2 solutions use ETH as gas, allowing for a natural and efficient use of Bitcoin within this new layer, promoting a seamless transaction experience.
How Does Asset Bridging Function Between Bitcoin and SatoshiVM?
The transfer of assets from Bitcoin to SatoshiVM is executed through deposit transactions, which become part of the blockchain for the first L2 block of an “epoch”. These transactions enable the SatoshiVM mainnet to integrate seamlessly with the Bitcoin network, and deposits can be made here.
Where to buy SatoshiVM – SAVM?
SatoshiVM (SAVM) is available to buy on both MEXC and Uniswap. If you’re interested and know how to buy it on a decentralized exchange, you can buy this cryptocurrency on Uniswap, a decentralized exchange on Ethereum.