BitVM smart contract system is now supported by Bitcoin mining pools controlling 31.5% of the network’s hashrate.
Bitlayer’s Bitcoin smart-contract system is being implemented by mining pools behind 31.5% of the network’s hashrate, a development that will help ensure that its system will operate on the Bitcoin blockchain, the company said.
According to a May 27 announcement shared with Cointelegraph, Bitlayer’s BitVM implementation will be supported by major Bitcoin (BTC) mining pools including Antpool, F2Pool, and SpiderPool. Antpool CEO Andy Chow said:
BitVM (Bitcoin Virtual Machine) is a framework that enables complex smart contracts to be deployed on the Bitcoin blockchain without changing the base protocol. The idea was introduced by Robin Linux in 2023, and allows for the complex computation involved in smart contract systems to be verified onchain and executed offchain in a way resembling optimistic rollups.
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