Author: Kun Yuan
Today I would like to share with you my vision about the programmability of #AVM. Although the#AVMcode of the#Atomicalsprotocol has not been officially released to the public and the boots have not been further landed, this does not hinder our expectations for the landing scenarios of #AVM. At the same time, today I will also discuss with you an important question, can the smart contract system of#AVMdirectly operate BTC?
From our earliest understanding, we know that#AVMmonitors the change of state by continuously changing the 0 and 1 of dyeing and undying based on the principle of dyed coins. Therefore,#AVMcannot directly operate or program the native BTC. We still don’t know whether the latest#AVMsolution has a breakthrough change in this regard. So under the existing assumptions, can#AVMdirectly program the native BTC?
In fact, in my opinion, even if#AVMcannot directly program native BTC, we can find a solution, which is to package a colored coin type of BTC, program and operate this colored coin BTC, similar to the relationship between ETH and WETH.
We know that in the Ethereum network, native ETH cannot be directly used in EVM smart contracts, so ETH needs to be packaged into WETH 1:1, and then WETH can be circulated and used in EVM smart contracts. ETH can be packaged into WETH 1:1 at any time, and WETH can also be exchanged back to ETH 1:1 at any time. So can we use a similar solution in #AVM?
In my opinion, it is completely feasible. So how to achieve it? In fact, the method is also very simple. We can refer to the unlimited amount of#ARC20tokens
$Infinity, first of all, $Infinity is set to an infinite total amount, which can be mined infinitely, but the difficulty of mining is infinitely increasing, and ultimately the total amount is controlled by increasing the difficulty of mining.
We only need to change the minting rules of $Infinity. We can initialize an ARC20 colored coin called WBTC. First, there is no limit on the total amount. Second, and more importantly, there is no mining difficulty. This means that anyone can dye BTC into WBTC at any time. Do you understand the mystery?
Unlimited difficulty and unlimited total amount means that anyone can dye ordinary BTC into WBTC at any time, which means that WBTC will never have room for appreciation. This is the most critical point.
Because as soon as it appreciates, someone will mint new WBTC for arbitrage, and WBTC can be burned at any time to become 1:1 ordinary BTC. The only thing consumed in this process is a certain amount of miner gas fee.
WBTC is also similar to the current $sophon. Currently, $sophon can be heated up at any time and switched back to ordinary BTC at a 1:1 ratio. However, the total amount of $sophon is limited, so there is room for independent growth in the future. The total amount of WBTC is unlimited, so it can be anchored to BTC 1:1 forever.
If we open this idea, can#AVMreally program BTC arbitrarily? This is just my thinking. Whether there are loopholes needs to be continuously improved in future practice.
#Atomicals brings us the vast sea of stars, and we have just touched upon its splendor. Let us enjoy and create together!