According to PANews, the developer of the Bitcoin expansion solution, Bitcoin Virtual Machine (BitVM), Robin Linus, has introduced the second version of its sidechain, named 'BitVM2,' along with the BitVM Bridge. This upgraded version is said to bring 'significant improvements' to the original system. In an article published on August 15 on X, BitVM co-founder Alexei Zamyatin outlined a new white paper that introduces a new framework explaining how BitVM2 and BitVM Bridge will operate.
One of the major improvements in the latest version is that it is now 'permissionless,' meaning anyone can challenge suspicious transactions with just three transactions needed to complete a challenge. The previous version of BitVM required up to 70 transactions to complete a challenge, and only a few specific parties could request a challenge.
Overall, the primary goal of BitVM2 is to achieve a rollup—an independent network built on top of Bitcoin that can process transactions more efficiently while maintaining security similar to the original Bitcoin network. The BitVM Bridge will allow users to securely transfer Bitcoin to the rollup network and withdraw it with a shorter lock-up period and lower initial funding requirements.