The story of TuringBitChain (hereinafter referred to as TBC) began in the Bitcoin expansion forum.
The founders of TBC met in the Bitcoin expansion forum. They are all supporters of Bitcoin's large blocks and have a common philosophy: for the future of BTC, they hope to increase the block size to achieve cheaper and faster transactions.
At that time, a battle between big and small blocks was in full swing. In the end, small blockism won. The capacity of a Bitcoin block was locked at 1MB, and those supporters of large blocks participated in the Bitcoin fork, and later switched to those forked chains that expanded Bitcoin, such as BCH, BSV, etc., and worked on their own projects on these forked chains in order to uphold the ideal of large blocks.
In 2021, with the completion of BTC taproot upgrade, BTC's threshold signature algorithm can enable BTC to support a fully decentralized layer 2 smart contract layer. Several founders of TBC got together and decided to build a Bitcoin smart contract layer that can carry a large number of applications. Dr. JONES, one of the founders, published a paper on the missing smart contracts of Bitcoin's first layer, which is equivalent to the predecessor of TBC's smart contract solution.
If the publication of the paper in 2021 represents the beginning of TBC, then the launch of the TBC mainnet in February 2024 will be a milestone in its development. Within just a few months after the launch of the mainnet, TBC has accumulated nearly 100 developers and the number of community members has accumulated to 20,000 to 30,000.
TBC's rapid development relies on its irreplaceable core technology.
TBC pioneered the field of Bitcoin virtual machine BVM. BVM is a virtual machine that performs opcode recovery and function expansion based on Bitcoin's script system. It is the execution engine of TBC smart contracts.
TBC uses this concept and cooperates with more friendly smart contract development tools and compilers to lower the threshold for writing and deploying smart contracts on the native Bitcoin UTXO model. As a native isomorphic Layer2 of Bitcoin, TBC has successfully increased the scalability and computing speed of Bitcoin.
1. Project Introduction
TBC is a Bitcoin Layer2 based on the UTXO model of the original Bitcoin protocol. Starting from the most basic TXID generation method, it further improves the parallel performance and innovatively invented the Turingcontract to implement a pure layer of smart contract solutions on the UTXO model. On the basis of ensuring sufficient decentralization, it can achieve unlimited expansion. It also pioneered the Bitcoin virtual machine BVM.
2. Detailed explanation of the core technology of the project
TBC pioneered the field of Bitcoin virtual machine BVM. BVM is a virtual machine that performs opcode recovery and function expansion based on Bitcoin's script system. It is the execution engine of TBC smart contracts.
TBC uses this concept and cooperates with more friendly smart contract development tools and compilers to lower the threshold for writing and deploying smart contracts on the native Bitcoin UTXO model.
The original Bitcoin virtual machine BVM has lower computing costs for implementing smart contracts and can carry larger amounts of data.
2.1 Comparison between Ethereum EVM and TBC’s BVM
By comparing Ethereum EVM and TBC's BVM, we found that the development of EVM has reached a bottleneck. Ethereum is designed as follows: when a transaction occurs, all nodes need to execute and verify the contract. If a transaction is not completed, the next transaction cannot be completed.
This is where Ethereum’s expansion is limited. Transactions must be executed one by one, and the processing power of the entire network depends on the weakest node in the network. Any new node joining the network needs to synchronize all previous operations. Ethereum’s node synchronization is slow, the amount of calculation is large, and the computing power of the entire network has basically reached a bottleneck. This greatly limits the scope of operations that can be performed. In this case, running large data is difficult to achieve.
By comparing with Ethereum's virtual machine EVM, we can find the advantages of TBC's original BVM virtual machine. EVM is like using the blockchain as a CPU, while TBC is equivalent to using the blockchain as a database and operating system. TBC's operations are not on the chain, but only an instruction set, similar to a script code or a database, which is stored on the chain in the form of a file. Moreover, the blockchain is not a CPU in essence, but a distributed file system in essence. When a user performs an on-chain operation, he is actually just running the operation he needs locally.
When using the TBC supercomputer, there is no need to worry about contracts and any compatibility, nor do you need to worry too much about capacity and size. Data and scripts are on the chain, while calculations are off the chain.
If the key operations are not executed synchronously by all nodes, you may think that there is no way to ensure the effectiveness of the operation. However, in terms of operation, it is guaranteed that the execution process can be verified at any time when needed, and when the results are uploaded to the chain, it can be guaranteed that the execution results can be verified at any time when needed. In this way, the form of BVM is equivalent to maintaining a server, which is cheaper. Therefore, the execution cost of TBC smart contracts is lower.
In general, TBC's smart contract operation costs are lower and can carry more data. The capacity of a TBC block can reach 4GB. Overall, implementing smart contracts through BVM has obvious cost and performance advantages over EVM.
2.2 OP_PUSH_TX Technical Introduction
TBC can currently choose OP_PUSH_TX technology to incorporate upstream and downstream transaction data into the programmable data space to achieve local Turing complete capabilities. The isolated UTXO will enable different programmable spaces to execute in parallel, achieve efficient block data verification, and reduce the cost of each transaction.
2.3 Data Expansion -> Hierarchical Hashing
TBC solves the problem of data bloat and expansion in data transmission between nodes or in smart contracts through its original flat hierarchical hash model, providing a solid foundation for the superstructure.
3. Economic Model
Like BTC, TBC tokens are also generated by mining. The maximum supply of TBC is capped at 2.1 billion, of which 93.3% exist naturally at the time of the fork and have been locked. The other 6.7% is generated by mining. Like BTC, TBC mining output is halved every four years. It is estimated that after four years, the total circulation of TBC will be about 65 million.
TBC's block interval is about every 10 minutes; Difficulty adjustment algorithm:
FastDAA; Mining algorithm: SHA-256 (BTC\BCH compatible); Block size: initial upper limit 4G (dynamically expanded according to the situation)
4. Introduction of team members
TBC’s early developers come from multiple core technology geek teams around the world. They have many years of research experience in large blocks and expansion solutions, and are experts in UTXO smart contracts and high-performance computing.
5. Community Development
The current miners are distributed in Hong Kong, South Korea, etc. The community has nearly 30,000 members, with the main market being the Asia-Pacific region.
6. Project development milestones
In September 2021, the underlying technology of TBC has been invented and announced, and the Turing-Contract, a Turing-complete, high-performance Layer1 smart contract, has also been designed and experimented with very early on.
In March 2022, Turing-Contract, a Turing-complete, high-performance Layer1 smart contract, was officially released.
In December 2023, the TBC Alpha testnet was launched. The scalability solution of the world-renowned high-performance computing center was verified. The execution speed of TuringContract exceeded 13k TPS.
On February 14, 2024, the TBC mainnet was officially launched.
7. Project Roadmap:
Phase 1: (BTCfi Phase)
TBC aims to release the potential of Bitcoin to participate in Defi, NFT, RWA and other ecological applications through BVM [Bitcoin Virtual Machine].
Phase 2: (Promote BVM compatibility with all UTXO chains and native Bitcoin Layer 2)
a: In the future, we will promote more UTXO chains to adopt BVM, such as Doge's ecosystem.
b: Through the mature decentralized cross-chain infrastructure - TuringBrige, assist the future integration of the UTXO BVM chain with the account model EVM chain ecosystem.
Phase 3: (Block size enters the TB stage, and the transaction fee approaches 0)
TBC breaks the convention of high fees caused by a large number of users in existing blockchains. As the network develops, TBC will show the charm of transaction fees decreasing as the number of users increases, helping the BTC ecosystem to explode.
The fourth stage (creating the best underlying public chain for the future WEB3 world)
Since TBC can run massive blockchain applications and verify data on the chain, the network effect continues to increase. TBC will assist BTC in leading the next generation of the Internet and will become one of the most useful WEB3 infrastructures.
