The world of blockchain technology is constantly evolving, with new innovations and solutions being developed to address the challenges faced by existing platforms. One such challenge is the issue of scalability, particularly in terms of parallel execution of transactions. While Ethereum has been struggling to implement a parallel EVM due to design constraints, Bitcoin is now on the verge of introducing its own parallel VM layer 2, thanks to the efforts of BitReXe.
Ethereum’s EVM is designed to execute transactions sequentially, ensuring network consistency and security. However, this sequential execution can lead to congestion and delays during high transaction loads. Attempts to introduce parallel VMs, such as sharding chains, have been limited by the programming model of Solidity, Ethereum’s smart contract language.
On the other hand, BitReXe is introducing a Turing-complete parallel VM Layer 2 for Bitcoin, along with a programming model called PREDA. This model allows for true parallelism in blockchain architecture, enabling transactions of a smart contract to run on multiple VMs simultaneously. By distributing contract states and transactions across distinct VM instances, BitReXe aims to achieve linear scaling of transaction throughput and state capacity.
The PREDA programming model includes components such as “Programmable Contract Scopes” and “Asynchronous Functional Relay”, which enable programmers to define contract state partitioning and articulate transaction logic for parallel execution across multiple VMs. This approach ensures efficient management of dependencies between execution logic and contract state, while avoiding synchronization issues.
In addition to the parallel VMs, BitReXe is also proposing a trustless asset settlement bridge solution between Bitcoin and BitReXe, allowing for seamless interaction between the two chains. By reusing hashing computing power from the Bitcoin network and using rxBTC as gas fees, BitReXe aims to provide a secure and scalable layer 2 solution for Bitcoin.
Overall, BitReXe’s efforts to introduce parallel VMs and the PREDA programming model on Bitcoin Layer 2 represent a significant step towards addressing the scalability challenges faced by blockchain platforms. With the potential to surpass Ethereum in terms of Total Value Locked (TVL), BitReXe’s innovations could pave the way for a new era of blockchain technology.
