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BitVM R&D Group Launches With $500,000 Funding From Stacks Basis

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Stacks Basis, an progressive group that’s engaged on numerous implementations of programmable Bitcoin (BTC) L2s, shares particulars of its newest R&D initiative, its aims and funding plan.

Stacks Working Group begins researching BitVM

Stacks Working Group, a brand new analysis group of cryptocurrency professionals, begins its examine program with deal with BitVM, a computational layer primarily based on Bitcoin (BTC), the biggest cryptocurrency. This assertion was made by Stacks Basis’s Head of Progress Mitchell Cuevas on March 28, 2024.

Can we construct higher Bitcoin layers with BitVM? 🟧

A brand new @Stacks Working Group with an preliminary allocation of $500,000 goes to seek out out!

Plus, they will be open-sourcing every part they study for the broader Bitcoin ecosystem to profit from.

🧵

— Stacks Basis 🟧 (@StacksOrg) March 28, 2024

Leveraging Stacks as a sturdy preliminary case examine, the BitVM-focused Working Group will look to speed up the event of BitVM whereas figuring out the way it would possibly enhance belief assumptions on the community.

Applied sciences like BitVM are complementary to networks like Stacks and different layers searching for essentially the most safe, direct connection to the Bitcoin L1.

BitVM is a computing paradigm that hopes to “allow a free market of second layers, doubtlessly scaling Bitcoin to billions of customers.” BitVM is ready to gasoline many Web3 developments on Bitcoin (BTC), together with the likes of Stacks, Bitcoin rollups and trust-minimized bridges. The core design of BitVM takes computation off-chain and implements a fraud-proving mechanism on the Bitcoin blockchain.

Stacks Basis allocates $500,000 for brand new group, opens lead researcher place

The Stacks Basis is allocating an preliminary minimal of $500,000 to help the Working Group, with extra funding made out there because the group accomplishes milestones and progresses with the expertise.

See also  TRON companions with EVM-compatible Merlin Chain to reinforce Bitcoin integration

Additional, the Stacks ecosystem is predicted to speculate greater than $2 million on analysis and improvement over the subsequent 12-18 months, assuming a viable path ahead is decided and regular progress might be made as BitVM and different associated applied sciences evolve towards production-ready options.

As lined by U.Right now beforehand, BitVM is among the many most promising developments for the whole Bitcoin (BTC) scene for the upcoming bullish rally.

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