Summary: Bitcoin-Native infrastructure provider Riema Labs (Nubit), has unlocked Bitcoin's true potential with programmable upgrades with the BitVM.
GRAND CAYMAN, Cayman Islands, Dec. 17, 2024 (GLOBE NEWSWIRE) -- To address the latest record, Bitcoin-Native infrastructure provider Riema Labs Inc. (Nubit) integrates and continues the development of BitVM, helps to unlock Bitcoin's full potential with programmable upgrades. Riema Labs (Nubit) aims to build the trustless world computer for Bitcoin, enabling open scaling through Bitcoin-native technology.
https://drive.google.com/file/d/1u4nvQISD95qEPhq0xiMYDLj4p2R2kyfS/view?usp=sharing
Bitcoin has long been hailed as a secure, decentralized digital currency, but its original design was never meant for complex programmability. Bitcoin's scripting language allows for basic functions like multi-signature and timelocks.
On the other hand, BitVM, a proposed system described in a whitepaper by Robin Linus, allows complex computations and smart contracts to be executed on the Bitcoin network. Instead of overhauling Bitcoin's protocol, BitVM works within its constraints to unlock new potential, paving the way for Bitcoin-native smart contracts, decentralized finance, and more.
At its core, BitVM is an innovative framework that expands Bitcoin's capabilities by enabling limited programmability within its existing architecture. It does so without introducing unnecessary complexity, staying true to Bitcoin's vision of a decentralized, trust-minimized system. BitVM addresses this gap by allowing for off-chain computations and leveraging zero-knowledge proofs (ZKPs) to enable more sophisticated logic. This framework unlocks use cases like smart contract functionality, programmable assets, and trust-minimized bridges-all while respecting Bitcoin's foundational principles.
BitVM use cases which are more programmable and secure, including:
Trust-Minimized Bridges - BitVM enables trust-minimized bridges by using an optimistic challenge model, where any fraudulent transaction can be challenged and invalidated. This system ensures secure cross-chain BTC transfers without relying on centralized authorities.
Enhancing the Lightning Network - The Lightning Network revolutionized Bitcoin transactions, offering speed and low costs. BitVM presents a promising alternative with zkCoins, a system designed to combine the speed and efficiency of the Lightning Network with enhanced flexibility and security, overcoming these limitations. Through a BitVM-powered bridge, users can convert BTC into zkCoins, enabling private, off-chain transactions fully backed by real Bitcoin on the main chain.
Sharing Bitcoin's Scalability and Security with Other Systems - Bitcoin's Proof-of-Work security model is a benchmark in blockchain robustness. BitVM extends this security to external systems through innovative mechanisms like Stakechain.
By anchoring external systems to Bitcoin's economic robustness, BitVM enables advanced functionalities like "programmable slashing," which enforces detailed behavioral rules for stakers. This application enhances both security and flexibility, paving the way for decentralized innovations like data availability layers and scalable PoS systems.
Riema Labs (Nubit) with BitVM utilized real-world applications with the existing efforts, including:
Trustless BitVM Bridges - Transfer Bitcoin across networks without relying on centralized entities, a critical step for cross-chain interoperability.
Bitcoin-Native Tokens - With protocols like Goldinals, assets on Bitcoin can now be programmable, paving the way for DeFi on Bitcoin and other advanced financial instruments.
Enhanced Privacy - zkCoins, enabled by BitVM, offer private transactions with minimal on-chain exposure, combining scalability with user confidentiality.
Each of these applications leverages Bitcoin's inherent security while addressing its programmability gap, making it a competitive player in decentralized innovation.
BitVM vs. OP_CAT: What's the Debate?
OP_CAT, a scripting function once disabled by Satoshi Nakamoto, could simplify BitVM's operations by enabling efficient data concatenation. This would dramatically reduce script sizes and costs, making applications like programmable assets and trustless bridges even more practical.
However, debates around OP_CAT reflect a larger philosophical divide in the Bitcoin community. While it offers clear advantages for programmability, conservative developers prioritize Bitcoin's stability and resist such changes.
While OP_CAT remains inactive, BitVM uses creative workarounds like staged compilation and custom hash functions. These solutions highlight BitVM's ability to innovate within Bitcoin's current constraints, balancing scalability with security.
The Future is Programmable Bitcoin
With BitVM, Bitcoin is set to become more than just a store of value-it will evolve into a programmable platform for decentralized applications. Whether it's through trust-minimized bridges, DeFi applications, Bitcoin-native applications or advanced cryptographic functions, BitVM is the bridge between Bitcoin's current limitations and its full potential.
By overcoming technical limitations and introducing tools like the BitVM IDE, automated compilers, and optimized cryptographic frameworks, Nubit has been at the forefront of this transformation.
As formally verified BitVM matures, its applications could redefine Bitcoin's ecosystem, making it a foundational platform for decentralized innovation. For developers, BitVM offers a new frontier; for users, it promises secure, scalable, and private applications-all while leveraging Bitcoin's unparalleled trust.
For more information on BitVM and to explore its technical specifications, visit the full BitVM Report.
About Riema Labs Inc. (Nubit):
Founded by UCSB professor Yu Feng, Riema Labs Inc. (Nubit) is building the Trustless World Computer for Bitcoin, enabling open scaling and programmability of Bitcoin through Bitcoin-native technology. Nubit lets developers build any native application, onboarding the world to Bitcoin. Backed by Polychain.
As a leader in driving the development of programmable Bitcoin, Nubit continues to support the growth and scalability of BitVM through the development of tools for optimization, formal verification, and scalable solutions. With the BitVM IDE and advanced compiler technologies, Nubit is empowering developers to build secure and efficient applications directly on Bitcoin.
Stay up-to-date with Nubit's innovations and its contributions to Bitcoin's future by visiting Nubit.org.
Media Contact:
Company Name: Riema Labs Inc.
Contact Person : Xavier Teh
Contact Email: [email protected]
City: 802 West Bay Rd, Grand Cayman, Cayman Islands
Website Link: https://www.nubit.org/
Company Logo: https://riema.notion.site/Nubit-Branding-Resources-78a553c74d1f4df188c7c65c040622e3
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c9ed672-361d-4194-9fda-d2312d6e6e61
