On April 8, 2023, at 16:00 UTC, one of the oldest projects within the Bitcoin ecosystem, Rootstock, is set to advance its mission by enabling developers to construct layer-2 networks through its innovative computational layer. Rootstock stands as a critical player among numerous initiatives aimed at amplifying Bitcoin’s utility and interoperability.
At the forefront of this effort is BitVMX, a customized iteration of the BitVM programming language, which allows for the development of new functionalities within the Bitcoin network. As highlighted in a recent interview with CoinDesk by Rootstock founder Sergio Lerner, the project is mere weeks away from releasing software development kits (SDKs) that will empower developers to start implementing their own Bitcoin layer-2 solutions using BitVMX.
SDKs serve as essential tools that facilitate third-party development, allowing for the creation of applications atop a specific platform. Lerner assures that the ecosystem is gearing up for significant expansion, stating, “We are very close to having all the pieces ready for people to start building their own solutions on top of BitVMX.”
Understanding the BitVMX Platform
Last year, in conjunction with contributors like Fairgate, RootstockLabs made a substantial breakthrough by utilizing BitVMX for the verification of zero-knowledge SNARKs (Succinct Non-Interactive Argument of Knowledge), a crucial component in the realm of cryptography across various blockchain platforms. The availability of development tools to explore these capabilities is expected to fuel competition, thereby bolstering adoption rates within the community.
Lerner articulates a fundamental distinction: “There is a difference between a product and a platform: a product is closed but a platform is something you can easily plug into and develop your own ideas on top of.” He emphasizes that BitVMX is transitioning into a platform phase, prompting a competitive landscape among rollups and sidechains striving to address real-world use cases.
Based in Buenos Aires, Lerner has established himself as a notable figure in Bitcoin’s developmental narrative, contributing to Ethereum’s evolution in later years. However, Lerner expresses concern about Bitcoin’s trajectory if it remains merely a store of value, fearing it may not fulfill its intended role as “money for the people.”
He cautions, “If all BTC just end up in ETFs, they will all be controlled by financial institutions and there will be no more Bitcoin as we know it.” To combat this, he advocates for the significance of Bitcoin payments and self-custody, positing that creating layers for Bitcoin is the optimal path forward, with BitVM protocols, particularly BitVMX, playing a pivotal role.
The Formation of BitVMX Force
In an effort to broaden Bitcoin’s utility, RootstockLabs and Fairgate have announced an alliance that also encompasses collaboration with blockchain infrastructure firm Input | Output (IO). Dubbed the “BitVMX Force,” this initiative will prioritize standardization and enhancements to the protocol to ensure smooth transitions during future Bitcoin soft-forks and infrastructure upgrades.
As Fairgate CEO Jonatan Altszul detailed, “Both Rootstock and IO have their own initiatives: Rootstock is developing Union, a bridge linking Bitcoin and Rootstock, while IO is working on asset transfers between Bitcoin and Cardano.” He highlights a shared vision among the partners: “Together, we will have more firepower, more strength, and greater capacity to foster a larger community.”
