Stacks Foundation Funds New Research Group to Scale Bitcoin with BitVM

Stacks Foundation Funds New Research Group to Scale Bitcoin with BitVM

Apr 01 Tech Standard

The Stacks Foundation, a strong advocate for Bitcoin innovation, is making a significant investment in the future of the leading cryptocurrency. On March 28, 2024, Mitchell Cuevas, head of growth at the Stacks Foundation, announced the launch of a new research group focused on BitVM, a computing layer designed to scale Bitcoin (BTC).

This dedicated working group will leverage the well-established Stacks blockchain as its initial case study. By focusing on BitVM, the group aims to accelerate its development while exploring how it can enhance trust assumptions within the network.

BitVM represents a complementary technology for networks like Stacks and others seeking a secure and direct connection to the Bitcoin layer 1 (L1). Described as a "computing paradigm," BitVM strives to "enable a free market of second layers, potentially scaling Bitcoin to billions of users." This technology has the potential to fuel various Web3 advancements on Bitcoin, including Stacks itself and trust-minimized bridges between blockchains.

The core concept behind BitVM involves moving computations off-chain while implementing a fraud-proof mechanism on the Bitcoin blockchain itself. This innovative approach offers a secure and scalable solution for expanding Bitcoin's capabilities.

The Stacks Foundation has demonstrated its commitment to BitVM by dedicating an initial minimum of $500,000 to support the working group. This initial investment is expected to grow as the group achieves milestones and progresses in developing the technology. Furthermore, the Stacks ecosystem anticipates investing over $2 million in research and development over the next 12-18 months, contingent on identifying a viable development path and maintaining progress as BitVM and related technologies mature towards production-ready solutions.


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