cryptonews.net
The Stacks Working Group, a new research group of cryptocurrency professionals, is launching its curriculum with a focus on BitVM, a computing layer based on Bitcoin (BTC), the largest cryptocurrency. This statement was made by the head of growth at the Stacks Foundation, Mitchell CUEVAS, on March 28, 2024. Using Stacks as a strong initial example, the BitVM-focused working group will aim to accelerate the development of BitVM while identifying how it can improve trust assumptions on the network.
Technologies like BitVM are complementary to networks like Stacks and other layers seeking the most secure, direct connection to the Bitcoin L1. BitVM is a computing paradigm that hopes to “enable a free market of second layers, potentially scaling Bitcoin to billions of users.” BitVM is able to fuel many Web3 developments on Bitcoin (BTC), including the likes of Stacks and trust-minimized bridges. The core design of BitVM takes computation off-chain and implements a fraud-proving mechanism on the Bitcoin blockchain.
The Stacks Foundation has committed an initial minimum of $500,000 to support the working group, with additional funds to be provided as the group achieves its goals and advances in the technology. Additionally, the Stacks ecosystem is expected to invest over $2 million in research and development over the next
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