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The industry is realizing that Bitcoin was deliberately designed to prioritize simple, deterministic validation over complex on-chain execution. This design choice minimizes resource requirements, preserves decentralization, and reduces systemic risk even if it means pushing complex logic, programmability, and heavy computation to higher layers or external systems.
How Bitcoin Avoids Complex State Transitions
The fundamental limitation of Bitcoin is its inability to run heavy verification logic at a low cost, a core constraint that every BitVM-based bridge must navigate. According to the GOAT Network post on X, to address these issues, they are introducing a BitVM2 design that will ensure disputes are affordable enough to be executed under real fee conditions. The security mechanism is addressed through optimistic verification using garbled circuits (GC).
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This operator, which is set to launch soon, publishes the garbled-circuit artifacts off-chain, while committing only the relevant labels on-chain. If the computation is correct, no on-chain action will be required. Meanwhile, if something is wrong, a challenger does not need to replay an expensive computation on-chain.
Instead, they produce a minimal fraud-proof to reveal the output “0” label that contradicts the operator’s claimed result. At that point, the on-chain step is about demonstrating a contradiction, which will reduce the cost of disputes and change the economics of security.
A practical detail in BitVM designs is that the garbled circuit size matters, and pairing heavy verification can cause bloated circuits. To avoid this, BitVM2 integrates a designated-verifier SNARK, which reduces verifier complexity so that the garbled circuits remain within realistic size limits. For end users, the implication is that the cheaper, more reliable depute paths make it harder for the bridge to stall when the fees spike.
Public Companies Are Becoming Bitcoin’s Strongest Buyers
While several projects are being introduced to improve the efficiency of Bitcoin, seasoned crypto expert and the founder of the Wealth Mastery Newspaper, Lark Davis, has revealed that many public companies are aggressively accumulating BTC. Currently, public companies collectively hold 1.09 million BTC, representing 5.1% of the total BTC supply, which is a new all-time high.
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However, the latest major aggressive purchases have come from MicroStrategy and Metaplanet. Strategy just announced another 1,200 BTC purchase, pushing its total holdings to 672,000 BTC. Asia-based firm Metaplanet also bought an additional 4,200 BTC in December, bringing its total holdings to 35,000 BTC.
Davis pointed out that other recent purchases have come from Cango Inc., Bitdeer Technologies, and Anap Holdings. While retail investors are demonstrating weakening sentiment, public companies or institutional investors continue to stack regardless of the ongoing market.
Featured image from Pixabay, chart from Tradingview.com
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Solana and Ethereum are the clear competitors in the epic battle of supremacy. Though Ethereum was the first smart contracts platform, there are inherent problems like scalability that new chains like Solana and Cardano, for example, aim to solve.
Solana Developers Doing Well In “Product Execution” And Communication
Taking to X, one observer notes that while Solana might be gaining traction, Ethereum remains superior. From mid-last year, and driven by the positive progress in the resolution of the FTX bankruptcy, SOL prices have been on a sharp uptrend.
Network activity, mainly meme coins, has been fanning demand, pushing its valuation to fifth in the market cap ranking. Meanwhile, Ethereum remains perched at second, primarily because of its first-mover advantage and the depth of its ecosystem.
Developers searching for cheap transactions have been increasingly deploying on Solana. At its core, the platform is designed to be highly performant. Its architecture allows for fast transaction speeds and low costs, making it an attractive option for developers and users seeking efficiency.
The analyst noted that this appeal will only grow because Solana developers take product execution and communications “very well.”
The decision to lean on product execution means developers desiring a network offering high throughput, similar to traditional platforms, can find a home. Since the network can scale, it can duck the high gas fees plaguing legacy chains like Ethereum and Bitcoin.
Is Ethereum A Superior Technology With Poor Marketing?
Even so, their preference for “product execution” is also Solana’s undoing. Blockchain purists argue that though Ethereum is slow, at least it is decentralized. The decentralization in the second most valuable network gives it an edge, allowing it to have a higher level of reliability.
Ethereum’s optimization for decentralization means it operates on a more distributed network of nodes, enhancing its security and resilience against censorship. So far, beaconcha.in data shows there are over 1.8 million validators, and the number keeps increasing.
However, this emphasis on decentralization comes at a cost. Ethereum is slower and more expensive than Solana, which, the analyst said, is more centralized in exchange for higher performance, slashing transaction costs.
Subsequently, due to the emphasis on decentralization, the analyst thinks Ethereum is emerging as a choice infrastructure primitive, boosting great tech. Since it was the first smart contracts network, it is emerging as a platform for creating virtually any verifiable system, including cheap and performant solutions.
Feature image from Canva, chart from TradingView
The Ethereum Merge is now completed, with the Ethereum network finally migrating to a proof of stake mechanism.
ETH, the native token of the Ethereum blockchain, has been underperforming over the last 24 hours. The poor performance coincides with that of the broader cryptocurrency market.
The crypto market has lost less than 1% of its value in the last 24 hours, with the total market cap still below the $1 trillion mark. Bitcoin is down by more than 1% so far today and risks dropping below the $20k threshold if the bearish momentum continues.
However, ETH should be rallying, considering the Ethereum Merge was successfully completed a few hours ago. The event was successfully completed a few hours ago after the network reached “terminal total difficulty” earlier on Thursday.
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
The Merge has now changed how ETH tokens are created and how transactions on the Ethereum blockchain are validated.
In the past, Ether tokens were generated via mining, which is an energy-consuming process where miners direct huge amounts of computational power to solve difficult puzzles.
With the proof of stake mechanism, new ETH would be generated by individuals or entities dedicating large amounts of pre-existing ETH tokens.
Key levels to watch
The ETH/USD 4-hour chart is bearish as Ether has been underperforming over the past 24 hours. The technical indicators are bearish despite the execution of the Merge a few hours ago.
The MACD line is within the negative zone, indicating that the ETH market is bearish at the moment.
The 14-day relative strength index of 36 shows that ETH could enter the oversold region if the momentum is maintained.
At press time, ETH is trading at $1,584 per coin. If the bearish trend continues, ETH could slip below the $1,513 support level before the end of the day.
However, with the Merge taking centre stage in the crypto space, ETH could bounce back and rally higher later. If that happens, ETH could surpass the $1,743 resistance level over the next few hours.
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