Native BVM based on UTXO: BTC L2 expansion of the same gene makes sense

1. Project Introduction

TuringBitChain (hereinafter referred to as TBC) is a public chain based on the UTXO model of the original FORK Bitcoin protocol. From the bottom TXID Starting with the generation method, we further improved the parallel performance, and innovatively proposed a solution to implement Layer-1 smart contracts on the UTXO model. On the basis of ensuring sufficient decentralization, unlimited expansion can be achieved.

What is the UTXO model? The so-called UTXO model, simply put, is a special account accounting model. Its Chinese meaning is called "Unspent Transaction Output". One big difference between it and the traditional account balance model of ETH and banks is that this model only records the transaction itself, not the results of the transaction. The UTXO model has the following two advantages compared to account balance models such as ETH: 1: If the user enables a new address for transfers and transactions, the relationship between the new address and the original address is difficult to track, which can better ensure User privacy; 2: The UTXO model can theoretically use different UTXOs to issue multiple transactions in parallel and broadcast them to the network. Bitcoin was designed for complete transparency, fairness, and auditability. UTXO can help Bitcoin achieve these goals. Therefore, BTC adopts the UTXO model as its underlying storage data structure. BTC can also solve the double-spending problem without relying on a trusted third party.

2. Project Vision

The biggest problem that blockchain technology has always faced is the problem of expansion. Different public chains have been trying to use different technical routes. To solve this problem, such as Ethereum's sharding solution; and because the UTXO model has high concurrency characteristics, many public chains choose the UTXO route for expansion. However, most current UTXO model public chains do not have Layer-1 smart contracts and cannot implement complex business logic.  

We briefly investigated several other public chains. For example, Conflux is a UTXO model and uses ESpace to implement smart contracts compatible with EVM and non-BVM. Nervos makes a second layer similar to rollup to implement smart contracts. ADA modified the UTXO model and turned it into the EUTXO model to implement smart contracts, but the EUTXO model is not compatible with BTC. STX has smart contracts, POX consensus, non-UTXO model, and its ecological development is good. Kas supports EVM, but there are currently no smart contracts (the project roadmap says it will be supported in the future). TBC is committed to creating a complete underlying protocol by connecting Bitcoin and a multi-chain architecture. Currently supporting NFT, Defi, data storage, BTCFI and BTC NFT and BRC20 implemented through conventional protocols, etc. Support for Ordinals & BRC20 will also be implemented in the second quarter.

TBC’s vision is: Assist to release the full potential of Bitcoin and solve its congestion problem; in the future, BTC will no longer be just digital gold, not just a value Stored tools are more likely to be used for daily transactions, including small purchases like buying coffee; and have smart contract operating systems like ETH. TBC has realized the functions that Buterin wanted to implement on Bitcoin back then. TBC will help BTC create a prosperous BVM ecosystem similar to EVM.

三． Project Features and Advantages

1.Decentralization: Adopting the same POW consensus scheme as BTC and the same SHA256 mining as BTC Algorithms and projects are publicly released as soon as possible to ensure that TBC is open. The release of TBC blocks is determined by computing power through fair competition, giving full play to the market's optimal allocation capabilities.

2.Compliance and efficiency:TBC’s node software is protected by intellectual property rights, and the blockchain it supports adopts KYC mining block Mechanism, when the network computing power is small, can effectively prevent the risk of computing power attacks and asset theft, forming a healthy competitive market economic environment. In addition, by distributing in compliance with regulations and respecting intellectual property rights, and using blockchain as a carrier to promote the market transformation of inventions and creations, a micropayment market for knowledge and technology products can be born to promote individual practitioners. The birth of micro-technologies promotes efficient collaboration and market distribution, which has huge application space and social progress significance. TBC node software will be gradually opened to the outside world after the open source agreement is improved. At the current stage, participants need to contact and cooperate one-on-one.

3.Unlimited expansion: Adopt an optimized UTXO high-concurrency model, and upgrade the transaction format of the traditional UTXO model to create a platform that supports high-performance parallel computing The super node is a dynamically scalable public chain that can carry millions of TPS; (during the TBC test network test, TPS reached 13,000+).

4.Layer-1 UTXO smart contract: It is the first pure one-layer practical Turing-complete smart contract solution TuringContract based on the UTXO model. Can implement all logic of EVM. And thanks to the advantages of the UTXO model, TBC has the advantages of high performance and extremely low handling fees.

5.Zero-confirmation technology for transactions: FT&NFT transactions are completed instantly, low-latency on-chain application user experience, GAS fees increase with users And decline.

6.Bitcoin operating system (viable smart contract): Data storage, contract execution, and transaction transmission are all completed on one chain.

7.The same wallet address as the Bitcoin wallet address: TBC applies the same amount and the same technical structure to BTC and will be enabled in the future Bitcoin 1:1 Nakamoto mapping function; can realize BTCfi narrative. (Enable the use of BTC as an asset and enable BTC as a trading unit)

8.Friendly cross-chain modular infrastructure (tentative name) TuringBridge):A) Open source application library coming soon. B) Enable highly customizable, functional applications out of the box.

4. Economic Model Analysis

1. TBC is a fair launch, no ICO, no IDO. Pure POW model of the FORK Bitcoin original protocol; both node operations and execution operations are funded by initial contributors.

2.TBC The TOKEN of the public chain is called TBC token; The release date is February 15, 2024. The maximum supply limit of TBC is 2.1 billion, of which 93.3% naturally existed at the time of the fork and has been locked. The remaining 6.7% is generated by POW mining.

3.TBC Block Interval: about every 10 minutes; Difficulty adjustment algorithm: Asert FastDAA; Mining algorithm: SHA-256 (BTC\ BCH compatible); Block size: initial upper limit 4G (later dynamic expansion depending on the situation).

5. Development Team

TBC’s early developers come from more than 3 core technology geek teams around the world. They are committed to large blocks and expansion solutions. Has many years of research experience. Moreover, TBC combines academic achievements from experts in the field of high-performance computing and has forward-looking and systematic design. TBC's underlying invention technology was announced in September 2021, and the Turing-complete, high-performance Layer1 smart contract Turing-Contract also completed design and experiments very early. In March 2022, the Turing-complete, high-performance Layer1 smart contract Turing-Contract was officially released.

In December 2023, the TBC Alpha testnet was launched, where scalable solutions from experts in high-performance computing were verified. TuringContract executes at over 13k TPS. After several months of testnet testing, the TBC mainnet was officially launched on February 14, 2024.

6. Project Roadmap

1. Phase One: (BTCfi Phase)

TBC aims to release the potential of Bitcoin to participate in ecological applications such as Defi, NFT, and LSD through BVM [Bitcoin Virtual Machine]. TBC’s approach is similar to what Polygon did with ETH.

2.Second phase: (Promote BVM to be compatible with all UTXO chains)

a: Promote more UTXO in the future Chains use BVM, such as Doge's ecology. b: Through the mature decentralized cross-chain infrastructure - TuringBrige assists the future integration of the UTXO BVM chain and the account model EVM chain ecology.

3.The third stage: (the block size enters the TB stage, and the handling fee approaches 0)

TBC It breaks the convention in existing blockchains that a large number of users results in high fees. As the network develops, TBC will demonstrate the charm of transaction fees decreasing as users increase. Low transaction fees are the basis for the popularity of public chains.

4.The fourth stage (the underlying public chain created for the real virtual world) allows the number one player to happen in (Bitcoin and TBC)

Because TBC can run massive blockchain applications and verify data on the chain, the network effect continues to increase, and TBC will assist BTC in leading the next generation of the Internet.

Seven. Detailed explanation of TBC core technology

TBC is a blockchain infrastructure with high performance and complete local intelligence.

A.High performance

A1.Infinitely scalable

A2.Can be pipelined

B.Intelligent and complete strong>

Each local UTXO chain is a complete Turing machine

A1 High performance: can Unlimited expansion

High performance means high parallel scalability, using distributed computing rather than stand-alone single-core computing, which includes two types of expansion: strong scalability and weak scalability.

The former fixes the problem size and increases the usage of computing cores, resulting in a corresponding reduction in the total computing time, expressed as:

    Time(N) = Time(1) / N

  The magnitude of the change is expressed as:

    Workload(1)/1 ~? Workload(N)/N

By studying a variety of parallel algorithms, The distributed computing model adopted by TBC can have both strong scalability and weak scalability characteristics.

A2 High performance: pipeline processing possible

TBC always implements the basic concept of assembly line in the smart contract design process, so that in the future, it can speed up serialization through hardware Program execution throughput.

B.Intelligent Completeness

Under TBC’s UTXO model, each UTXO chain is a Turing machine. The concurrent Turing machines form a practical, intelligent and complete network of the blockchain, and its underlying BVM is very different from the EVM.

BVMPerformance comparison with EVM underlying model

BVMStack Processor

OP_PUSH_TXTechnical Introduction

TBC can currently choose the OP_PUSH_TX technology to incorporate the upstream and downstream data of transactions into the programmable data space to achieve local Turing complete capabilities. The isolated UTXO will enable different programmable spaces to be executed in parallel to achieve efficient Block data verification reduces the cost of each transaction.

Data Expansion->Hierarchical Hash

TBC uses an original flat hierarchical hash model to solve the problem of data bloat and expansion in data transmission between nodes or in smart contracts. The superstructure provides a solid foundation.

A zone based on high performance and complete local area intelligence What applications can the blockchain infrastructure TBC support?

1 Full-path CA information sharing Internet based on blockchain 

2 User Internet applications that go to a single data center

By removing a single data center (portal/social networking site) The control of individual data can transform the current mass production relations, and users' finance, life, education, medical care, and work can all be reshaped.

TBC has high performance A scalable layer of smart contracts that can become an infrastructure, such as a telecom operator, allowing participants to reduce transaction packaging costs through technical competition and provide 95% of the functional needs of society. The remaining functional requirement space is left to a globally inefficient (like) EVM system.

TBC has original high-performance computing technology practices, which need to become an infrastructure and be distributed compliantly on a global scale. In the application fields that affect people's livelihood, TBC's original compliance will leave behind other primitive jungle ecological projects and give full play to its value.

TBC can give full play to the efficient organizational capabilities of law in a civilized society, and at the same time utilize the self-organizing capabilities of blockchain technology for value information to further feed back and promote the progress of the civilized contract for all people, and realize it under the encouragement of market competition. Efficient decentralized self-organizing system.

It is the mission of TBC to originate from self-organization and eventually form a highly organized electronic world.

Conclusion:

TBC’s slogan is The blockchain for sencond life. It is the underlying public chain created for humans to enter the virtual world. At the same time, they are both the most important BVM virtual machine initiators in the BTC ecosystem. Just like Polygon in the BTC ecosystem, the mainnet has just been launched. With the explosion of the BTC ecosystem, TBC has the opportunity to become the leader of BTC L2. Let us Let’s wait and see.

The above is only a project research report and not an investment recommendation!