Ethereum is facing challenges in implementing a parallel EVM due to the sequential execution of transactions required for network security and consistency. This design ensures deterministic transaction order but can lead to congestion under high loads. Existing solutions like sharding chains have attempted to scale blockchain by introducing more VMs, but challenges remain in optimizing the efficiency of parallel execution. Solidity, Ethereum’s programming language, lacks support for parallel architectures, hindering the full potential of parallel blockchain design.
In contrast, BitReXe is working on implementing a Turing-complete parallel VM Layer 2 for Bitcoin, introducing a new programming model called PREDA. This model aims to enable real applications in the Bitcoin ecosystem while providing infrastructure support for parallel VMs. BitReXe’s unified parallelization model distributes smart contracts across all VMs in the network, facilitating independent and parallel processing of transactions. By partitioning smart contract states and transactions across VM instances, BitReXe aims to achieve linear scaling of transaction throughput and state capacity with an increasing number of VMs.
PREDA, BitReXe’s programming model, introduces programmable contract scopes and asynchronous functional relay to support parallel architectures on sharding blockchains, parachain systems, and layer-2 blockchains. By allowing programmers to define state partitioning and articulate transaction logic with implicit data dependencies, PREDA aims to enable flexible execution across multiple VMs. In the BitReXe chain, states partitioned by address are managed by different VMs, and relays enable parallel execution of transaction flows across VM instances, leading to improved scalability and efficiency.
BitReXe leverages Bitcoin’s hashing computing power to create a trustless asset settlement bridge between Bitcoin and BitReXe, using BTC as gas fees for transactions on the layer-2 network. Merge miners receive rxBTC rewards, a 1:1 pegged bitcoin on the BitReXe network, enabling secure and efficient interactions with smart contracts and on-chain activities. By implementing a parallel VM layer 2 and leveraging Bitcoin’s security features, BitReXe aims to address scalability issues in the Bitcoin ecosystem and achieve significant breakthroughs in transaction throughput and state capacity.
In conclusion, BitReXe’s approach to implementing parallel VMs and the PREDA programming model on Bitcoin Layer 2 represents a promising solution to scalability challenges in the blockchain space. By optimizing parallel execution and leveraging Bitcoin’s security features, BitReXe aims to enable real-world applications on the Bitcoin network while ensuring trustless asset settlement and efficient transaction processing. As the project continues to develop, it holds the potential to revolutionize the Bitcoin ecosystem and surpass Ethereum in terms of transaction volume and scalability.
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