A significant evolution in Bitcoin’s capabilities has recently emerged with the integration of the Ethereum Virtual Machine (EVM) into the Bitcoin token protocol known as BRC20. This integration, announced by key developers, occurred at Bitcoin block 912,690, marking a pivotal move towards enabling Ethereum-style smart contracts on the Bitcoin blockchain.
BRC20 serves as a token standard for creating fungible tokens on Bitcoin via the Ordinals protocol, which allows information to be inscribed directly onto individual satoshis, the smallest units of Bitcoin. The adoption of EVM, which operates as the backbone of Ethereum’s smart contracts, brings programming capabilities to Bitcoin tokens, facilitating token management without reliance on centralized governance.
The upgrade, referred to as BRC2.0, was spearheaded by Ordinals developer Best in Slot in collaboration with BRC20’s pseudonymous creator, known simply as Domo. According to Eril Binari Ezerel, CEO of Best in Slot, this enhancement transforms the existing “calculator-style” indexer used by Bitcoin meta-protocols like Ordinals, Runes, and BRC20 into a “Turing complete” system capable of executing complex computations and smart contracts.
The inception of the Ordinals protocol at the beginning of 2023 has been a driving force behind these advancements, enabling greater utility on the Bitcoin platform. It allows functionalities traditionally associated with Ethereum and other smart contract-enabled networks, pushing Bitcoin closer to a more versatile operational framework.
Domo expressed the vision for this development, emphasizing the goal of merging the two leading standards: Bitcoin’s reputation as the most decentralized and secure blockchain with the proven capabilities of the EVM. This combination aims to provide users with the Ethereum-like experiences of composability and programmability, all while benefiting from the robust security that Bitcoin offers.
As BRC20 progresses towards these ambitious objectives, the integration of EVM could signify a new era for Bitcoin, expanding its functionalities while maintaining its foundational principles. The implications of this development could resonate throughout the blockchain ecosystem, offering exciting prospects for developers and users alike.
