Wrap Up 2024: A Year of Progress and Excitement
Looking back at 2024, we at Fairgate can’t help but feel proud and excited about how much our team and the community have accomplished. From publishing two foundational whitepapers to enable universal computation and infinite scalability on bitcoin followed by the creation of BitVMX, we have turned ambitious ideas into reality…and we are just getting started.
Let’s take a quick tour of the year’s biggest milestones and see what’s next for 2025.
A Closer Look at Our Whitepaper
One of the standout moments this year was the publication ofthe BitVMX whitepaper. It not only laid out our vision for using a RISC-V style CPU model on Bitcoin but also showed how we can enable complex computations without changing the Bitcoin protocol itself. This document really set the tone for everything else we’ve done since.
Open Source Release of the BitVMX CPU
One of this year’s major milestones was the official open-source release of the BitVMX CPU. By making the code publicly available, we’ve invited the community to collaborate on feature enhancements, security reviews, and performance optimizations. This move not only fosters transparency and innovation but also strengthens the broader ecosystem by giving developers the freedom to build on and adapt theBitVMX CPUto new use cases.
ZK-Proof Verification On-Chain
Another big highlight was demonstrating on-chain Zero-Knowledge Proof verification on BitcoinMainnetandTestnetthrough BitVMX. This milestone proved that advanced cryptographic proofs, often considered too resource-intensive for Bitcoin, can be integrated into real-world applications without altering the base protocol.
The successful verification showcased how BitVMX can enable privacy-preserving, trust-minimized computations on a globally recognized, censorship-resistant network.
Exploring the Technology: Articles and Insights
To support our growing community, we released several articles that explained key aspects of BitVMX:
How BitVMX Differs from BitVM: Gives a clear comparison between the two projects, emphasizing how BitVMX tackles broader use cases.
Zero-Knowledge Proof Verification on Bitcoin: Dives into how BitVMX makes advanced privacy features possible on a platform known for transparency.
The Security Tradeoffs of Validating BridgesExamines the complexities and potential attack vectors when bridging Bitcoin with other blockchains.
A Review of the BitVM2-based "Linus24" BridgeProvides an in-depth look at how BitVM2 powers a novel bridging solution, highlighting both its strengths and limitations.
Off-Chain Communication System: These two articles explain our P2P protocol’s building blocks and how we keep off-chain interactions secure and reliable.
Optimizing Algorithms for Bitcoin Script: These series reveal how we’ve trimmed down and sped up crucial cryptographic functions, making them more practical on Bitcoin.
In addition, we’ve launched ourweekly newsletter, delivering 18 editions with the most relevant updates and discussions on Disputable Computing. This initiative has solidified our role as a thought leader, keeping our community informed and engaged in this evolving space.
Key Partnerships
Our partnership with RootstockLabs has been instrumental in shaping the foundations of BitVMX and propelling its reach globally.
Their strategic support has not only backed the project's development but also provided crucial opportunities to showcase our progress on prominent industry stages.
This collaboration has solidified our shared vision of advancing decentralized computing while fostering innovation and dialogue within the broader ecosystem, positioning BitVMX as a transformative solution in the space.
Weekly Progress at a Glance
If you’ve been following our Telegram updates, you’ve probably seen how quickly things have evolved. Here are some high points:
- BitVMX CPU EnhancementsOur CPU saw lots of improvements, such as adding RISC-V multiplication extensions, which dramatically sped up tasks like ZK-proof verification. We also managed to shrink the size of certain scripts, including SHA256 and Blake3 implementations, making them more efficient and cost-effective on Bitcoin.
- Transaction Monitor and Dispatcher
Keeping an eye on on-chain activity is essential, so we built the Transaction Monitor to detect BitVMX-related transactions in real time. Meanwhile, the Dispatcher can both send and speed up transactions, thanks to fee-bumping strategies like Child-Pays-for-Parent. - P2P Communications and Off-Chain Protocol Improvements
We spent a big chunk of time perfecting the P2P components of BitVMX to ensure smooth and secure off-chain coordination. Features like encryption, automatic disconnections on timeouts, and better node authentication made it robust enough for real-world use. - Comprehensive QA Across the Project
Throughout the year, our QA team expanded testing to cover the different BitVMX components. The team started by creating the right tools, coverage metrics, and testing scenarios. With each iteration, they added new test cases, refined the CI/CD pipeline, and detected reliability issues. Thanks to these efforts, we’ve caught and resolved bugs early on, keeping BitVMX stable as it evolves. - Key Manager and QA Expansion
Since BitVMX needs multiple signature types (ECDSA, Schnorr, and Winternitz) we designed a dedicated Key Manager to securely generate, store, and manage these keys. It provides encryption to prevent leaks, and integrates seamlessly with the rest of the platform, supporting a range of cryptographic operations across BitVMX. - Interactive SNARK Verification
We’re thrilled to have pulled off interactive SNARK verification on Bitcoin without changing the base layer. This milestone showcased BitVMX’s flexibility for privacy-preserving applications and set the stage for even more complex use cases.
2024 Events: Expanding Horizons
In 2024 Fairgate participated in some of the most significant events in the blockchain and crypto industry, sharing key innovation projects and deepening our engagement with the community.
- Token2049 (Singapore): Our team connected with industry leaders and visionaries, engaging in fruitful discussions that helped shape new ideas and strengthen our network.
- Proof of Work 2024 (Frankfurt): We unveiled the Union Bridge, a transformative protocol developed in partnership with RootstockLabs, enabling seamless, decentralized transfers between Bitcoin and Rootstock blockchains, powered by BitVMX.
We also participated in the "Proof of Scale L2 Panel", where we contributed to separate the hype from the reality of scaling Bitcoin. - BTC Amsterdam 2024: On the "Inheriting Bitcoin Security with Merged Mining" panel, we explored groundbreaking ideas and announced the open-source release of the BitVMX CPU, a revolutionary virtual CPU that brings optimistic execution of arbitrary programs to Bitcoin.
- Tabconf6 (Atlanta): Our presentation, "Universal Computation on Bitcoin: A Gentle Introduction to BitVMX," showed the technical possibilities of Bitcoin, sparking interest and conversation among attendees.
- LaBitconf (Buenos Aires): A hub for grassroots community engagement, this event offered unparalleled opportunities to network, learn, and share ideas, all while furthering Bitcoin's global impact.
- BTCON (Bangkok): On the "Unlocking Opportunities from Bitcoin Interoperability" panel, we explored the future potential of interconnected Bitcoin ecosystems, driving conversations about next-generation solutions.
Our presence at these events reflects our dedication to advancing Bitcoin infrastructure and collaborating with the blockchain community.
What’s Next for 2025
As we head into 2025, the main goal is to finalize the BitVMX Client and polish the setup phase of our protocol. We’re also ramping up end-to-end testing to make sure all the parts work seamlessly together. The initial release of Union, the first BitVMX based bridge, is another milestone we’re planning to hit in 2025. Also, expect to hear new announcements from us regarding our platform, a versatile protocol stack designed to unlock the next generation of bitcoin applications. The progress we’ve made this year puts us in a great position to keep pushing the boundaries of what’s possible on Bitcoin.
Thank You!
We want to give a huge shout-out to everyone who’s been part of this journey, whether you read our articles, used our contributions, or simply cheered us on. Your support and feedback have driven us to refine our technology and set our sights even higher for the coming year. We can’t wait to show you what we have in store for 2025, and we hope you’ll continue to follow along as we make universal computation on Bitcoin a reality.
Lastly, I want to thank two of Fairgate’s gladiators, Diego and Fer, for helping me put this great summary together.
Stay tuned, and happy holidays from all of us at Fairgate.
