The
basic
setup
involves
using
cryptography
to
compress
programs
into
sub-programs
that
can
then
be
executed
within
Bitcoin
transactions,
according
to
a
white
paper
published
Thursday
by
Linus
along
with
five
co-authors.
The
programs
are
then
“verified”
–
basically
making
sure
nobody
is
trying
to
cheat
or
steal
–
in
three
on-chain
transactions.
In
the
previous
version,
the
verification
could
take
upwards
of
70
transactions,
according
to
one
of
the
co-founders,
Alexei
Zamyatin,
who
separately
works
for
a
project
called
BOB,
short
for
Build
on
Bitcoin.