Arch Virtual Machine (ArchVM) is designed to enable Turing-complete smart contracts on Bitcoin, according to Arch Labs, by offloading computations off-chain and offering transaction speeds comparable to Solana

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Virtual machines are a type of software used in smart contracts—sets of code that execute terms of an agreement when predetermined conditions are met—making it easier to use crypto technology for things like property ownership or NFT trading

ArchVM will handle off-chain computations to enable "Turing-complete smart contracts at the Bitcoin base layer" and provide Solana-like transaction speeds, Arch Labs said in the announcement