Enforcing smart contracts on Bitcoin [BTC] just got easier, Peter Wuille, developer at Blockstream recently introduced ‘miniscript’, a new programming designed for smart contracts. Programmers Wuille, Andrew Poelstra and Sanket Sanjalkar developed the language together for a year.
Earlier a programming language called ‘script’ is used to implement ‘smart contracts’ or conditions on spending BTC. It includes implementing spending conditions consisting of various combinations of signatures, hash locks, and time locks.
However, the old ‘script’ had certain restrictions to it; there were ambiguities in the code. The new layer or subset to the program is developed to “reduce malleability from scrip” and makes it “easily analyzable.”
Blockstream lightning Engineer, Rusty Russell, tweeted,
This will be one of those “how the hell did we do it before this?!” technologies. Unsexy and vital.
Peter Wuille mentioned in the twitter thread that they have “done significant testing against the actual Bitcoin consensus and standardness rules.” Now, Bitcoin [BTC] will be able to do more than just multi-sig to improve usability.
The smart contracts enabled on Bitcoin would enable to impose conditions in real world transaction. Peter Wuille added,
Ideally, the executive’s 2FA setup could interact flawlessly with the cold storage setup, computing the necessary composed ‘script,’ and still be able to sign.
Majority of the altcoins have often been sold on their potential to transform the internet by using smart contracts and decentralized applications. While projects like Ethereum, EOS, NEO, Tron and so on are already claiming technological prowess over Bitcoin, the recent developments and the ‘network effect’ on it could eliminate the use of some of these tokens.
Moreover, as some analyst like Tone Vays have argued before that introducing a blockchain does not necessarily require constructing a separate economic component for it. Bitcoin with lightning network and ‘miniscript’ is making it possible now.
Do you think that Lightning and Bitcoin smart contracts would be the only ones or part of the entire ecosystem? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com