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Title: SMART CONTRACT on BTC BLOCKCHAIN after TAPROOT Post by: fitandre on December 18, 2021, 08:36:56 PM Is there any project doing SMART CONTRACT on BTC BLOCKCHAIN since TAPROOT is already available?
We would like to do some financial support to develop this! Kind regards, Andre Meyer Pflug ddesk.global Title: Re: SMART CONTRACT on BTC BLOCKCHAIN after TAPROOT Post by: pooya87 on December 19, 2021, 03:52:55 AM What specific kind of smart contracts do you have in mind because ever since the first transaction in Genesis block back in 2009 we have been creating smart contracts in each and every bitcoin transaction.
Title: Re: SMART CONTRACT on BTC BLOCKCHAIN after TAPROOT Post by: Pmalek on December 19, 2021, 12:23:56 PM Like the first two users mentioned, Bitcoin can already do smart contracts and did that before Taproot as well. However, you can't compare the functionalities of Bitcoin to that of Ethereum when we are talking about smart contracts. Bitcoin's Script language is simple and very limited. Bitcoin wasn't designed to be Turing-Complete, unlike Ethereum which is.
Title: Re: SMART CONTRACT on BTC BLOCKCHAIN after TAPROOT Post by: dkbit98 on December 19, 2021, 05:36:26 PM Is there any project doing SMART CONTRACT on BTC BLOCKCHAIN since TAPROOT is already available? Even with Taproot you can't have smart contract on Bitcoin like you have on ethereum and other altcoins, but more complex scripts are now possible and I expect to see this in near future.It is possible that some other layers and sidechains built on top of Bitcoin can have smart contracts, like RSK, Liquid, Mintlayer, etc, but that is mostly clones of ethereum smart contracts. With all bugs and hacks we see in smart contracts I don't think it's smart to implement this for Bitcoin right now. Title: Re: SMART CONTRACT on BTC BLOCKCHAIN after TAPROOT Post by: pooya87 on December 20, 2021, 05:08:11 AM with Taproot~more complex scripts are now possible and I expect to see this in near future. We are already seeing them on blockchain for example this (https://blockchair.com/bitcoin/transaction/2eb8dbaa346d4be4e82fe444c2f0be00654d8cfd8c4a9a61b11aeaab8c00b272) is one of the earlier Taproot transactions that is using the new OP code and the script spending path.Quote With all bugs and hacks we see in smart contracts I don't think it's smart to implement this for Bitcoin right now. Those bugs aren't because of the smart contracts or their additional capabilities, they are mainly due to developer incompetence and lack of code review that sneaked some vulnerabilities into those altcoin protocols.The reason why we aren't adding that kind of functionality to bitcoin is mainly because it is not needed in a payment system and so far there hasn't been any serious use case for them either. Title: Re: SMART CONTRACT on BTC BLOCKCHAIN after TAPROOT Post by: ir.hn on December 21, 2021, 07:48:20 AM The reason why we aren't adding that kind of functionality to bitcoin is mainly because it is not needed in a payment system and so far there hasn't been any serious use case for them either. I take it you haven't delved deep into DeFi. It is the future financial system and bitcoin is looking to be just an onramp to this new universe. |