Counterparty progresses in adding Ethereum VM support to Bitcoin

[xnova]

See the announcement here: https://counterparty.io/news/proposal-for-ethereum-smart-contracts-on-counterparty-mainnet/

Feel free to join our slack channel to discuss. We'll also try to answer questions posted here as well.

[Nick70001]

See the announcement here: https://counterparty.io/news/proposal-for-ethereum-smart-contracts-on-counterparty-mainnet/

Feel free to join our slack channel to discuss. We'll also try to answer questions posted here as well.

Great news. Sounds like you are going about it in a professional way so any issues can be resolved. I like Counterparty's slow and steady approach. I think it will be around for many years.

[klarki]

I like the idea constructed on safety and voting among users.
I really, is not realized the full potential of these contracts.
But the trend, speaks for itself.

[Minecache]

Xnova can you explain in rough terms what this means for Bitcoin and Ethereum? In what manner are they linked or not?

Thank you.

[KLONE]

See the announcement here: https://counterparty.io/news/proposal-for-ethereum-smart-contracts-on-counterparty-mainnet/

Feel free to join our slack channel to discuss. We'll also try to answer questions posted here as well.

Boom ... very exciting news

[xnova]

Xnova can you explain in rough terms what this means for Bitcoin and Ethereum? In what manner are they linked or not?

Thank you.

Sure, they're not linked (that is more the theme with something like BTCRelay).

What we are working on is a port of the Ethereum Virtual Machine (EVM) to Counterparty. This means that one can take an ethereum smart contract (e.g. written in solidity) and run it "on Counterparty, on Bitcoin". There is no link to the Ethereum blockchain.

Counterparty works via a mechanism called embedded consensus, where we embed our protocol data within regular Bitcoin transactions, and maintain our own embedded ledger within Bitcoin's. Executions of Ethereum smart contracts would modify the state of this ledger.

[flayway]

Xnova can you explain in rough terms what this means for Bitcoin and Ethereum? In what manner are they linked or not?

Thank you.

Sure, they're not linked (that is more the theme with something like BTCRelay).

What we are working on is a port of the Ethereum Virtual Machine (EVM) to Counterparty. This means that one can take an ethereum smart contract (e.g. written in solidity) and run it "on Counterparty, on Bitcoin". There is no link to the Ethereum blockchain.

Counterparty works via a mechanism called embedded consensus, where we embed our protocol data within regular Bitcoin transactions, and maintain our own embedded ledger within Bitcoin's. Executions of Ethereum smart contracts would modify the state of this ledger.

Why did you think Counterparty with EVM are better than BTCRelay?


How Smart Contracts can working with XCP and Bitcoin 10minutes avg blocktime, doen't it need fast blockchain like Ethereum?

[xnova]

Xnova can you explain in rough terms what this means for Bitcoin and Ethereum? In what manner are they linked or not?

Thank you.

Sure, they're not linked (that is more the theme with something like BTCRelay).

What we are working on is a port of the Ethereum Virtual Machine (EVM) to Counterparty. This means that one can take an ethereum smart contract (e.g. written in solidity) and run it "on Counterparty, on Bitcoin". There is no link to the Ethereum blockchain.

Counterparty works via a mechanism called embedded consensus, where we embed our protocol data within regular Bitcoin transactions, and maintain our own embedded ledger within Bitcoin's. Executions of Ethereum smart contracts would modify the state of this ledger.

Why did you think Counterparty with EVM are better than BTCRelay?


How Smart Contracts can working with XCP and Bitcoin 10minutes avg blocktime, doen't it need fast blockchain like Ethereum?

It's a fundamentally different approach. BTCRelay as I understand it allows validation of bitcoin transactions in Ethereum smart contracts. Counterparty executes the Ethereum smart contracts essentially as mainnet Bitcoin transactions. A smart contract execution, once kicked off, will execute within a single block (e.g. each instruction in the smart contract is not a Bitcoin transaction, or anything like that...they execute independently and modify the state of the Counterparty internal ledger, not Bitcoin).