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Author Topic: Smart Contract in Bitcoin  (Read 4457 times)
runtocrypto
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October 22, 2017, 06:56:03 AM
 #41

Eventually it will, it might be an ETH killer.
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October 23, 2017, 04:10:19 PM
 #42

Eventually it will, it might be an ETH killer.

I mean we are still waiting on 2x. You think smart contracts will come 5 years from now? What other features will other blockchains have by then?
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October 23, 2017, 06:15:22 PM
 #43

Smart contracts will help us exchange money, property, shares, or anything of value in a transparent, conflict-free way while avoiding the services of a middleman  Cheesy
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October 23, 2017, 08:32:56 PM
 #44

For a smart stable contract, development community needs a very powerful ecosystem. Ethereum is building it for last years and it's not complete yet.
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October 23, 2017, 09:54:18 PM
 #45

Eventually it will, it might be an ETH killer.

I mean we are still waiting on 2x. You think smart contracts will come 5 years from now? What other features will other blockchains have by then?

I don't understand how is it possible to implement smart contracts into the Bitcoin Blockchain?

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HeRetiK
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October 23, 2017, 09:56:39 PM
 #46

what classifies a smart contract - looks like there is just a lot of buzz words, but no clear explanation.
What is a typical smart contract use case?
Is pay 2-of-3 already a smart contract? Or must it have an escrow?
Just a touring complete language?
(btw: ever tried to get oracle data in Ethereum smart contracts?)

Bitcoin has smart contract capabilities. E.g., when using CSV and CLTV, you have smart contracts. Some OP_IFs around it, and there you go. Even with P2SH. BIP65 and BIP68 show use cases.
So what do you have in mind, when talking about smart contracts? Are there any use cases examples for it?

I guess part of the problem is that everyone expects smart contracts to be these hyper-complex decentralized applications while in reality most decentralized applications either a) don't require a turing complete scripting language or b) don't require a blockchain.

The type of smart contracts that will see actual long-term usage will be simple ones like you described. Alas op_codes are hard and it's easier to sell tokens for the decentralized Uber of X.

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October 24, 2017, 02:30:46 AM
 #47

I think a lot of the people posting here don't know that bitcoin already has contracts. Multisig, timelocked coins, payment channels, trustless escrow etc all exist right now as smart contracts with their code on the bitcoin blockchain. Maybe this thread is instead thinking that we should make bitcoin smart contracts more like ethereum smart contracts.

Would that be a good idea? What are some cool things that ethereum smart contracts can do that we can't already do on bitcoin?

What about colored coins? We've been issuing tokens that way since I think before ethereum even existed. Not that I don't like what ether is doing (I do have a little) but I don't think that I see the appeal that everyone else seems to see.
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October 24, 2017, 05:28:58 AM
 #48

Etherparty has a partnership with Rootstock (RSK) for easy to use smart contracts on multiple blockchains, including Bitcoin.

https://cointelegraph.com/news/rootstock-etherparty-deal-will-accelerate-bitcoin-smart-contract-adoption

Been following them for a while, checked out the Etherparty beta (Ethereum only for now) and it all works as expected on Ropsten testnet!!!

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October 24, 2017, 06:01:47 PM
 #49

Where can i find something like whitepaper for smart contracts on bitcoin? Do bitcoin realy need smart contracts? With confirmation of 10 minutes and litle size of blocks it will be slow and it will rise fees if i understand it right.  Also it is many work to do for developers to implement contracts, and at the same time they have many issues to figure out. Maybe it is better for bitcoin to stay as currency.
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October 24, 2017, 07:08:16 PM
 #50

I don't think this is a route Bitcoin will take. There are many good examples of Coins for Smart Contract technology and Bitcoin sees itself as a pure Currency. Don't think this will happen.
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October 24, 2017, 08:06:35 PM
 #51

Would it be possible to implement another hard fork in the bitcoin blockchain and introduce the smart contract logic instead of doing it on a side chain like RSK?

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October 26, 2017, 01:00:04 PM
 #52

Would it be possible to implement another hard fork in the bitcoin blockchain and introduce the smart contract logic instead of doing it on a side chain like RSK?


Yeah its possible to do anything with a hard fork. You could hard fork and add any feature. The problem is getting enough of the network onboard to make the network secure. So it has to be cost effective with hashing power. Cause a fork of bitcoin not only needs to compete with bitcoin but existing solutions like Ethereum.
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October 26, 2017, 01:12:25 PM
 #53

Implementing smart contract to bitcoin's feature is a not a priority to devs, the most concern of today's bitcoin is the block size and the the transaction capacity and transaction fees. If the two aforementioned are not able to solve the bitcoin's problem then the worldwide adaptability to masses for merchants and retails are only just a dream. Then we still can not call bitcoin  a currency but it is still an asset or commodity for trading but not as a future medium of exchange.

I am elated by the way you have highlighted the most important concern of bitcoin and bitcoin users which needs to be rectified at the earliest as it is inevitable to make bitcoin used by merchants and eCommerce without increasing the block size and there is a sense of fear that the transaction free might go up in future and might become like normal money exchange service so developers needs to focus on this as this is the need of the hour.

That is a problem that has not been final to date, developers have to solve that problem without making more hardfork anymore. Bitcoin also requires the development of smart contracts or in the future all altcoin will be taken by ethereum. We know that the current eth is very ready to be paired with fiat, if bitcoin does not fix itself then one day the market volume will move significantly towards eth.
Bitcoin and Eth both have different roles to fill in the market. Bitcoin is like a store of value (e-gold) while Eth is like an actualy computer making decisions. I dont understand why some people want to turn Bitcoin into Eth, they can both exist.


I think Smart contract could be a  very important and necessary feature for Bitcoin. It is like a Mobile app doing some automated and very Basic  stuff like waking you up at 7am, answer phone calls when you're unavailable or sending emails/text messages at a specified time.
There are times I get seriously limited using Bitcoin and all I can think of is moving to Cryptocurrencies with smart contracts.

Question is how easy can Smart Contract be implemented  Bitcoin. If it were that easy I guess developers would have implemented it long ago?
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October 26, 2017, 02:55:16 PM
 #54

Smart contract is the reason why Ethereum is the main challenger to Bitcoin.

A Bitcoin ERC20 like + smart contract would kill Ethereum.

Howewer, Bitcoin is mainly used as a store value while Ethereum is a platform used for creating Dapp Wink
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October 26, 2017, 06:32:59 PM
 #55

Smart contract is the reason why Ethereum is the main challenger to Bitcoin.

A Bitcoin ERC20 like + smart contract would kill Ethereum.

Howewer, Bitcoin is mainly used as a store value while Ethereum is a platform used for creating Dapp Wink
If that happens, the ETH will no longer be valid
But it costs too much network resources and it will make the miners disagree
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October 27, 2017, 03:50:42 AM
 #56

I think that extending bitcoin capabilities through hardcoded smart-contracts is one thing and would be great, but attaching even with a sidechain "turing complete" VM is a most horrible idea ever. Look at the Ethereum with 10x more security and scalability issues.
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October 27, 2017, 10:16:31 AM
 #57

If bitcoin introduces the smart contracts then I think the value of Etherium might dip. Etherium was solely built because bitcoin did not have smart contracts.

Yes, it's true. But whether bitcoin can make a smart contract? I don't think so. Ethereum this is a smart contract.. not Bitcoin

I think the value of ethereum will not dip. My point of view is that if bitcoin introduces the smart contracts those security and privacy will improve and it might change the fact that bitcoin will go higher to its prize from now. I think it will not get ethereum to go dip maybe ethereum will go high a little bit too.
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October 27, 2017, 10:22:11 AM
 #58

We will see another coin split if this ever happens.Though i believe ETHS smart contract is one of its kind and that is solving its purpose already.
And i donot think bitcoin also need smart contact feather at all.
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October 27, 2017, 10:49:15 AM
 #59

According to this: https://www.coindesk.com/smart-contracts-bitcoin-lightnings-tadge-dryja-working/ article, smart contract like feature might happen on bitcoin, wouldn't that be great? what is your view on that?

what would be the benefit for bitcoint to impliment smart-contract ?

The idea is that Bitcoin is "old tech". by adding smart contracts it now competes with "new tech" Ethereum.


I am curious about the "old tech" and "new tech", is it possible that Ethereum replace bitcoin in the future?
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October 27, 2017, 01:20:39 PM
 #60

Platform vs store of value, can perfectly coexist imo
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