Crypto Pioneer Peter Todd Says Bitcoin’s Smart Contacts Are Most Effective At Bitcoin Expo 2019
Bitcoin Core Engineer Peter Todd Thinks That Bitcoin Is The Most Successful Smart Contract
The MIT Bitcoin Club had held the 6th Annual Expo to be held on March 9th and 10th, 2019 at MIT. Peter Todd, a prominent Bitcoin Core Engineer spoke about Bitcoin being an effective smart contract platform.
He talked about other EOS and other smart contracting platforms that are permissionless in nature. Todd notes that most of these smart contracting platforms use only mediocre technology.
“Bitcoin, in production, is the most successful smart contract platform because it is very simple. Because it relies on very simple things and very clearly which actually works. I talk with smart smart contracts have extensionally legal contracts but the important thing is to have a contract which you can enforce with technology.”
Smart contracts are computer programs stored in a blockchain. They can be used to automate the unstoppable transfer of crypto-tokens between users, according to agreed-upon conditions. The Bitcoin protocol can be used to create smart contracts. Bitcoin provides the ideal mix of smart contract functionality — enough to make smart contracts easy to implement but without the security and privacy risks of a more complicated platform like Ethereum.
As the Bitcoin protocol has evolved, it has gained support for smart contracts. Smart contract functionality is not as programmable and extensible on Bitcoin as it is on Ethereum. However, using features added to Bitcoin through improvement proposals, certain smart contract functionality can be achieved through Bitcoin scripting.
There are many dozens of Bitcoin-based blockchain projects out there, but most are simply building cryptocurrencies forked from Bitcoin. They’re not taking advantage of Bitcoin’s potential to create the foundation for a completely decentralized platform that supports a multitude of DApps and programmable functionality.
Further, Todd added that it did not necessarily mean that the programming code used had to be complex to be effective citing Bitcoin Lightning network as an example.