SmartBTC is a bitcoin smart contract service. Find out how it works today in our review.
What Is Smart BTC?
SmartBTC, found online at SmartBTC.io, facilitates bitcoin payments through smart contracts written in Python.
You pay a small fee (1% to 2%, based on the smart contract length or duration) and SmartBTC automatically generates a smart contract based on your programmed conditions. You enter the code into SmartBTC.io yourself, including any pip install requests.
For those out of the loop, bitcoin isn’t typically known for its smart contracts. In fact, bitcoin doesn’t officially support smart contracts. Ethereum was the first major blockchain project to implement smart contracts. Although some projects – like various bitcoin hard forks – have sought to add smart contract functionality to bitcoin, the main bitcoin blockchain (BTC) does not yet have smart contract functionality.
So how does SmartBTC implement smart contracts into bitcoin? Let’s take a closer look at how it works.
HowSmart BTC Bitcoin Smart Contract Service In Python Code Works
SmartBTC doesn’t really integrate smart contracts into the main bitcoin blockchain. Instead, it codes a smart contract in Python, then automatically fulfills certain conditions – like a bitcoin payment – when that smart contract is executed.
Using SmartBTC is straightforward: you visit SmartBTC.io, then complete the easy online form. You need to choose things like:
- The amount of BTC you want to input into the smart contract
- The promisee’s bitcoin address
- The Python version you want to use
- The execution interval (5 minutes, 15 minutes, 1 hour, 4 hours, or 12 hours)
- The contract period (1, 3, 7, 14, 30, 60, or 90 days)
- The title of the contract
You’ll also be asked to input the contract code (starting with def contract ()) and to install dependencies using pip (provide your pip install requests).
Ultimately, SmartBTC makes it easy to facilitate bitcoin smart contracts – contracts written entirely in Python code. The smart contract is considered fulfilled when the “def contract()” method returns “True”. The contract will be executed periodically until it is fulfilled or it expires.
You can test a contract with SmartBTC. You’ll need at least 0.00001 BTC to test a contract.
There are certain execution limits with SmartBTC, including 500MB of memory, 30 second execution timeouts, and 5GB of disk used.
Once a smart contract has been submitted to SmartBTC, it is immutable: you cannot terminate a contract after it was submitted.
You’re not allowed to use SmartBTC to perform illegal activities. If the platform discovers that a smart contract is being used for illegal activities (like hacking or ransomware), then SmartBTC will block the ongoing smart contract and the user’s BTC balance until the matter is cleared up. SmartBTC will also alert the appropriate authorities.
Use Cases For Smart BTC
One of the best uses for SmartBTC is to ensure business transactions are completed according to specifications.
As the SmartBTC website explains, “we help entrepreneurs to only pay for results, and to make sure the people that provide valuable services get paid every time they do amazing jobs.”
One use case for SmartBTC is to create a smart contract to gain Twitter followers. If you haven’t gained a certain number of Twitter followers within 14 days of hiring a marketing agency, for example, then you may automatically receive a refund.
Aside from business cases, you can use SmartBTC for any use cases you can imagine – including any other conventional smart contract use cases.
Smart BTC Fees
SmartBTC charges a fee based on the period of the smart contract and its execution interval. Fees are either 1%, 1.5%, or 2.00%.
Smart BTC Conclusion
As of February 2018, SmartBTC has executed 7,300+ bitcoin smart contracts, paying 0.011 BTC to various promises. You can use the service today by visiting online at SmartBTC.io.