For over a decade, the world has been led to believe that Bitcoin isn’t Turing complete and can’t support smart contracts. However, Satoshi’s vision has been restored in Bitcoin and smart contracts are now a common feature in many BSV applications. sCrypt CEO Xiaohui Liu is one of the key people pushing for growth in smart contracts on BSV, and as he told CoinGeek TV, the time has come for Bitcoin to reclaim supremacy over smart contracts.
sCrypt is a high-level smart contract language for Bitcoin SV. While it’s technically possible to write smart contracts in Bitcoin’s native Script language, it’s cumbersome and error-prone. sCrypt allows developers to write and deploy smart contracts on Bitcoin easily.
Satoshi created Bitcoin to be more than just peer-to-peer electronic cash, and smart contracts are critical to this vision. As Liu told CoinGeek TV host Patrick Thompson, this facilitates complex transactions on Bitcoin, making it programmable money. It takes out the need for trust in the system and allows users to use Bitcoin as a base layer for activities that span beyond finance.
Already, several leading projects are using sCrypt, from Fabriik’s token protocol, the Simple Fabriik Protocol to decentralized exchange platform TokenSwap to Tokenized and DotWallet.
Smart contracts on Bitcoin are a game-changer. However, it’s taken over a decade before they were fully utilized, leading to the rise of ‘alternatives’ like Ethereum and Solana, both of whom face their own unique challenges, from high fees to outages.
Liu believes that the reason Bitcoin smart contracts have taken so long to become a reality is because the BTC faction still lives under the misguided notion that Bitcoin was created to be a store of value.
Liu was talking to CoinGeek TV on the sidelines of the BSV Global Blockchain Convention in Dubai, where he took the stage on Day 3 to announce the launch of the smart contract transpiler, which allows developers to convert their Solidity code to sCrypt.
While Ethereum is nowhere even close to the capabilities of Bitcoin SV on scaling, fees, and speed, it benefits from the network effect since it started years before BSV. With the transpiler, Liu believes Bitcoin SV can finally offer an easy way for developers to port their applications over to the only blockchain network that scales unbounded without having to rewrite their code.
Watch: The BSV Global Blockchain Convention presentation, Smart Contracts and Computation on BSV
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