Bitcoin is the blockchain network for smart contracts, sCrypt’s Xiaohui Liu tells CoinGeek TV
For over a decade, the world has been led to believe that Bitcoin is not Turing-complete and cannot 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 driving the growth of smart contracts on BSV, and as he told CoinGeek TV, now is the time for Bitcoin to regain contract supremacy. smart.
sCrypt is a high-level smart contract language for Bitcoin SV. While it’s technically possible to write smart contracts in Bitcoin’s native scripting language, it’s tedious and error-prone. sCrypt allows developers to easily write and deploy smart contracts on Bitcoin.
Satoshi created Bitcoin to be more than just a peer-to-peer electronic money, and smart contracts are key to that vision. As Liu told CoinGeek TV host Patrick Thompson, this facilitates complex bitcoin transactions, making it programmable money. It eliminates the need for trust in the system and allows users to use Bitcoin as a base layer for activities beyond finance.
Already, several prominent projects are using sCrypt, from the Fabriik token protocol, the Simple Fabriik protocol, to the TokenSwap decentralized exchange platform, to Tokenized and DotWallet.
Smart contracts on Bitcoin are a game changer. However, it took more than a decade before they were fully utilized, leading to the rise of “alternatives” like Ethereum and Solana, both of which face their own challenges, fees high to breakdowns.
Liu believes the reason Bitcoin smart contracts have taken so long to become a reality is because the BTC faction still lives under the misconception 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 transpilerwhich allows developers to convert their Solidity code to sCrypt.
Although Ethereum is nowhere near the capabilities of Bitcoin SV in terms of scaling, fees, and speed, it has benefited from the network effect since its inception years before BSV. With the transpiler, Liu believes that Bitcoin SV can finally offer developers an easy way to transfer their applications to the only blockchain network that scales without limit without having to rewrite their code.
Watch: Presentation of the BSV Global Blockchain Convention, Smart Contracts and Computation on BSV
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