Bitcoin is the blockchain network for smart contracts, sCrypts 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 figures pushing for growth in smart contracts at BSV, and as he told CoinGeek TV, it’s time for Bitcoin to regain superiority over smart contracts.
sCrypt is a smart, high-level contract language for Bitcoin SV. Although it is technically possible to write smart contracts in Bitcoin’s original Script language, it is cumbersome and prone to errors. sCrypt allows developers to easily write and distribute smart contracts on Bitcoin.
Satoshi created Bitcoin to be more than just peer-to-peer online cash, and smart contracts are crucial to this vision. As Liu told CoinGeek TV host Patrick Thompson, this facilitates complex transactions on Bitcoin, 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 that extend beyond the economy.
Several leading projects already use sCrypt, from Fabriik’s token protocol, Simple Fabriik Protocol to decentralized exchange platform TokenSwap to Tokenized and DotWallet.
Smart contracts on Bitcoin are a game-changer. However, it has taken over a decade before they were fully exploited, leading to the emergence of “alternatives” such as Ethereum and Solana, both of which face their own unique challenges, from high taxes to power outages.
Liu believes that the reason why 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 value store.
Liu spoke 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 transporter, which allows developers to convert the Solidity code to sCrypt.
While Ethereum is nowhere near the capabilities of Bitcoin SV in terms of scaling, fees and speed, it benefits from the network effect since it started years before BSV. With the transporter, Liu believes that Bitcoin SV can finally offer an easy way for developers to transfer their applications to the only blockchain network that scales indefinitely without having to rewrite the code.
See: Presentation of BSV Global Blockchain Convention, Smart Contracts and Computation on BSV
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