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  Chain wants to facilitate Smart Contracts based on Bitcoin Blockchain | Bit Updates
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Chain wants to facilitate Smart Contracts based on Bitcoin Blockchain

Thursday, December 21st, 2017 | bitcoin updates

The Blockchain Technology Startup Chain is trying to simplify the programming of Smart Contracts on the Bitcoin Blockchain. The San Francisco-based company has an open-source compiler which translates between Ivy, Chains own high-level Smart Contract Language, and Bitcoin Script, the low-level programming language of the world's first and largest blockchain. Ivy was presented in December 2016 in a public demo. According to Chain's latest blog post, Ivy aims to help developers write "custom, SegWit-compliant Bitcoin addresses." Any combinations of conditions supported by the Bitcoin protocol, including signature checks, hash commitments, and timelocks, should be performed. "Language Restrictions While the advanced smart contract functionality of Ethereum is a key feature that distinguishes it from Bitcoin, the latter allows it Developers writing Smart Contracts using Bitcoin script. Each bitcoin address corresponds to a bitcoin script program. "When bitcoins are sent to an address, they are essentially locked in a safe on the blockchain. These boxes are usually referred to as 'unissued transaction outputs', but we call them 'contracts'. Each contract has an address that corresponds to a program that needs to be fulfilled in order to unlock and output the bitcoins. "At the moment Bitcoin script is used by relatively few people. Bitcoin wallets, exchanges, and payment platforms occasionally use Bitcoin script to create security solutions such as multisignature wallets. Protocol developers have used Bitcoin Script to develop interesting solutions for scaling, data protection, and collaboration between multiple systems, including: Interledger and the Lightning Network. However, due to the limitations of the underlying virtual machine, it is difficult to write in that language. "Bitcoin script development is considered somewhat esoteric," is the blog post by Chain.Ivy is a higher-level editing language supported by bitcoin script. It should be noted, however, that the Ivy language currently serves more for educational and research purposes as it is still an unchecked prototype software.BTC-ECHOAbout Alina LeyAlina Ley has been working as an author at BTC-ECHO since March 2017 , After completing her business administration degree (Bachelor) at the University of Trier, she gained professional experience in controlling and business development. She then completed her master's degree (Business Administration) in Cologne. As part of her master thesis ("Success factors of cryptocurrencies") she gained extensive knowledge in the field of cryovirus and blockchain technology. Of particular interest are the numerous applications as well as the social benefits. All contributions by Alina Ley


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