Xnova can you explain in rough terms what this means for Bitcoin and Ethereum? In what manner are they linked or not?
Thank you.
Thank you.
Sure, they're not linked (that is more the theme with something like BTCRelay).
What we are working on is a port of the Ethereum Virtual Machine (EVM) to Counterparty. This means that one can take an ethereum smart contract (e.g. written in solidity) and run it "on Counterparty, on Bitcoin". There is no link to the Ethereum blockchain.
Counterparty works via a mechanism called embedded consensus, where we embed our protocol data within regular Bitcoin transactions, and maintain our own embedded ledger within Bitcoin's. Executions of Ethereum smart contracts would modify the state of this ledger.
Why did you think Counterparty with EVM are better than BTCRelay?
How Smart Contracts can working with XCP and Bitcoin 10minutes avg blocktime, doen't it need fast blockchain like Ethereum?
It's a fundamentally different approach. BTCRelay as I understand it allows validation of bitcoin transactions in Ethereum smart contracts. Counterparty executes the Ethereum smart contracts essentially as mainnet Bitcoin transactions. A smart contract execution, once kicked off, will execute within a single block (e.g. each instruction in the smart contract is not a Bitcoin transaction, or anything like that...they execute independently and modify the state of the Counterparty internal ledger, not Bitcoin).
