Is there any possibility of building smart contracts using bitcoin?

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Quote from: Monodont on February 25, 2018, 07:13:20 PM

Quote from: Red-Apple on January 16, 2018, 08:19:07 AM

don't think of smart contracts as something weird or advanced. they are pretty simple actually. and they can be done on bitcoin but bitcoin is designed to be a currency so the functionality will be limited.

but the good news is with side chains such as RootStock (a project that was being developed for a long time) smart contracts will not only become possible but also will become an easy, cheap/free, and fast thing to achieve. because it is no longer on chain and it will be super fast and ultra cheap unlike what ETH is offering.

The block time of RootStock is still 10 minutes, right? And Ethereum 15 seconds. That is huge difference for usability. The average time on the Ethereum network is 2 blocks now, but in practice it seems to take about 1 minute to execute an instruction on a smart contract, that is 4 blocks. 2 to 4 blocks worth 10 minutes each on RootStock would be painful if you want to trade on a dex or play a game.

Oh well, this turned out into a comparative between eth and btc... I should have know. Anyway, for the moment it seems that no smart contracting is being used in BTC.

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Quote from: Red-Apple on January 16, 2018, 08:19:07 AM

don't think of smart contracts as something weird or advanced. they are pretty simple actually. and they can be done on bitcoin but bitcoin is designed to be a currency so the functionality will be limited.

but the good news is with side chains such as RootStock (a project that was being developed for a long time) smart contracts will not only become possible but also will become an easy, cheap/free, and fast thing to achieve. because it is no longer on chain and it will be super fast and ultra cheap unlike what ETH is offering.

The block time of RootStock is still 10 minutes, right? And Ethereum 15 seconds. That is huge difference for usability. The average time on the Ethereum network is 2 blocks now, but in practice it seems to take about 1 minute to execute an instruction on a smart contract, that is 4 blocks. 2 to 4 blocks worth 10 minutes each on RootStock would be painful if you want to trade on a dex or play a game.

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Quote from: MadGamer on February 02, 2018, 07:02:43 AM

Quote from: ShareAccepted on February 01, 2018, 05:02:08 PM

Oh, that is really an overstatement. You are just saying that the immense number of projects based on ERC-20 supported by ethereum are just going to jump on bitcoin, an expensive and highly centralised coin. Good luck with that!

None of the things I mentioned are meant to be for ERC20 tokens or Ethereum. As soon as they come to life (LN first), I don't expect anyone to use most of the altcoins anymore.

The could be used some if they are still doing more configuring on how to use Blockchain without altering Bitcoin. The coins that are not Bitcoin should stay for a little while.

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Quote from: mOgliE on February 12, 2018, 08:27:37 AM

Hi,

First, let's define what is a smart contract. It has nt-othing in common with a contract, in fact it is a software allowing the automation of some tasks. For example, people who are insured against delays for their flights can be automatically paid when tey are late, without having to file in any statement. This means that such technology allows both the provider and users to avoid losng times in checking procedures. Everything is done by the software, based on reliable sources of information.

So this technology is really interesting. The example given was quite basic but it can go much further.

For the moment indeed smart contract are designed using ethereum. But it is not impossible to make it through bitcoin. So it may not exist for the moment, but it can be designed. Wink

Thank, a nice explanation. I do understand the concept of a smart contract and I think is a very powerful tool. I hope that eventually someone will implement a layer of SC over Bitcoin.

mOgliE

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Hi,

First, let's define what is a smart contract. It has nt-othing in common with a contract, in fact it is a software allowing the automation of some tasks. For example, people who are insured against delays for their flights can be automatically paid when tey are late, without having to file in any statement. This means that such technology allows both the provider and users to avoid losng times in checking procedures. Everything is done by the software, based on reliable sources of information.

So this technology is really interesting. The example given was quite basic but it can go much further.

For the moment indeed smart contract are designed using ethereum. But it is not impossible to make it through bitcoin. So it may not exist for the moment, but it can be designed. Wink

weeklyeth

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Bitcoin code is built for smart contracts they are for payment processors only

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Quote from: Samarkand on February 02, 2018, 07:08:37 AM

Quote from: ShareAccepted on February 01, 2018, 05:02:08 PM

... You are just saying that the immense number of projects based on ERC-20 supported by ethereum are just going to jump on bitcoin, an expensive and highly centralised coin. Good luck with that!

Expensive?

Since the spam attacks on the BTC main blockchain stopped, Bitcoin has been anything but
expensive. Transactions with low fees like 10 sat/b or 15 sat/b are getting confirmed within
a few blocks.

The mempool currently only has 10 % of the size that it had a few weeks ago.

Using Bitcoin is pretty fun at the moment - if you are not too worried about
the nose dive of the BTC/USD price.

I am worried, but not too much. Ethereum has dipped too, but apparently it happens quite often at the beginning of each year. Even if prices go down, the coin is still in the hands of the large miners.

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Quote from: ShareAccepted on February 01, 2018, 05:02:08 PM

... You are just saying that the immense number of projects based on ERC-20 supported by ethereum are just going to jump on bitcoin, an expensive and highly centralised coin. Good luck with that!

Expensive?

Since the spam attacks on the BTC main blockchain stopped, Bitcoin has been anything but
expensive. Transactions with low fees like 10 sat/b or 15 sat/b are getting confirmed within
a few blocks.

The mempool currently only has 10 % of the size that it had a few weeks ago.

Using Bitcoin is pretty fun at the moment - if you are not too worried about
the nose dive of the BTC/USD price.

MadGamer

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Quote from: ShareAccepted on February 01, 2018, 05:02:08 PM

Oh, that is really an overstatement. You are just saying that the immense number of projects based on ERC-20 supported by ethereum are just going to jump on bitcoin, an expensive and highly centralised coin. Good luck with that!

None of the things I mentioned are meant to be for ERC20 tokens or Ethereum. As soon as they come to life (LN first), I don't expect anyone to use most of the altcoins anymore.

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Yes Bitcoin can bue used for smart contracts with the lightning network

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Quote from: Harturch on January 16, 2018, 10:47:00 AM

Quote from: ShareAccepted on January 14, 2018, 06:20:20 PM

I have not enough knowledge of the technical aspects of bitcoin nor about the projects that are proposed at the moment. Does anyone know if smart contracts are possible like they are in ethereum?

ethereum and all altcoins is only updated copy of bitcoin.
if you can build smart contracts using ethereum you can do same with bitcoin.

Please, care to inform yourself about Ethereum before posting. Seriously, I really hope you don´t have any money into Bitcoin because you are obviously unprepared for it.

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Quote from: MadGamer on January 16, 2018, 08:07:50 AM

Lightning network, Atomic swaps and RSK.co are all things based on smart contracts so yeah, once these things are deployed, I honestly see no use for Ethereum.

Oh, that is really an overstatement. You are just saying that the immense number of projects based on ERC-20 supported by ethereum are just going to jump on bitcoin, an expensive and highly centralised coin. Good luck with that!

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Quote from: ShareAccepted on January 14, 2018, 06:20:20 PM

I have not enough knowledge of the technical aspects of bitcoin nor about the projects that are proposed at the moment. Does anyone know if smart contracts are possible like they are in ethereum?

ethereum and all altcoins is only updated copy of bitcoin.
they add or remove things from bitcoin code and run them network.
if you can build smart contracts using ethereum you can do same with bitcoin.
Bitcoin have smart contracts and you built in top of it

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Quote from: ShareAccepted on January 14, 2018, 06:20:20 PM

I have not enough knowledge of the technical aspects of bitcoin nor about the projects that are proposed at the moment. Does anyone know if smart contracts are possible like they are in ethereum?

I dont think that bitcoin can be like etherium or waves because it is just store of value and its very good to store our investment.
May i know why you want bitcoin can implement smart contract? I think you have opinion if the token use bitcoin smart contract, so it will have high value.if so I also think the same.

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don't think of smart contracts as something weird or advanced. they are pretty simple actually. and they can be done on bitcoin but bitcoin is designed to be a currency so the functionality will be limited.

but the good news is with side chains such as RootStock (a project that was being developed for a long time) smart contracts will not only become possible but also will become an easy, cheap/free, and fast thing to achieve. because it is no longer on chain and it will be super fast and ultra cheap unlike what ETH is offering.

MadGamer

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Lightning network, Atomic swaps and RSK.co are all things based on smart contracts so yeah, once these things are deployed, I honestly see no use for Ethereum.

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Yes. It's obviously not possible right now, but the Lightning Network utilizes a form of smart contract. I don't know how complex it could be, but the fact that it could be implemented on an additional layer means more complex smart contracts could be in the cards, whether on the Lightning Network itself, or on top of it.

I could be wrong though, as I'm only going off of my understanding of it. You could do your own research with this as your starting point. That being said, we don't know when the Lightning Network will be officially ready, so smart contracts are ways away.

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Quote from: vincentong17 on January 14, 2018, 06:26:50 PM

Bitcoin is just a store of value and good for buy and sell payments. Sad to say bitcoin can't provide Smart COntracts just like Ethereum and i believe this is their season,

That is kind of sad. I would be very interested in any project that could potentially provide a technology to supplement bitcoin and make it able to execute contracts. The price would be huge.

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Bitcoin is just a store of value and good for buy and sell payments. Sad to say bitcoin can't provide Smart COntracts just like Ethereum and i believe this is their season,

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I have not enough knowledge of the technical aspects of bitcoin nor about the projects that are proposed at the moment. Does anyone know if smart contracts are possible like they are in ethereum?

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