Smart contracts on Bitcoin network | Bitcointalksearch.org

Wind_FURY

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Quote from: RoommateAgreement on July 05, 2017, 01:49:27 AM

what's the real usage of smart contracts anyways? i am seriously curious about this. because so far i have only seen smart contracts on ethereum and they are all ICO tokens of useless projects one after another.

so for example what RSK is supposed to do? shift all these ICos to bitcoin?!!

I believe they will find real usage with the technology in 5 to 10 years time. I also believe smart contracts will be of more use in the dark markets or markets that are operating outside of regulations.

Quote from: Paashaas on July 05, 2017, 07:26:00 AM

A few examples of smart contracts are:

Micro-lending, Distributed voting systems, Machine to machine payments, Decentralized exchanges, Asset tokenization, Supply chain tracking, Loyalty and rewards

Micro-insurance, Crowdfunding, Property registry, Escrow services, Transparent public tenders, Remittances.

Read https://faq.rsk.co/en/main/ at Rootstock website for more useful information.

They keep "advertising" that it is good for those things but do smart contracts really make the legacy systems better and more effective? What do they need censorship resistance and decentralization for?

Paashaas

legendary

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Quote from: RoommateAgreement on July 05, 2017, 01:49:27 AM

what's the real usage of smart contracts anyways? i am seriously curious about this. because so far i have only seen smart contracts on ethereum and they are all ICO tokens of useless projects one after another.

so for example what RSK is supposed to do? shift all these ICos to bitcoin?!!

A few examples of smart contracts are:

Micro-lending, Distributed voting systems, Machine to machine payments, Decentralized exchanges, Asset tokenization, Supply chain tracking, Loyalty and rewards

Micro-insurance, Crowdfunding, Property registry, Escrow services, Transparent public tenders, Remittances.

Read https://faq.rsk.co/en/main/ at Rootstock website for more useful information.

RoommateAgreement

hero member

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Bazinga!

what's the real usage of smart contracts anyways? i am seriously curious about this. because so far i have only seen smart contracts on ethereum and they are all ICO tokens of useless projects one after another.

so for example what RSK is supposed to do? shift all these ICos to bitcoin?!!

Wind_FURY

legendary

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Quote from: Red-Apple on July 04, 2017, 09:58:25 AM

Quote from: Pistacia on July 04, 2017, 09:44:45 AM

Have you seen or used any smart contract implementation on top of the Bitcoin network?

no because because mostly the smart contract implementation on top of bitcoin is now under developement and it is called RootStock and it will be a great addition from the things that i have read so far.
you can see it here: www.rsk.co

What happened to Counterparty's porting of the Ethereum Virtual Machine to enable dapps to run in their network? Are the XCP developers still on it?

Quote

Or is Ethereum the best way to go in this regard?

actually etherum is the worst way but the most popular these days to start a smart contract.
there are a couple of projects that you can find in the altcoin board that offer similar platforms for smart contracts and they do it way better, easier and much cheaper too.
and on top of it their network is not congested like ethereum network is congested and delayed.

I do not think there is no stable smart contact platform that scales. Name one that can and why are the developers not using it? There must be something wrong with it no?

Kakmakr

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If I can answer this one with a quote : " “We expect RSK to be multiple times more secure than other platforms because it has Bitcoin’s hashing power behind it, and it's fuel should cost 1/10th of that of Ethereum. RSK is subsidized by Bitcoin, plus its virtual machine is six times faster than Ethereum’s given Sergio Lerner's improvements.”

- Gabriel Kurman RSK co-founder

Source of this is : https://bravenewcoin.com/news/ethereum-style-smart-contracts-are-coming-to-bitcoin-in-june/

RudyCenJia

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I have never heard of this, just in the existing wash forum here, what are the benefits? Many who wear it?

I think if anything useful, someone will need it, and will use it. Roll Eyes

Prodigan786

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Most of the smart contracts based on ethereum erc20 tokens and recently waves is good and also some of ICO based on waves also I dint find any smart contracts using bitcoin.recently I found one in nem .

timerland

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Quote from: Pistacia on July 04, 2017, 09:44:45 AM

Have you seen or used any smart contract implementation on top of the Bitcoin network?

Or is Ethereum the best way to go in this regard?

Yes. The RSK network is a layer above the bitcoin network, just like XCP and Omni. Pretty sure that the mainnet was launched like just lastmonth, if i'm not mistaken? So this is pretty exciting for anyone wanting to execute smart contracts on the bitcoin network and don't want to deal with Ethereum.

Is Eth the best way? I don't know, honestly. Personally i don't see any value in smart contracts because they don't prevent theft from investments at all, and all that is needed is bitcoin at the moment, a functional decentralized cryptocurrency. Why do you need smart contracts when the basis of cryptocurrencies isn't even mass adopted yet? And it's their only selling point for their ICO, which is for-profit, obviously.

If you were to execute smart contracts though, i'd recommend using some sort of bitcoin smart contract like RSK. Don't use eth, it's too inflated and you could lose money.

SONG GEET

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Quote from: BillyBobZorton on July 04, 2017, 10:42:02 AM

Rootstock is a possibility, isolation by sidechain is a god idea when dealing with this, im just skeptic about smart contracts as a whole until proven otherwise.

I think Lisk is solution to this, also making dapps in lisk is quite easier with javascript. I haven't tried making any dapps on top of it but they can be good alternative to ethereum.

Comparison between lisk and eth can be found here https://themerkle.com/smart-contracts-ethereum-vs-lisk-vs-bitcoin/

BillyBobZorton

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Ethereum has failed to make a viable, scaling network with smart contracts. The network is collapsing due the fast growing blockchain. It was always a mistake, from day one...

Rootstock is a possibility, isolation by sidechain is a god idea when dealing with this, im just skeptic about smart contracts as a whole until proven otherwise.

amacar2

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Quote from: Pistacia on July 04, 2017, 09:44:45 AM

Have you seen or used any smart contract implementation on top of the Bitcoin network?

Or is Ethereum the best way to go in this regard?

No, bitcoin doesn't support smart contracts yet but I have heard about possible implementation of smart contract feature on bitcoin in future.

Yes ethereum is one of the widely used smart contract framework right now but there are lisk and waves which also have this feature but coding/contract language is different than that of ethereum.

Red-Apple

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Quote from: Pistacia on July 04, 2017, 09:44:45 AM

Have you seen or used any smart contract implementation on top of the Bitcoin network?

no because because mostly the smart contract implementation on top of bitcoin is now under developement and it is called RootStock and it will be a great addition from the things that i have read so far.
you can see it here: www.rsk.co

Quote

Or is Ethereum the best way to go in this regard?

actually etherum is the worst way but the most popular these days to start a smart contract.
there are a couple of projects that you can find in the altcoin board that offer similar platforms for smart contracts and they do it way better, easier and much cheaper too.
and on top of it their network is not congested like ethereum network is congested and delayed.

Iranus

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Rootstock attempt to implement smart contracts for Bitcoin.

See their website here.

However, I see smart contracts as a small addition to Bitcoin, and not as revolutionary or essential a technology as ETH makes them out to be.

Kprawn

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I know Nick Szabo coined the phrase "smart contract" in 1994 already, but I have yet to see any real world example where it was used. The most

prominent framework for smart contracts is Ethereum, but there are some uncertainty about Ethereum's legality, so I do not know if it will be wise

to go that route. You might want to read this : http://eprint.iacr.org/2016/1007.pdf

Pistacia

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Have you seen or used any smart contract implementation on top of the Bitcoin network?

Or is Ethereum the best way to go in this regard?

Topic: Smart contracts on Bitcoin network (Read 668 times)