Why do you need a BTC smart contract? What advantages does it have over Ethereum smart contracts?
Compared to Ethereum’s smart contracts, we know that Bitcoin is the first successful application of the blockchain and the strongest consensus community in the world. Bitcoin’s market value exceeds the sum of all other digital currencies, and Bitcoin is also the only legal digital asset that has been recognized by most governments. Therefore, the value symbols represented by Bitcoin and Ethereum are completely different, but Ethereum has things that Bitcoin does not have, and the blockchain is a value island. Therefore, we must take the good things of Ethereum Come and use it on Bitcoin.
At present, the division of labor between chains is becoming more and more clear. Libra can enter other chain platforms to play the role of transaction medium. Zec can help other chains to enhance privacy functions. Ethereum provides smart contracts. There can be division of labor between chains. Specialization and verticalization. However, as the value of the local currency passes through the exchange when it flows to other chains, it will always bring various troubles. Therefore, if smart contracts are directly assigned to Bitcoin, the process of intermediate value conversion is skipped. From a business perspective, Bitcoin still has the greatest commercial inertia. It is still irreplaceable in terms of market value, liquidity value, business value, and user base in the crypto ecosystem.
The ChainX-based Bitcoin smart platform has many advantages, including high-latitude decentralization, low-cost use, and the use of a more secure contract language. Therefore, it has the advantages of other similar Bitcoin auxiliary projects. We make the following outlook, the birth of BTC smart contracts will generate new value anchors, and further expand the asset attributes of Bitcoin. Based on BTC smart contracts, BTC’s Defi will be born, which will greatly prosper the Defi ecosystem and even bring the Defi protocol to new qualitative changes.
For example, the introduction of 30 million BTC users worldwide, equivalent to US $ 200 billion in assets, has greatly increased the current size of defi. Compared with erc20 assets, BTC has a weaker correlation with ETH, and the DeFi ecosystem with BTC is more robust.
Therefore, the birth of BTC smart contracts generates new value anchors, produces more and more prosperous business models, and brings new qualitative changes to the Defi protocol. This is the huge advantage of Bitcoin smart contracts.
About ChainX
- Official website: https://chainx.org
- Wiki: https://github.com/chainx-org/ChainX/wiki
- Twitter: https://twitter.com/chainx_org
- Medium: https://medium.com/@chainx_org
- Telegram: https://t.me/chainx_org
- White paper: https://chainx-static.oss-cn-hangzhou.aliyuncs.com/chainx_en.pdf
- Desktop wallet: https://github.com/chainx-org/chainx-wallet/releases/tag/v1.0.3
- Official Wechat: interchain
