The Language That Makes Bitcoin's Way to Smart Contracts Has Been Developed
December 22, 2017
The blockchain development platform Chain has announced the launch of Ivy, a programming language that allows writing smart contracts for Bitcoin's Blockchain. As a rule, smart contracts are associated with Ethereum, whose blockchain account was created to support computationally-universal smart contracts.
In their blog post, Chain explained that it was possible to write smart contracts for the Bitcoin network. The language used for this, Bitcoin Script, is "low-level" and has limited functionality.
Chain acknowledges that wallets, exchanges and payment platforms have successfully used the language for various solutions, but argues that “Bitcoin script development is considered something mysterious and incomprehensible”.
According to Chain, Ivy is a "higher level" language that is compiled into Bitcoin Script, which simplifies the development of smart contracts for the Bitcoin network:
"Ivy helps you create custom SegWit-compatible Bitcoin addresses that enforce any combination of conditions supported by the Bitcoin protocol including signature checks, hash transfers and timelocks. "
When asked about the possibility used for Bitcoin competing with Ethereum for smart contract, Bitcoin developer Jimmy Song expressed his doubt, saying:
"Ivy makes it easier to handle the script. It does not thoroughly change Bitcoin, just makes coding it easier. Ethereum is a giant, that BTC can not "catch up" without some sort of soft fork, at least. I see Ethereum smart contracts not as a "feature," but more as a vulnerability. The attack surface on the Ethereum smart contracting platform is much greater. So we do not change the basis, but only provide new tools for developers. "