The first smart contract on the Bitcoin network
The first cryptocurrency is actively developing, mainly thanks to proactive and technically advanced users. For example, the well-known pair of experienced developers Nicholas Dorier and Chris Stewart have announced that they have launched the first smart contract based on the Digital Gold Blockchain. It is quite possible that this is a new stage in the development of Bitcoin. Next, we will talk about the significance of this event and describe all its details. So, without further ado, let’s get started.
Theoretical part
First of all, it is necessary to discuss the theoretical side of the successful launch of a smart contract. A couple of the developers mentioned used the Discreet Log smart contract in their own work. The first cryptocurrency did not have the functionality to develop such scenarios. But now, thanks to the measures taken, everyone can use the potential of Bitcoin in a new way. Note that the creators of this solution used smart contracts to predict the outcome of the US presidential election. We will remind that elections of the new leader of the United States will take place soon.
The developers have made bets, one of them insists that Donald Trump will take the presidency. The second creator of the smart contract is confident in an early victory for Joe Biden. Otherwise, if another candidate wins, the money remains with the organizers of the dispute. It is smart contracts that will allow conducting such disputes, as well as launching other projects based on Bitcoin. The developers of the first smart contract believe that the potential of BTC is almost inexhaustible, and the first coin should not yield to the altcoins smart contract market.
How to launch a smart contract
Note that at the moment, only the potential for predicting the value of currencies, predicting the results of a certain event has been realized. This, of course, is only the minimum of the full potential of smart contracts. But the first steps in the right direction have already been taken. For example, earlier, in 2019, a technical solution was launched that will allow predicting the outcome of a sports competition. For example, users can bet on a football match. This is a serious advancement of all bookmaking and the use of the first cryptocurrency in real life. Both the lone developers listed above and large companies like Atomic Loans are working on smart contracts. It is quite possible that soon we will hear that the largest enterprises of the corresponding direction will undertake the creation of smart contracts based on BTC.
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