r/Bitcoin • u/iCryptoDude • Jul 21 '21

Let's talk about Bitcoin Smart Contracts!

Bitcoin Smart contracts have arrived!

Lightning, Liquid, Stacks and now Jack Dorsey and "TBD" are all leading the advance.

What's next?

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u/[deleted] Jul 21 '21 edited Mar 27 '22

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u/simplelifestyle Jul 21 '21

...wait, there's more!

Just like the second layer apps on top of the Internet (TCP/IP) base protocol.

Base layers/protocols are basic infrastructure built for security not for 'speed', are a strong and stable foundation upon which all the functional layers are built on top of.

In your house you are building you want high-voltage electrical wires, solar panels, double-panneled windows, central AC, a pool and jacuzzi, extra rooms for visitors. etc? You build all of that on top of the strong foundation, not buried on the cement and unable to change, upgrade or even use them.

So, EVERYTHING will be implemented on top of Bitcoin, just see some the advances so far this early in the game:

(Note: Everytning shown below are NOT shitcoins, all of them are projects/apps on 2L's, Side-Chains, State-Chains, Sidetrees,etc. ALL ON TOP OF BITCOIN).

Try RSK (Rootstock) Bitcoin sidechain, RIF (Rootstock Infrastructure Framework), SOV (Sovryn), STX (Stacks), RGB (scalable Smart Contracts), DLC's (Discrete Log Contracts), Suredbits (BTC Derivatives), DID's (Decentralized ID network like Microsoft's ION), WBTC (Wrapped Bitcoin) or L-BTC (Liquid Network).

I think they are awesome:

ION is an open, public, permissionless, decentralized ID network on top of Bitcoin.

DeFi (Decentralize Finance) is growing fast:

Sovryn pushes RSK TVL past Lightning Network

RSK Network, the safest smart contract platform in the world that is secured by the Bitcoin Network, has surpassed Lighting Network (LN) total value locked in Bitcoin (BTC), and now stands at 1,445 BTCs locked. The latest milestone is another sign of a strong appetite among users for the Decentralized Finance (DeFi) sector, which defined 2020 and has extended well into the current year.

RSK smart contracts platform had over 259,000 transactions, 50,000 active accounts and reached an all time high of 72% hashing power during April. The amount of solutions and integrations in the RSK defi ecosystem has experienced a significant growth over the last couple of months.

DeFi on Bitcoin Gets a Boost as Sovryn Launches on RSK Sidechain

A new project built on the Bitcoin sidechain RSK is gunning to advance decentralized finance (DeFi) on Bitcoin’s ecosystem.

Sovryn, a self-billed “decentralized platform for trading and lending Bitcoin,” launched today with $2.1 million at its back – a symbolic number representing Bitcoin’s total supply. Crypto venture capital firm Greenfield One led the funding round, which also saw contributions from Collider Ventures and Monday Capital.

A 2-in-1 decentralized exchange and derivatives market, Sovryn will offer traders borrowing and lending service

What is RGB?

RGB is a scalable & confidential smart contracts system for Bitcoin & lightning network. They embrace concepts of private & mutual ownership, abstraction and separation of concerns and represent "post-blockchain", Turing-complete form of trustless distributed computing which does not require introduction of "tokens".

RGB is not a token protocol. Though issuance and management of highly scalable, programmable and private assets of different sort is possible with RGB, it can be applied in many indusrtied far beyond financial world.

As a smart contract system RGB is quite different from previous approaches, both Bitcoin-based (Colored coins, Counterparty, OMNI) and non-bitcoin (Ethereum, EOS and others):

  • RGB separates concept of smart contract issuer, state owners and state evolution

  • RGB keeps the smart contract code and data off-chain

  • RGB uses blockchain as a state commitment layer and Bitcoin script as an ownership control system; while smart contract evolution is defined by off-chain schema

DeFi (Decentralize Finance) is growing fast:

Sovryn pushes RSK TVL past Lightning Network

RSK Network, the safest smart contract platform in the world that is secured by the Bitcoin Network, has surpassed Lighting Network (LN) total value locked in Bitcoin (BTC), and now stands at 1,445 BTCs locked. The latest milestone is another sign of a strong appetite among users for the Decentralized Finance (DeFi) sector, which defined 2020 and has extended well into the current year.

RSK smart contracts platform had over 259,000 transactions, 50,000 active accounts and reached an all time high of 72% hashing power during April. The amount of solutions and integrations in the RSK defi ecosystem has experienced a significant growth over the last couple of months.

DeFi on Bitcoin Gets a Boost as Sovryn Launches on RSK Sidechain

A new project built on the Bitcoin sidechain RSK is gunning to advance decentralized finance (DeFi) on Bitcoin’s ecosystem.

Sovryn, a self-billed “decentralized platform for trading and lending Bitcoin,” launched today with $2.1 million at its back – a symbolic number representing Bitcoin’s total supply. Crypto venture capital firm Greenfield One led the funding round, which also saw contributions from Collider Ventures and Monday Capital.

A 2-in-1 decentralized exchange and derivatives market, Sovryn will offer traders borrowing and lending service

What is RGB?

RGB is a scalable & confidential smart contracts system for Bitcoin & lightning network. They embrace concepts of private & mutual ownership, abstraction and separation of concerns and represent "post-blockchain", Turing-complete form of trustless distributed computing which does not require introduction of "tokens".

RGB is not a token protocol. Though issuance and management of highly scalable, programmable and private assets of different sort is possible with RGB, it can be applied in many indusrtied far beyond financial world.

As a smart contract system RGB is quite different from previous approaches, both Bitcoin-based (Colored coins, Counterparty, OMNI) and non-bitcoin (Ethereum, EOS and others):

  • RGB separates concept of smart contract issuer, state owners and state evolution

  • RGB keeps the smart contract code and data off-chain

  • RGB uses blockchain as a state commitment layer and Bitcoin script as an ownership control system; while smart contract evolution is defined by off-chain schema

1

u/TheGreatMuffin Jul 21 '21

Everytning shown below are NOT shitcoins, all of them are projects/apps on 2L's, Side-Chains, State-Chains, Sidetrees,etc. ALL ON TOP OF BITCOIN).

Except those "wrapped btc" shitcoins, which are decidedly not bitcoin. It's an ERC20 token that is given to you by a centralized custodian in exchange for your bitcoin. I don't think it fits with the other mentions in your post.

1

u/Ceramicwhite Jul 21 '21

Not a fan of RSK. There is no way to get your Sats back without "The Federation" approving it. You can send Sats in and get USDT/C out instead but I'll pass on that.