Hey Jessmart contracts
The cryptocurrency debates continue to rage on, in a world of innovation, those with more features tend to grab the headlines. Bitcoin is a one-trick pony and does this trick very well, stores and transfers perceived value in a safe and decentralised network. Once the double-spend problem was solved, it unlocked a range of potential use cases for programmable money and Bitcoin was left behind in a sense.
Ethereum became the hub of cryptocurrency innovation after its ICO and has continued to deliver exciting features that have gripped the crypto market, as well as being the platform for new projects to launch and new shitcoins to emerge.
Risk and innovation
The Bitcoin community isn't afraid of change; they're just not willing to risk what's already been built and messing with the foundation, whereas Ethereum is willing to rip up the playbook and start again. These are two very different approaches will with their pros and cons, and in time we'll see which was the right way of doing things.
Ethereum aims to improve scaling on the protocol and consensus level where Bitcoin has accepted that layer 2 solutions are the way to go. I've already spoken about the lightning network, the liquid network and the RGB protocol all aimed at scaling Bitcoin and adding new features such as smart contracts and stable coins.
Still, now there's a sandbox for developers to mess around with Bitcoin smart contracts, and its called Etleneum.
It's somewhat of a tongue in cheek project as you can tell by the name, branding and logo, the application was set up by Pseudonymous developer Fiatjaf. The idea behind the platform is to allow smart contracts to be built on lightning firstly, but none of these smart contracts is decentralised, they're run by the owner of the application.
It's a bit of a shot at Ethereum as many Bitcoiners feel that smart contracts cannot be decentralised enough, have its limitations and always lean towards centralisation so why bother trying to decentralise it, rather be open about what is possible.
A very cynical view but one I can appreciate, especially in a space where every project is trying to sell you the moon.
Etleneum also supports oracles and has been used to create simple applications like faucets, betting, add banner serving and more. You can check out the list of smart contracts here
The software has been open-sourced by the developer and is available on GitHub for anyone to mess around with and create their own applications using the lightning network.
Centralised ETH hybrid
I think the easier developers make it to create simple, smart contracts with Bitcoin as the underlying asset the better for crypto, not everything can and has to be decentralised, it's all about the willing buyer and a willing seller, and who wants to take on the risk for the perceived benefits.
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
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