Bitcoin is a step closer to getting smart contracts, thanks to the new Ivy platform. It is an open-source compiler developed by Chain.com.
The code is in use to custom write smart contracts into Segwit-compatible addresses. These addresses can support different conditions including signature checks, hash commitments, and timelocks.
This could extend the range of function in the Bitcoin chain. Bitcoin network has overlooked functionality and Ivy is planning to change that.
Ivy will do that using a better programming language than Bitcoin Script program already available in Bitcoin since the beginning. Each Bitcoin address corresponds to a Bitcoin Script. Although Bitcoin Script is use to write the contracts. It is a low-level assembly language and not the most user-friendly codebase to do this.
the announcement said,
“When you send bitcoins to an address, you are essentially locking them in a safety deposit box on the blockchain. These boxes typically refers to as ‘unspent transaction outputs’. But we’ll refer to them as “contracts”. Each contract has an address, which corresponds to a program that must be satisfying in order to unlock and spend the bitcoins”.
Bitcoin developers can even start playing around with Bitcoin smart contracts on Ivy Playground testnet.
Bitcoin has lesser functions than the “turning-complete” Ethereum network, which was the first to support smart contracts. Although the network is blaming for major bugs that have cause millions of dollars to be stolen or permanently locked away, smart contracts are at the heart of its survival and strength.