Smart Contract on Bitcoin could to go live this year: Master plan

SegWit activation, last month, bitcoin developers are reviving a plan originally proposed in 2013. It would be the world’s most popular blockchain retool with functionality long synonymous with Ethereum. Therefore, it is more expensive code executions.

Russell O’Connor, Peter Todd and Pieter Wuille puts forward the idea knows as Merkelized Abstract Syntax Trees (MAST). Thus, the concept has moved in starts and fits. But, the upgrade to SegWit makes the change possibly actionable soon.

MAST allows for better user privacy. As it stores transactions data in a new way and does not reveal data to the public blockchain. Finally, that could also allow for increased scaling potential. Since, it enables less data to be stored on the blockchain.

Merging features

In an email addressing Bitcoin developers, Friedenbach outlines 3 Bitcoin Improvement Proposals (BIPs). It includes the code for adding two scripts that would make users to take advantage of MAST.

He explained what his proposed idea would enable, writing:

“These two features together are enough to enable a range of applications such as tree signatures … and a generalized MAST useful for constructing private smart contracts”.

“Fast Merkle Trees”-first BIP recommends a different Merkle tree structure that one presently used by Bitcoin to store transactions in blocks. The second BIP, is the most important one, it pronounces the opcode -MERKLE-BRANCH-VERIFY- which script that would allow users to make new types of transactions.

Submit your Press release

Related Coverage: Bitcoin’s battle vs Segwit2x is commence

The road to upgrades

Practically, Friedenbach says, “I believe that the implementation of these features is simple enough, and the use cases compelling enough that we could [roll out] these features in relatively short order, perhaps before the end of the year”.

Surprisingly, he mention the change could be done in 2 ways by BIP 8 or BIP 9. The methods of making bitcoin upgrades which undergone more of back-and-forth.

But Friedenbach’s dearth of posture concerning this upgrading mechanism raises the question: how will upgrades be made in future?

The companies, developers and users to go on MAST that might determine right step.

Show More

Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

five × 3 =

Back to top button