The first smart contract launched on the bitcoin network
On September 8, two crypto enthusiasts deployed the first discrete contract on the Bitcoin mainnet to automate a 1 BTC dispute.
Previously, smart contract technology was usually associated with Ethereum, EOS, TRON and other similar platforms, as Bitcoin avoided the intricacies in favor of security. However, the Suredbits team is actively developing this area, believing that the first cryptocurrency should not be given this area to altcoins, since there are a lot of suitable primitives in its base, from which complex applications can be created.
The addition of technology allowed Nicholas Dorier and Chris Stewart to place bets on the winner of the upcoming US presidential election using the DLC contract and the Outcome Observer as a third-party oracle who will also hand over the signature to receive the winnings to the winner after the official announcement of the results in March 2021. If a candidate on whom there is no stake wins in the race for power, then after confirming the results, the oracle will return the stakes back.
According to the developers, many underestimate the possibilities of this type of smart contracts based on bitcoin, but as this direction develops, more and more applications will appear, which will increase the popularity of the network and contribute to an increase in the MTC rate.
Last year, programmer Peter Willie also unveiled a new coding language, Miniscript, designed specifically for drafting more complex smart contracts on the bitcoin blockchain.