Bitcoin is the most successful platform for smart contracts. The statement of the engineer and Bitcoin Core

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2019-03-13 14:45:06

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Bitcoin is the most successful platform for smart contracts. The statement of the engineer and Bitcoin Core

As stated by the engineer Peter Todd in the discussion during the Bitcoin Expo 2019 in Massachusetts, the most effective as a platform for smart contracts. He also discussed with other platforms, including its inclusive nature.

According to Todd, most existing platforms are based on terrible and mediocre technology. As he noted, on the platform EOS was mixed all the characteristics of the consensus model, and in practice it makes it too complicated. Although initially the point was that the platforms to be scalable and not complex.

Precisely because of its simplicity, Bitcoin is best suited as a platform for smart contracts in production. It is based on very simple things and it really works.

During the discussion, Peter Todd and Jamila Sheikh also asked about the introduction of private institutional coins. In particular, they talked about JPM from JPMorgan and Zuccoin, which could potentially vouch for Facebook.

Director General Coinhaus, Jamiel Sheikh said that the new coins are more suitable for B2B. That is more than just «corporate coins». According to him, this fact at least indicates another use for cryptocurrency — corporate sector. And this type of coins is unlikely to spread in society, as is the case with Bitcoin .

In turn, Peter Todd said that he sees no innovative component in these «corporate coins». Just Bitcoin showed us a new ecosystem in which there may be multiple coins with different purpose.

Corporations saw these mechanisms, their benefits and maybe that is why cryptocurrency is entrenched in our existing system and disappeared immediately.

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