With growing interest in smart contracts, some Bitcoiners wonder: Why can't Bitcoin (BTC) become the basis for smart contracts instead of Ethereum (ETH)?
Muneeb Ali, co-founder and CEO of Blockstack Open Source, believes the best way to get a dedicated internet is to connect apps and smart contracts to the Bitcoin network in a way that uses Bitcoin as a back-up and a strong blockchain as a security mechanism. ”
In an interview with Cointelegraph, Ali mentioned that Bitcoin has been the king of blockchains for more than a decade, as most people understand that Bitcoin's network is “unparalleled” in terms of security:
“We believe that the new Stacks 2.0 Blockchain, currently on testnet, has a solution to make Bitcoin the backbone of smart contracts in Web 3.0. Using smart Clarity’s programming language and verification mechanism, developers can create smart contracts in a safer, predictable, and decisive language.”
Ethereum as a leader in smart contracts
According to Ali, bitcoin is traditionally considered a safe network, while Ethereum is the “leader” when it comes to smart contracts. Blockstacks builds the discussion in more detail:
“Bitcoin’s limited scripting languages are seen as a breach of the deal developers looking to create dapps or distribute smart contracts. As a result, many developers end up building their own blockcha chains, hoping to run their own“ health screening protocols ”or Proof of stake, but these programs tend to be less secure. One result is that developers assume Ethereum is more suitable for launching smart contracts, but I think this is premature. ”
Ali also indicated that the future of the Internet would not be a “proper balance for security”, but would relate that security to web applications in a way that uses Bitcoin as a reserve currency along with the blockchain as a security mechanism.
DeFi on Bitcoin Network
On the Web 3.0 era, Ali believes the focus is on “intense talk about“ DeFi’s opportunities on Bitcoin. ”For Blockstack founder, this means that more and more people want to enhance Bitcoin’s security when it comes to financial products:
“A lot of people think it's easier to recreate Bitcoin over Ethereum, but it actually makes sense to build Ethereum's functionality on Bitcoin. Adopting this is still in its infancy, but people are definitely starting to realize value by relying on Bitcoin, the ecosystem, rather than Parallel it. “