As interest in smart contracts grows, some Bitcoin users are asking: why can’t Bitcoin (BTC) become the basis of smart contracts instead of Ethereum (ETH)?
Muneeb Ali, co-founder and CEO of Blockstack, believes that the best way to create a user-owned Internet is to “anchor applications and smart contracts on the Bitcoin network in a way that uses Bitcoin as a reserve currency and its powerful blockchain.” as a safety mechanism ”.
Ali stated that Bitcoin has been the king of the blockchain for over a decade, as most people have come to the conclusion that the BTC network is “unrivaled” when it comes to security:
“We believe the new Stacks 2.0 blockchain, now on the test network, has one solution that makes Bitcoin the basis of smart contracts in Web 3.0. With the Clarity smart contract programming language and Proof of Transfer, developers can build smart contracts in a much safer language that is predictable and decision-making. “
Ethereum is a leader in smart contracts
According to Ali, traditionally, Bitcoin is considered a secure network, while Ethereum is the “leader” when it comes to smart contracts.
“Bitcoin’s restricted scripting language has been seen as breaking the contract for developers looking to build dapps or implement smart contracts. As a result, many developers finish building their own blockchains hoping to run native proof-of-work or proof-of-stake protocols, but these are much less secure. One result is that developers assume that Ethereum is better suited for running smart contracts, but I believe that is premature. “
Ali also pointed out that the future of the internet will not be a “convenience-for-security compromise” but will instead tie that security to web applications in a way that uses Bitcoin as a reserve currency along with its blockchain as a security mechanism.
DeFi in the Bitcoin network
As far as the Web 3.0 era is concerned, Ali believes that the recent “rise in interest in DeFi’s opportunities on Bitcoin” has drawn special attention. For the Blockstack founder, this means that when it comes to financial products, more and more people want to “anchor themselves to Bitcoin security.”
“Many people find it easier to recreate Bitcoin on Ethereum, but in fact, it makes more sense to create Ethereum functionality on Bitcoin. The adoption of this is still pending, but people are definitely beginning to realize the value of building on the Bitcoin ecosystem, not alongside it. “