In a recent discussion held at the Massachusetts Bitcoin Expo 2019, Peter Todd, a Bitcoin Core Engineer, stated that Bitcoin has been the most effective as a smart contracts platform.
During the discussion, Peter Todd spoke about the involvement of various smart contracting platforms like EOS and their permission-less nature. He said that most of the current platforms were terrible and consisted of mediocre technology.
Peter further added EOS platform had everything in the consensus model which was practically too complex. He stated the platform functionalities that made more sense were the ones which were scalable and not entirely complex.
“Bitcoin, in production is the most successful smart contract platform because it is very simple. Because it relies on very simple things and very clearly which actually works. I talk with smart smart contracts have extensionally legal contracts but the important thing is to have a contract which you can enfore with technology.”
He further added that it did not necessarily mean that the programming code used had to be complex to be effective. Bitcoin’s Lightning network was an example of a smart contract and its actual on-chain script is technically the same as different use-cases for validation.
Peter Todd and Jamiel Sheikh were also asked about the introduction of private institution-based coins like JPM and the potentially Facebook-backed, Zuccoin.
Jamiel, CEO of Coinhaus, said that these new coins were more inclined towards the B2B system, where he termed them as “enterprise coins.” He said that it was indicative of the rising trend of B2B enterprise where these new coins have the potential for growth.
He indicated that while the presence of Bitcoin and Ethereum will be prominent for the public blockchain, these “enterprise tokens” will remain in the B2B ecosystem. A person to acquire these “enterprise coins” would have to be an enterprise client of the organization. This arrangement may spread fast enough in large organizations, which can become a regularized standard between client and organization.
However, Peter Todd went on to mention that he did not see enough technical innovation present with these “enterprise coins”. The coins hinted more towards political and regulatory innovations and he believed it was all due to Bitcoin.
He mentioned that Bitcoin created that kind of ecosystem which led to the existence of coins and its acceptance, and that this was the reason why the idea of cryptocurrency has not been removed from the system.
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