SegWit Developer Introduces New Smart Contracts Language

SegWit and bitcoin core developer Pieter Wuille has officially introduced the new bitcoin programming language named Miniscript which will simplify the smart contract development for Bitcoin. One of the most respected developers is the one responsible for the implementation of the Segregated Witness as we found out recently in the latest cryptocurrency news.

Miniscript is built on top of the current Script language for the Bitcoin smart contracts which aims to optimize it. The script allows for the specifications of multiple conditions which must be met in order for bitcoin to get spent.
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This could include a time-limit before the coins are locked in or the requirement of a few signatures to verify a transaction. However, the script becomes unwieldy when is required to perform multiple kinds of static analysis, a compilation of policies and generic signing. According to Wuille’s reports, Miniscript has functions which represent the scripts and makes these sorts of operations possible. Wuille tweeted how the policies can be combined:

‘’Imagine a company wants to protect its cold storage funds using a 2-of-3 multisig policy with 3 executives. One of the executives however has a nice 2FA/multisig/timelock based setup on his own. Why can’t that entire setup be one of the multisig “participants”?’’

With Miniscript, the two-factor authentication could easily work with the cold storage requirements. The script could compute the composite sig which is now required and still will be able to sign as a participant in the multisig. The segwit developer stated that he would continue working into incorporating parts of Miniscript into the Bitcoin core if there it is needed for it among other developers. However, as explained in the coming altcoin news, the project has already undergone extensive testing against the actual Bitcoin consensus rules. Wuille stated that in an ideal environment, this could include multiple pieces of wallet technology and his co-developers have been working for it for a while now. They have been working on the Rust library and since Wuille is a high profile figure in the bitcoin community this could bring a lot of positive things for the crypto industry. He even participated this year in the Lightning Torch relay.