Chain Is Making A Leap To Simplify Smart Contracts On Bitcoin Blockchain

If you are new to Bitcoin and the entire smart contracts technology on its blockchain, the best way to define it is as a way to exchange money, property, shares or anything of value in a transparent and conflict-free way while avoiding the middleman.

Ever since it is presented, the smart contracts technology running on blockchain has revolutionized the crypto space. However, the technology is not as simple for developers as it is when used by users.

Luckily….

A new blockchain tech startup named Chain is trying to make smart contracts writing easier on the bitcoin blockchain. Chain released an open-source complier that basically translates the data in Ivy and Bitcoin Script – Chain’s own high-level smart contract languages.

This will allow the San Francisco-based startup to adopt a new technology and help developers to write custom, SegWit-compatible bitcoin addresses that will enforce arbitrary combinations of conditions that are supported by the bitcoin protocol such as signature checks, hash commitments and timelocks.

All of this will be powered by the startup’s high-level smart contract language named Ivy, which was introduced in a public demo in December 2016.

As you probably know, while Ethereum works on a different smart contract functionality, Bitcoin allows developers to write smart contracts using Bitcoin Script.
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However, there are a lot of limitations in Bitcoin Script, making the language difficult to write in.

Chain’s blog post says that “Bitcoin Script development is considered somewhat esoteric”, referring to the problems in the language and how the startup is able to solve them.