The whole world knows about bitcoin and the whole world knows about the value and potential of bitcoin. But besides all these things, experts of this crypto industry don’t think that bitcoin will be able to sustain its use like Ethereum, Solana, Cardano, Polkadot because of its inefficiency and traditional technology of proof-of-work which consumes huge power to run the blockchain network.
Before we comes to know about the “how the smart contract features will come into reality”, we need to know about the particular things about the bitcoin principle and bitcoin fork.
Bitcoin is bitcoin until it follows the basic principle
Bitcoin whitepaper, created by pseudonymous bitcoin creator Satoshi Nakamoto, is enough to tell about the basic principle that truly explains in which situation bitcoin will remain bitcoin.
According to the bitcoin whitepaper, Bitcoin is bitcoin until it is out of control from any kind of centralized entity or body. And here bitcoin is working on proof-of-work, which is purely a big factor to support the bitcoin network in decentralized* mode. And that can be seen that many countries, companies, and individuals are supporting bitcoin from different locations worldwide.
If you think price and network potential get up and down because of the impact of Bitcoin miner’s activities impact, and it is a fact to consider Bitcoin network is not decentralized, then do consider checking about it here, what misconceptions you have in your mind about a decentralized blockchain network.
Bitcoin fork and Taproot
The whole crypto industry knows about forks in blockchain networks. If you don’t know then do consider checking out this dedicated post on “what is a fork”.
Bitcoin creator Satoshi Nakamoto created this innovative Bitcoin tech with very advanced thinking. And he introduced the concept of the Bitcoin fork, so that the Bitcoin community may adopt those things (rule/ system/way/path/ Consensus), what they like according to time, under the limitations of basic principles of Bitcoin. However people are free to go outside the boundary of Bitcoin’s basic principles, but that will result in separate blockchain networks. Bitcoin Cash is one of the examples of it, where the community of Bitcoin miners who got splitted and resulted into Bitcoin Cash (BCH) as an alternative Bitcoin network.
Bitcoin Taproot, the latest Bitcoin fork of Q4 2021, introduced many types of security and efficiency factors in the Bitcoin network so that Bitcoin can step with the ongoing trend of the crypto industry and actual needs of this world.
Bitcoin Taproot was not only a fork to introduce more safety and more security to the Bitcoin network, but it was an effort of the community of Bitcoin to introduce smart contract features in the Bitcoin network.
At the time of writing this article, no one talked about the creation of tokens on the Bitcoin network (just like the creation of tokens through the use of ERC-20 on the Ethereum blockchain Network).
This is impossible for now, but it can be done with small cryptography engineering and there are also a few crypto project teams that are considering doing some kind of experiment with the use of the Bitcoin network to enable Bitcoin smart contract features.
Internet Computer Protocol on Bitcoin smart contract feature
Internet Computer Protocol (ICP) is a crypto project in this crypto industry and the developer team behind this project “Dfinity foundation” confirmed that they are working on the Bitcoin network to enable smart contract features on the Bitcoin network.
However the team behind ICP didn’t explain how they will introduce the Bitcoin smart contract feature in the Bitcoin network in full detailed explanation but they explained how they will do it in three phases, which can be seen through the tweet below by Dfinity foundation.
Is Bitcoin smart contract worth?
This is a very common thing that, higher the efficiency of the network, the higher will be the transaction speed of the tokens in the respective blockchain network.
Here Bitcoin is standing at the first position in this crypto industry because of its trust and also because of its first come advantage. But in reality, the speed of the Bitcoin network is not better than other new generations blockchain networks, so obviously, the creation of tokens on the Bitcoin network is not a worthy option.
But here we should not forget about the cryptography engineering and the Layer2 scaling solutions. The developers of the Dfinity Foundation are working to create an ICP network deployment program on the Bitcoin network. And surely they will implement the ICP network systematically on the Bitcoin network.
Probably, the Bitcoin network will verify all the node points of data that will remain embedded with the ICP blockchain network. So basically the whole work will be done by the use of ICP blockchain network but the verification of the transactions will be done by the Bitcoin network.
In this way, we can say that the introduction of smart contract features on the Bitcoin network is a very unique idea to merge the Layer2 scaling and third-party Smart-contract features.
Now the question is coming to our mind, whether is it worth going with Bitcoin smart contract feature or it is just a stupid idea and we should go with any smart contract enabled blockchain Networks, instead to go with huge cryptographic engineering and efforts with the bitcoin network.
In the present time, people have options to go with multiple blockchain Networks, and every tech company or individual is free to set up his blockchain Network to create his cryptocurrency but still, there are several blockchain networks available in this crypto industry, which is giving Layer2 scaling solution to the Ethereum network, while they are already efficient and better to give an option for the users go with alternative crypto assets based transactions to facilitate payments.
Here the whole thing is embedded in the trust. People have trust with Bitcoin, Ethereum like blockchain Networks because these are real pro-level decentralized networks.
So here we can conclude that the Bitcoin smart contract feature enabling the idea of the Dfinity Foundation is appreciable, where people will feel proud to go with the Bitcoin network directly and indirectly. And also it will give a huge advantage to the ICP blockchain network adoption because of their initiative for Bitcoin network support.
Conclusion: Dfinity Foundation, the developer team behind ICP, is working on the Bitcoin network to introduce smart contract features in the Bitcoin network. This feature of the Bitcoin smart contract will be worth much because transactions will go through a new generation-based blockchain network of ICP.