Jeremy Rubin, a contributor for Bitcoin Core, revealed that he has been working new smart-contract language for the cryptocurrency giant that he hopes will help increase users’ “financial self-sovereignty.” The new language, called Sapio, was demoed on July 11th at a Reckless VR virtual meetup presentation. He has plans to release the new programming language through Judica, his new research organization.
What Are Smart Contracts?
Smart contracts are digital contracts between a user needing something and a provider that can give it to them. The cryptocurrency that is being used is held in a type of escrow until the conditions of the smart contract are met. You typically find smart contracts on the Ethereum blockchain. They are flexible, easy to write, and can be used for everything from auto loans to services to buying and selling a house.
Bitcoin Supports Smart Contracts
What makes the new language so important is that Bitcoin already supports several types of smart contracts. They tend to be more complex and hard to create compared to those found on Ethereum. Some of them are actually stateless, meaning the conditions are met all at once or not at all. Rubin’s language will allow users to develop smart contracts on Bitcoin and hopefully, give them more control over what their cryptocurrency can be used for.
While the new program could work with Bitcoin on today’s smart contracts, Rubin feels that smart contracts he envisions are not yet available. He built the program around CHECKTEMPLATEVERIFY (CTV) in an effort to bring Bitcoin users more features. Some of those features include the ability of users to secure their cryptocurrency tokens in new ways.
CTV Is A Covenanting System For Bitcoin According To Rubin
Rubin says CTV is designed to add security measures into the cryptocurrency tokens, such as preventing the user from sending their tokens to more than just a few addresses. It sets up the ability to create complex smart contracts that determines how the Bitcoin can be used at the time of creation. The covenanting system could use “vaults” to block a user’s tokens if their private key is taken. While it adds restrictions on how the token can be used, it protects the user from losing it. CTV can also help with network congestion when users are trying to make transactions as well as lower fees.
Because Sapio is a smart contract language for CTV, developers will find it easier to program use cases that the everyday user can implement.
Sapio And CTV Will Be Released By Judica
Rubin plans on releasing CTV and Sapio through his new research organization Judica. He feels these tools will help the Bitcoin economy grow and expand into new territories. The language will also be released with designs for a variety of different smart contracts already implanted into the coding. He is looking at releasing Sapio as soon as possible while it is still unclear when CTV will be deployed. Because Bitcoin is decentralized, developers are still trying to find their way forward without anyone in authority guiding them.