Spedn: Smart Contracts in Bitcoin Cash

Spedn: Smart Contracts in Bitcoin Cash

Today an anonymous developer announced Spedn, a new contract-oriented language for Bitcoin Cash

While Spedn shares some similarities with Ivy, a smart-contract language developed by Chain for Bitcoin, it supports additional functionalities such as local variables, if/else statements and BCH opcodes that were brought back in May ’18

Smart contracts in Bitcoin Cash?

Before you may or may not get too excited about smart contracts for Bitcoin Cash, let’s make a quick reality check and understand what smart contracts really are because they often sound ‘too smart’ for what they are actually are.

A smart contract on Ethereum is an address that has some code associated with it. You can think of a smart contract as a program, a combination of persistent scripts, or a set of instructions for the Ethereum Virtual Machine. For example, we can use Solidity programming language to write a smart contract that will send 2 ETH to Alice’s address if the contract has 3 ETH. So when we send 3 ETH to our contract, it passes instructions to the EVM and the machine takes 2 ETH from the contract and sends them to Alice. This smart contract is possible because Solidity is Turing-complete, meaning it can express all kinds of logical or arithmetic operations and therefore supports commands like if statements.

Bitcoin also has a language called Script. In a way, Bitcoin addresses are primitive smart contracts that lock your unspent transaction outputs. Script is way less powerful than Solidity and does not support if statements or any other commands that regular programming languages do. However, it was specifically designed so for security reasons and you can still write simple contracts for Bitcoin, as Script can check signatures, calculate hashes and make timelocks. Exchanges use Script to create multi-signature Bitcoin addresses.

So what does Spedn do?

Announced in a today’s post on Medium, Spedn is a new smart-contract language developed by an anonymous developer under the name Tendo Pein. Spedn can be used to write programs for Bitcoin Cash, which can then give instructions to the Bitcoin Cash ‘virtual machine’. By virtual machine, I mean the piece of the Bitcoin Cash protocol responsible for executing Script programs. Spedn supports functionalities such as:

  • if/else statements — control the flow of the program by stating conditions;
  • local variables — temporarily store values;
  • BCH opcodes — are basic operations that were removed from Bitcoin long ago for security purposes but some of them were brought back in May in Bitcoin Cash.

All of the above are not available in Ivy, a similar smart-contract language developed by Chain for Bitcoin.

For now, it is too early to say whether Spedn will gain any popularity but you can already learn the documentation.

BTC

8,744 USD
-0.58%

ETH

272.72 USD
0.13%

BCH

437.73 USD
-0.54%

Related news

Bakkt Registers Only 28 BTC Hours After Launch As Bitcoin Struggles Sub-$10,000

ICE, the parent company of the New York Stock Exchange finally launched its hotly-anticipated futures after being delayed twice in the past before receiving the green light from United States regulators. Trading on Bakkt began on September 22 at just past 8 p.m. EST and only 28BTC trading volume has been registered up until this moment. Despite the launch of Bakkt, the king crypto has not been able to push back above $10k after weeks of trading sideways. At press time, bitcoin is trading at $9,939.44 with 0.55% losses on the day as per CoinMarketCap’s data. Bakkt’s Day 1 Lackluster Performance A few hours ago, Bakkt’s monthly and daily futures contracts were launched with the very first monthly contract trading at $10,115. This follows a series of delays, which have seen the launch of Bakkt postponed by more than a year. Bakkt started receiving deposits and withdrawals on September 6 and later announced that the bitcoin deposited in its qualified custodian, the Bakkt warehouse, is protected by an insurance policy worth $125 million. As ZyCrypto previously reported, unlike the Chicago Mercantile (CME) and Chicago Board Options Exchange (Cboe) bitcoin futures which are cash-settled, Bakkt’s futures will be settled with actual bitcoin.  However, unlike what many anticipated, Bakkt’s first-day performance has been dull. In December 2017, Bitcoin futures on CME delivered a volume of $460 million during its first week. As of now, Bakkt monthly futures have registered a volume of 28 BTC (280,000) while the daily contract has not attracted any traders yet. How Pivotal Is Bakkt To The Crypto Community? Bakkt hopes to provide institution-grade products to investors. It will provide institutional investors a secure and federally regulated platform to trade the top crypto. This will help reduce the problems with volatility and trustworthiness that have hindered widespread adoption of bitcoin – giving the asset a major boost in legitimacy. As Thomas Lee, Fundstrat Co-founder and permabull pointed out, Bakkt will “improve trust with institutions on crypto”. Bakkt is a game-changer for the bitcoin ecosystem. It is backed by behemoth companies like Microsoft’s venture capital arm M12, Starbucks, Pantera Capital, and Galaxy Digital. The entry of institutional capital into bitcoin is just the beginning. The proverbial cherry on top is the mass adoption of bitcoin as a reputable payment system. The partnership with Starbucks, in particular, is anticipated to help boost the use of bitcoin in retail as Starbucks starts accepting crypto payment. In addition, Bakkt could be a pre-cursor to a bitcoin ETF.  Bitcoin aficionados have in the past commented on how the price of gold soared after the approval of a gold ETF. It’s safe to assume a bitcoin ETF would also have a huge impact on the price of BTC if approved. However, the US Securities and Exchange Commission (SEC) has been adamantly opposed to approving any bitcoin ETF, notably rejecting all of them. For instance, VanEck and SolidX recently withdrew their proposal from SEC again, prior to October review. For Bitcoin enthusiasts, Bakkt is, for all intents and purposes, a tipping point for a bitcoin ETF. If Bakkt is successful, it could prove to be the regulatory experiment the SEC needs to see to approve a bitcoin ETF. Keep Calm Although bitcoin is trading below $10k at the moment despite the launch of Bakkt, we can all agree that bitcoin is truly maturing as an asset. Initially anticipated to launch in November 2018, many did not think Bakkt would ever get off the ground due to regulatory hurdles. Yet, Bakkt is finally here.  Bakkt is anticipating a significant number of institutional investors but it’s unlikely that there will be an immediate skyrocketing in demand. Su Zhu, the CEO at Three Arrows Capital opined that we should not expect fireworks for bitcoin price at the moment as slow adoption is more likely in the near-term: “Bakkt will be likely first a trickle and then a flood. The reality is that most regulated futures contracts get low adoption on day1 simply because not all futures brokers are ready to clear it, many people want to wait and see, the tickers are not even populated on risk systems, etc.” It remains a very interesting situation to keep eyes on to see whether Bakkt will actually attract more institutional investors and how this will impact the price of bitcoin. The post Bakkt Registers Only 28 BTC Hours After Launch As Bitcoin Struggles Sub-$10,000 appeared first on ZyCrypto.
ZyCrypto

Ethereum based crypto banking app Outlet releases beta

Ethereum based crypto banking app Outlet releases beta - CryptoNinjas The team of Outlet, a mobile crypto and decentralized finance application built on Ethereum, have announced that its application is now officially in a closed beta. The goal of Outlet is to provide users with a way to... Ethereum based crypto banking app Outlet releases beta - CryptoNinjas
CryptoNinjas

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.