Bitcoin Better DeFi Solution Than Most Think: Blockstack CEO

96
Muneeb Ali (Courtesy: hashnode.com)

The interest in Bitcoin is on a constant surge. At this situation the Bitcoin users have quizzed that why it cannot be the foundation for smart contacts as a replacement for Ethereum.

The co-founder of Blockstack Muneeb Ali said that to bring about a user-owned internet “is to anchor applications and smart contracts to the Bitcoin network in a way that uses Bitcoin as a reserve currency and its powerful blockchain as a security mechanism.”

“We believe that the new Stacks 2.0 blockchain, currently in testnet, holds one solution for making Bitcoin the foundation for smart contracts in Web 3.0. With the Clarity smart contract programming language and the Proof of Transfer mechanism, developers can build smart contracts in a much more secure language that is predictable, decidable,” Blockstack CEO told Cointelegraph.

Bitcoin has been recognized as a secure network, whereas Ethereum has been a “frontrunner” when it comes to smart contracts, according to Ali. Blockstack’s founder elaborated further on the discussion

“Bitcoin’s limited scripting language has been seen as a dealbreaker to developers looking to build dapps or deploy smart contracts. As a result, many developers end up building their own blockchains, hoping to bootstrap native proof-of-work protocols or proof-of-stake, but these tend to be much less secure. One of the results is developers assume Ethereum is better suited for launching smart contracts, but I believe this is premature.”