Smart Contracts, first developed on the Ethereum blockchain, have since gained popularity in several crypto assets’ primary networks. Blockstream recently announced that it was going to launch to a security token platform on the Bitcoin Sidechain and in the backend, the organization indicated that it would implement Bitcoin’s multi-signature smart contracts.
In light of the recent interest shown by Blockstream in the area of Smart Contracts, Donald McIntyre, an Ethereum Classic [ETC] developer, suggested that the company should consider working with Ethereum Classic as it was a “distinct, but sound, decentralized computing model.”
McIntyre stated that Ethereum Classic was a complete system which consisted of Turing completeness, proof of work and a fixed monetary policy. Alongside these factors, the smart contracts executed in the ETC network are highly reliable and implemented in the same “secure environment as the base layer.”
He added that the design model is completely similar to that of Bitcoin; where high-value transactions are carried forward in the base layer and the lower transactions on the 2nd layer.
However, McIntyre was quick to point out Ethereum Classic’s superiority in one aspect, stating,
“The difference is that Bitcoin is incapable of storing and executing programs inside its environment.”
McIntyre was also clear in listing out ETC’s shortcomings and indicated that transactions on ETC blockchain were marginally less secure than Bitcoin and that Bitcoin was a superior “store of value.”
The developer further shared a picture, labeling Bitcoin and Ethereum Classic as complementary base layer systems, emphasizing that since Bitcoin will support “Smart Contract strings” with Taproot/Graftroot, ETC would easily be able to operate on the Bitcoin network.
McIntyre concluded by saying,
“It would be good for Bitcoin [Blockstream] for Blocksteam to diversify networks on which it works, and it would be good for Ethereum Classic to diversify the companies that work on it.”
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