1 week ago
Bitcoin improvement steadfast Blockstream has unveiled "Simplicity," a programming connection for astute contracts built connected the layer-2 web Liquid.
Co-founded by cryptographer and aboriginal Bitcoin contributor Dr. Adam Back, Blockstream has introduced Simplicity with the purpose of solving the limitations of Bitcoin arsenic a venue for astute contracts.
"Simplicity gives Bitcoin expressive astute contracting power, but without the information problems associated with VM-based chains," said Back successful an emailed announcement connected Thursday. "It’s built from the crushed up to beryllium formally specified, secure, and efficient.”
The propulsion for Bitcoin-native programmability has gained momentum successful caller years, particularly since the instauration of BitVM successful 2023, a model that explored however analyzable computations could beryllium verified connected Bitcoin without altering the basal protocol.
Simplicity's origins successful information predate BitVM, having been conceptualized by Blockstream probe Dr. Russell O'Connor successful 2012. It is designed to alteration astute contracts eschewing immoderate of the features similar unbounded loops that tin pb to vulnerabilities and exploits connected networks similar Ethereum.
Instead, Simplicity uses Bitcoin's UTXO model, whereby tokens relation similar integer currency and users walk circumstantial coins, arsenic opposed to relationship balances being updated.
Simplicity is present unrecorded connected the Liquid Network, a Bitcoin layer-2 with over $3 billion successful full worth locked (TVL), allowing developers to physique galore of the applications commonplace connected astute contract-enabled blockchains, specified arsenic programmable vaults, decentralized exchanges, custody services and governance protocols, utilizing Bitcoin arsenic the colony layer.
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