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12 December 2019

Why Tokenized Projects Are Building on Bitcoin - Bitcoin News

Why Tokenized Projects Are Building on Bitcoin - Bitcoin News


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At least that has long been the official narrative, with projects favoring dedicated smart contract networks over Bitcoin for spinning out dapps and second layer solutions.

Like all crypto narratives, however, this one has started to shift, as projects reappraise the benefits of crafting censorship-resistant applications anchored to Bitcoin Core and Bitcoin Cash.

Bitcoin Cash – like Bitcoin Core – is not a smart contract blockchain, and thus lacks Ethereum’s Turing completeness, which enables the creation of tokenized systems with complex logic programmed in.

There are two main reasons why businesses have been building on Bitcoin Cash with SLP.

CEO Diego Gutiérrez Zaldívar told news.Bitcoin.com that the company favored creating a smart contract infrastructure on top of Bitcoin due to the security guarantees and developmental certainty that it yields, explaining:“A two-way peg between Smart Bitcoin (RBTC) and BTC means users can access a fully smart contract-enabled environment that’s bolstered by the proof of work from miners that secure the Bitcoin blockchain through merged-mining.

“Through these steps, we expect to receive community and user feedback and to make the necessary adjustments for Bitcoin and RSK to reach more people.” While Bitcoin’s security model is unrivaled, convincing businesses to build upon a blockchain that is not synonymous with smart contracts requires education and demonstration of how this works in practice.

The two Bitcoins – Core and Cash – have a number of advantages for projects seeking to build upon them, over and above security.

Meanwhile, Bitcoin Core and Bitcoin Cash will remain an attractive proposition to projects enticed by the unrivaled security provided by proof-of-work.

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