Bitcoin is the most successful platform for smart contracts. Bitcoin Core Engineer Statement
As Bitcoin Core engineer Peter Todd stated in a discussion during the Bitcoin Expo 2019 in Massachusetts, Bitcoin is most useful as a platform for smart contracts. He also discussed with other platforms, including EOS and its inclusive nature.
According to Todd, most of the existing platforms are terrible and are based on familiar technology. As he noted, all characteristics of the consensus model were mixed in the EOS platform, and in practice, this makes it too complicated. Although initially, the point was that the functions of the platforms were scalable and not complicated.
- “Because of its simplicity, Bitcoin is best suited as a platform for smart contracts in production. It is based on very simple things and it really works.”
During the discussion, Peter Todd and Jamiel Sheikh were also asked about the introduction of private institutional coins. In particular, it was about JPM from JPMorgan and Zuccoin, for which Facebook can potentially vouch.
Coinhaus CEO Jamiel Sheikh said that the new coins are more suitable for B2B. That is, it is more than just “corporate coins.” According to him, this fact at least indicates another application for cryptocurrencies - the corporate sector. And this type of coins is unlikely to spread in society, as it happens with Bitcoin and Ethereum.
In turn, Peter Todd replied that he did not see any innovation component in these “corporate coins.” Bitcoin just showed us a new ecosystem in which different coins with different purposes can exist.
- “Corporations saw their benefits in these mechanisms and, perhaps, that is why cryptocurrency entrenched in our existing system and did not disappear immediately.”