Turing bitcoin smart contract

1. Smart contract & quot The term "smart contract" can be traced back to at least 1995 and was proposed by the prolific interdisciplinary legal scholar Nick Szabo. He mentioned the concept of smart contract in several articles published on his website. His definition is as follows:
& quot; A smart contract is a set of promises defined in digital form, including the agreements on which the contract participants can execute these promises& quot;
let's explore the meaning of his definition in more detail
commitment
a set of commitments refers to the (often mutual) rights and obligations agreed by contract participants. These commitments define the nature and purpose of the contract. Take a sales contract as a typical example. The seller promises to deliver the goods and the buyer promises to pay a reasonable price
digital form
digital form means that contracts have to be written into computer-readable code. This is necessary, because as long as the participants reach an agreement, the rights and obligations of smart contract establishment are executed by a computer or computer network
to further explain:
(1) when will the parties to the smart contract reach an agreement? The answer depends on the specific smart contract implementation. Generally speaking, the contract is discovered when the parties are committed to the execution of the contract by installing the contract on the contract host platform< (2) contract execution
& quot; Execute & quot; And the real meaning of it also depends on implementation. Generally speaking, implementation means active implementation through technical means
(3) computer readable code
in addition, the contract needs specific & quot; Digital form & quot; Very much depends on the agreement that the parties agree to use
protocol
protocol is technical implementation, on this basis, the contract commitment is realized, or the contract commitment is recorded. Which agreement to choose depends on many factors, the most important of which is the nature of the assets being traded ring the performance of the contract
take the sales contract as an example. Suppose that the participants agree to pay in bitcoin. The chosen protocol will obviously be bitcoin protocol, on which the smart contract will be implemented. Therefore, the contract must use & quot; Digital form & quot; It's bitcoin scripting language. Bitcoin scripting language is a non Turing complete, imperative, stack based programming language, similar to forth.

2. In short, a group digs bitcoin on the computer, which is equivalent to a big mine.

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4. Ethereum is also a proct of blockchain 2.0, which is an open intelligent contract complete solution. Bitcoin is the most important application of blockchain 1.0, which completes currency and payment transactions well. But when we need to record and transfer more complex asset types, we need the third step - a more powerful scripting system - to finally achieve Turing completeness (the ability to run any currency, protocol or blockchain). Ethereum is a blockchain based project, which aims to provide a Turing complete scripting language and Turing complete platform

blockchain 1.0 mainly refers to bitcoin. Blockchain 2.0 extends to all assets, while blockchain 3.0 goes beyond currency, finance, even commerce, and all areas of our lives, including politics, social relations, ecation, medical care, etc. According to the prediction and conception of people in the instry, the era of blockchain 3.0 will be realized in the next five years. At that time, blockchain will be recognized and accepted by all the public like the Internet, thus completely subverting our lives

McKinsey has submitted a technical report on blockchain to the Federal Insurance Advisory Committee of the United States. The report calls 2009-2016 the "Dark Age" and believes that all blockchain solutions ring this period are based on bitcoin, and the new era of blockchain will begin in 2016. At that time, the application of blockchain will become unprecedented. Applying an original sentence in McKinsey report: Based on the current development speed of blockchain, we believe that blockchain solutions may realize their full potential in the next five years.

5.

RSK smart contract is a smart contract platform based on bitcoin blockchain. RSK (rootstock) has been an eye-catching development platform since its concept was proposed. In essence, RSK is to build a decentralized and Turing complete intelligent contract platform similar to Ethereum. However, RSK is based on the bitcoin ecosystem rather than an independent blockchain. The specific way is to use the side chain technology. This approach has both challenges and great advantages

smart contract platform:

smart contract is the current research hotspot. Nick Szabo came up with the idea 20 years ago. Generally speaking, it is an electronic contract that can be executed automatically based on trigger conditions. Smart contract is the next generation of procts to realize automatic execution in various business environments, which may subvert the existing business model. For example, on-demand economy, such as insurance contract customized according to each journey, reaching the set end of the journey or writing a program to determine, and then the insurance contract ends. This insurance mode can even be connected to P2P mode, which makes traditional insurance companies useless. These simple examples can be realized through RSK smart contract platform

The advantages of

RSK:

RSK has many innovations. Firstly, Turing complete virtual machine is compatible with Ethereum virtual machine. Ethereum contracts can be run on RSK virtual machines. The goal of RSK is to achieve 20 seconds block time and 300 transfer transactions (TPS) per second at the first launch, which can be expanded to 1000 TPS. It has reached the level of PayPal, but it has not reached the throughput of credit card network. Compared with other platforms, the biggest advantage of RSK is the combined mining of bitcoin, and the security level is equal to that of bitcoin network. But it also needs to persuade miners to implement. RSK revealed that they will make miners profitable, and the implementation of the contract round fees will make miners profitable. It is likely that the RSK platform will be very popular and the contract execution will reach a stable level

6. RSK is a smart contract platform based on bitcoin blockchain. RSK (rootstock) has been an eye-catching development platform since its concept was proposed. In essence, RSK is to build a decentralized and Turing complete intelligent contract platform similar to Ethereum. However, RSK is based on the bitcoin ecosystem rather than an independent blockchain. The specific way is to use the side chain technology. This approach has both challenges and great advantages
smart contract platform
smart contract is a hot research topic. Nick Szabo came up with the idea 20 years ago. Generally speaking, it is an electronic contract that can be executed automatically based on trigger conditions. Smart contract is the next generation of procts to realize automatic execution in various business environments, which may subvert the existing business model. For example, on-demand economy, such as insurance contract customized according to each journey, reaching the set end of the journey or writing a program to determine, and then the insurance contract ends. This insurance mode can even be connected to P2P mode, which makes traditional insurance companies useless. These simple examples can be realized through RSK smart contract platform
benefits of RSK

RSK has many innovations. Firstly, Turing complete virtual machine is compatible with Ethereum virtual machine. Ethereum contracts can be run on RSK virtual machines. The goal of RSK is to achieve 20 seconds block time and 300 transfer transactions (TPS) per second at the first launch, which can be expanded to 1000 TPS. It has reached the level of PayPal, but it has not reached the throughput of credit card network. Compared with other platforms, the biggest advantage of RSK is the combined mining of bitcoin, and the security level is equal to that of bitcoin network. But it also needs to persuade miners to implement. RSK revealed that they will make miners profitable, and the implementation of the contract round fees will make miners profitable. It is likely that the RSK platform will be very popular and the contract execution will reach a stable level
hope to adopt it!

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