Pieter Wuille presents “Miniscript”, a new smart contract language for Bitcoin
Smart contracts could soon receive a boost in bitcoin, as the prominent programmer Pieter Wuille has introduced a new coding language designed specifically for use.
Published on Monday in the bitcoin developer mailing list, the ‘Miniscript’ language aims to make it easier for programmers to write “smart contracts” or conditions to spend bitcoins. Programmers Wuille, Andrew Poelstra and Sanket Sanjalkar have been working on the code for about a year, Wuille reported.
Although it has been shared behind the scenes, Wuille said he is now posting it on the email list because it has now reached “a stage where I would like to get more attention.”
Going back a bit, “Script” is the smart hiring language in bitcoin, which allows users to specify certain conditions that must be met before bitcoin can be spent. Let’s say the funds are locked until some time before they can be spent. Or, two people must sign a transaction before the money can be moved, a concept called “multi-sig.”
This form of programming is novel when it comes to digital money, since before bitcoin, it was not possible to implement such rules without relying on a bank or a similar type of intermediary in the middle.
“Miniscript”, on the other hand, is built on this programming language and improves it in several ways. One is that it is a little easier to see and reason, since Wuille argued with an example that “that allows A to take the coins at any time and B after one day.”
This is how these rules are implemented in the bitcoin script:
OP_EQUALVERIFY OP_CHECKSIGVERIFY <144> OP_CSV OP_ENDIF
So, the same in Minscript:
or_d (c: pk (A) and_v (vc: pk_h (B), oldest (144)))
Miniscript is built on Script, capable of “compiling” the native bitcoin language.
The new language receives applause from the developers of the community. Blockstream lightning engineer, Rusty Russell, for example, tweeted: “This will be one of those technologies.” How the hell did we do it before this?! “Unsexy and vital.”
There are many potential use cases, such as facilitating the implementation of such complex scripts in the wallet, as Eric Lombrozo tweeted. Or, as bitcoin educator Jimmy Song described it, it could even be used to shore up the lightning network.
Thinking about it in the broader context of blockchain languages, Song commented that the smart contract language differs from the Solidity language of ethereum, because while ethereum makes it possible to write many more types of smart contracts, Miniscript actually reduces the possibilities .
Song argues that this is better because it reduces “complexity” and “attack surface.”
This version includes two work implements, in the C ++ and Rust programming languages, which Wuille called a “work in progress”, and added:
“Through large-scale randomized tests, we are confident that language design and associated witnesses are compatible with existing consensus and standardization standards.”
The innovation that can be done in the ecosystem of the blockchain-bitcoin community tends to add added value to the possibilities of scalability, trust grows as new forms of security and facilities are added to the transactions. It is expected by new announcements.
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