Counterparty’s EVM Port to Enable Bitcoin with Ethereum Smart Contracts Moves Forward
Counterparty is set to launch Ethereum’s Virtual Machine (EVM) on a testnet in two weeks with Counterparty developer Ruben de Vries making solid progress toward the end result, which will eventually bring Ethereum’s smart contract to Bitcoin. In late 2014, Counterparty carried out a Proof-of-Concept EVM port; however, in comparison, this port is the newest version of the EVM software that is running on Ethereum today with the team of the opinion that it is mature enough for use on the Counterparty/Bitcoin mainnet. Additionally, it adds the ability for smart contracts to interact with....
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All the functionality of Ethereum will be available on the Bitcoin blockchain, with a port of the Ethereum Virtual Machine (EVM) announced today by Counterparty. Bitcoin’s Capabilities Extended. This will extend Bitcoin’s capabilities to include smart contracts – allowing decentralized autonomous organizations, social networks and identity systems,....
Counterparty is to launch Ethereum’s Virtual Machine on testnet in two weeks, with a mainnet launch estimated around Autumn 2016, bringing Ethereum’s smart contract functionality to Bitcoin. Counterparty’s EVM is 99% the same as Ethereum’s, according to sources, and has 85% test coverage, higher than Ethereum’s python core library, Pyethereum, according to a press release. Response to the DAO hack. Responding to the recent DAO debacle, the press-release emphasises that Counterparty’s work on an EVM port continues as planned, but a new bylaw has been implemented. The press-release says:....
In November of 2014, Counterparty Contracts was launched, which let users write Turing Complete smart contracts into the Bitcoin blockchain, with the code being executed on every Counterparty node. This initiative - a port of the Ethereum Virtual machine code and modified to use the Bitcoin blockchain - was open sourced on GitHub and available for public testing on the Counterparty testnet for over a year. For quite some time now, developers and digital currency enthusiasts have been looking for a way to run smart contract technology on top of the Bitcoin blockchain. Although this service....
Counterparty will introduce a series of safeguards into its Ethereum Virtual Machine (EVM) on the Bitcoin blockchain – including a ban on rollbacks, author responsibility for smart contracts and a deactivation switch controlled by community vote. Developers have formulated these measures in response to one user’s exploit that drained 3,641,694 ether....
"The two things to know about smart contracts is that they’re dumb, and they’re not contracts." This statement from Harvard Berkman Center's Patrick Murck seems increasingly relevant in the wake of the collapse of The DAO. The ethereum-based fund was the largest smart contract issued to date, and its failure has led many to reconsider how ready the technology is for primetime. At their core, smart contracts facilitate decentralized applications by eliminating trust points. Because they automate existing processes, many believe smart contracts could someday lower costs across....