Published on: 2021-12-23T09:42:02+00:00
In his day 6 post, Bitcoin developer Jeremy Rubin emphasizes the importance of smart contracts as a critical precursor to securing Bitcoin's future. He addresses several differences between Bitcoin and Ethereum that impact the fee market, including block size, block limit, UTXO vs account model, failed transactions, and the need for nodes to run smart contracts. Rubin also highlights that various platforms, such as stablecoins, DEX, NFT platforms, CEX, and VCs, are all paying fees.He further discusses other factors influencing the fee market, such as darknet markets using Monero, stablecoins no longer using Omni, and the majority of transactions being related to exchanges. Additionally, he notes that new users are primarily interested in quick riches rather than technologies like DeFi that could enhance the Bitcoin ecosystem. Rubin also mentions that projects like DLCs have not yet been implemented in high-volume projects.The article explores the concept of "smart" contracts, which enforce themselves without requiring a third party. The author proposes a redesign in Bitcoin terms to include a "default branch" that automatically executes when the future block height arrives. However, the author cautions that any changes to the programming model can introduce bugs that may undermine the "smartness" of the contracts. The N-of-N rule is discussed, highlighting the challenges of decentralized coordination-free mining pools when all participants must be online. Ultimately, the article emphasizes the need to improve the hardware supporting Bitcoin to enhance its ability to facilitate value transfers.Responding to ZmnSCPxj's critique, Rubin clarifies that his discussion revolves around the community's definition of smart contracts, focusing on enhanced functionality rather than true self-enforcement. He suggests pursuing improvements in the hardware running Bitcoin to strengthen its ability to adjudicate transfers of value. Rubin also touches upon the N-of-N rule, cautioning against its exclusive use due to potential obstacles for decentralized mining pools. Instead, he advocates for enhancing Bitcoin's scalability, privacy, self-custody, and decentralization to solidify its adjudication of value transfers.In his one-a-day blog post series until Christmas, Rubin shares his insights on Bitcoin development. He acknowledges that the initial posts are more philosophical but recommends readers start from Day 6 for relevant Bitcoin development discussions. Rubin plans to post the remaining entries up to Day 10 on the platform, providing an archive of all posts at https://rubin.io/archive/. The day 6 post specifically delves into the significance of smart contracts as a crucial element in securing Bitcoin's future, rather than an afterthought following base layer improvements.
Updated on: 2023-08-02T05:12:32.377523+00:00