The Battle Over Smart Contracts
One of the things that make Ethereum so interesting to investors and so compelling for users is its Smart Contract features. These are the computer protocols to facilitate, verify and enforce the performance of a contract.
They have broad application because they can be used on any size of contract. Disciples believe that many kinds of contractual clauses can be self-executing and even self-enforcing. Think what this means to lawyers fees.
Developers aligned with Bitcoin have not overlooked the staggering potential for Smart Contracts. So is there a battle brewing between Bitcoin and Ethereum over who has the smartest contracts? Until now Ethereum has been to go to source but will this change. Lets take a look.
Our friends over at Coindesk report that startup RSK is launching its beta of Bitcoin Smart Contracts platform. RSK has been hailed for its potential to bring an Ethereum type smart contract onto Bitcoin.
This makes all the sense in the world. It would make for a classic battle of next generation technology giants early in their respective development periods; just like Bill Gates and Steven Jobs. It could change the whole outlook for both cryptocurrencies. It could introduce competition for the first time. But will RSK succeed for Bitcoin supporters?
Executing the RSK project has some formidable hurdles. According to Coindesk, RSK’s version of the functionality doesn’t quite upgrade the Bitcoin blockchain itself. The capability will rather be brought to Bitcoin via a sidechain, which moves tokens from the main Bitcoin blockchain to a compatible network operated with the help of 25 companies. This is where things get challenging.
The RSK sidechain involves changing Bitcoin code. One small change can have technical repercussions on other parts of the system. Coindesk notes that this is like tearing out and repairing the engine of an airplane while it is flying.
Everybody Wants Smart Contracts
The day that Bitcoin offers a functioning smart contract feature will be welcomed by many of it’s fans. RSK may be the one to find its way through the jungle to success. Aside from the normal startup risk, there is the bigger issue of time. How long will it be until there is a product for the public, a year at the least is a safe guess. In that time Ethereum won’t be standing still.
The Ethereum Foundation recently invited teams of developers from every area to apply for grants between $50,000 and $1.0 million to improve the scalability of the Ethereum ecosystem.
Transaction speed is one of the most serious issues faced by the entire crypto community. This is an example of Ethereum putting its economic power to further build leadership.
As we have long pointed out, that which is good for Ethereum is good for SilentNotary as well. If this is your first look at SilentNotary, consider the following.
What Ethereum Means For SilentNotary’s Future
The Ethereum platform benefits SilentNotary everyday. The company’s mission is to grow a global ecosystem and to use its first mover advantage to accomplish this objective. SilentNotary aims to create and rebuild trust everywhere.
They are the first global blockchain notary to timestamp, certify and store data for business-to-business, business-to-consumer, business-to-government and the Internet of Things.
Where there is a need for trust and verification, there is a SilentNotary customer.
SilentNotary has taken the Ethereum platform and added it’s patented Lightstamp technology. This will be a popular feature everywhere.
Starting To Build Its Ecosystem
The company has already achieved traction. On December 6th of two agreements were signed with the Naro-Fominsk district of Moscow. SilentNotary technology will be used in a state land inspection to certify land-use development and in control over burial cites. This is merely the beginning.
Team SilentNotary now totals more than 18 and growing. In addition to seasoned developers, the group consists of financial and legal experts, product designers and marketing specialists. This is real firepower.
SilentNotary ICO
Keep a close eye on SilentNotary.com for information on our ICO that will be announced shortly.
James Waggoner
