Bitcoin Core developer Jeremy Rubin on VR conference RecklessVR introduced a new language for smart contracts bitcoin called Sapio which he hopes will increase the “financial independence” of users. About it reports Coindesk.
Bitcoin can support several types of smart contracts, but compared to Ethereum, they are much more difficult to build and today they have a much smaller usage scenarios. Rubin wants to extend the use of smart contracts in bitcoin to give users greater control over what they can do with their money.
According to Rubin, Sapio developed on the basis of BIP 119 CHECKTEMPLATEVERIFY (CTV), which is a “simple system of covenants to bitcoin”. The idea of covenants existed for a long time ― they add additional security measures to the network of bitcoin. “In practice, this system allows you to perform more complex smart contracts, which determine how to spend bitcoin,” said Rubin. One of the use of covenants can become management of storage of bitcoins, which impose additional restrictions on the movement of bitcoins in the event of an attack hacker or other security problems.
“I think that store is one of the most important use cases that CTV can solve. They offer a huge number of instruments of financial independence to a wider audience,” said Rubin, adding that this technology offers users the ability to create them on their own without third-party services.
The newly established Rubin research organization Judica will focus on the development of this technology. He is planning to release tools that will “greatly expand the economy of bitcoin”. Rubin considers bitcoin as a kind of judicial system.
“If you look at the relationship between the market and the government, as a rule, the free market absolutists will say that the government is just a hindrance and must leave. But if you look at this issue in more detail, it becomes clear that the courts are critical for economic development. Without independent courts or any judicial system transactions with strangers are too risky, which severely limits economic activity. Ability to maintain contacts, relying on a legal system (and not just on your hand), allow the economy to prosper”, he said.
Today, the possibility of bitcoin in this regard is still too limited. “The blockchain of bitcoin fulfills the role of a judicial body, but now it is possible to develop a very limited set of contracts,” added Rubin.
He plans to release Sapio, along with smart contracts and is now seeking support from other developers. “I don’t know exactly when it will be released,” said Rubin. “If you ask each developer when such an offer can be made, you will receive absolutely different answers. Many people say that it takes at least three years.” Many bitcoin developers are cautious in their forecasts and approve only those changes that have been thoroughly tested. According to Rubin, three years is too long.
“I believe that bitcoin is in the early and experimental stages, so we need to act quickly. However, other people believe that bitcoin needs to evolve very slowly,” he said, adding that such changes are important for the future of bitcoin.