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Saturday, December 3, 2022

Bitcoin Can Serve As The Best Settlement Layer For App Building

While the network of Bitcoin doesn’t seem to be too programmable, it does serve to be quite an excellent settlement layer in order to create better applications. This was mentioned by the CEO of Hiro, Alex Miller, whose company also provides the development tools for the cryptocurrency- which is used by developers to build on the Stacks blockchain.

Miller mentioned that Stacks would be inheriting the security of the Bitcoin network through a consensus mechanism which is aptly called the proof-of-transfer statement. Speaking to Cointelegraph, Miller went on claim that the value proposition behind creating such programs on top of the cryptocurrency is that it is really a well-accepted, well-settled, and highly trustworthy layer for settlement.

Bitcoin Could Be Used To Create Applications On It 

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Miller also added that due to this, it would be far simpler to build a blockchain on top of Bitcoin when compared to other smart contract platforms which usually construe their settlement and computation on the very same layer. He believes that doing both of the functions in the same layer can really complicate things in a lot of ways.

One shouldn’t look towards modifying their settlement layer too much. This would enable developers to innovate more quickly on a layer two platform that has a lot more robust capabilities. Miller also expressed his disbelief at the shock most developers displayed on learning that they could make the cryptocurrency more programmable- for this is what the founder had envisioned. 

The CEO did state that the ecosystem for Stacks had been growing pretty rapidly ever since the platform decided to use Bitcoin for its development back in 2021. Currently, the company has hundreds of developers who have been working in the ecosystem, as well as thousands of applications and smart contracts that have also been deployed along with it.

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