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The first DLC smart contract is launched on the Bitcoin mainnet

September 9, 2020

Cryptocurrency enthusiasts You just made a $ 10,000 bet in Bitcoin on the next US President with a smart contract.

According to a post by podcaster Marty Bent on Sept. 8 Bitcoin’s mainnet (BTC) has signed its first discreet registration contract (DLC)., for which he declares that it is “a very important moment in the history of Bitcoin”.

Suitable for the overall theme 2020, The smart contract is very political. Nicolas Dorier, a man who claimed to have overtaken BitPay as a BTCPay developer, made a bet with a DLC on the next winner of the 2020 presidential election in the United States: Donald Trump or Joe Biden.

Source: Twitter
The first DLC smart contract is launched on the Bitcoin mainnetThe first DLC smart contract is launched on the Bitcoin mainnet

Dorier’s DLC offeringwhich can be seen on Github, is between him and Suredbit’s founder, Chris Stewart;; The outcome observer acts as a third-party oracle.

“When the election ends, the results observer will issue a signature that I or Nicolás can use to settle the bet.”, said Stewart. “If Trump wins, Nicolas will get 1 BTC. If Biden wins, I’ll get 1 BTC.”

The bitcoin engineer seemed to have all options covered, including a full refund for him and Dorier if a third candidate wins. Even if the oracle has somehow disappeared:

We have signed refund transactions that can be executed in March 2021 that return our guarantee

DLCs ​​allow two or more parties to sign a smart contract agreement for a future event. Until now, This smart contract technology was easier to use on platforms like Ethereum and EOSas Bitcoin avoided the complexity in favor of security. But Thanks to Suredbits, work on adding smart contract technology to Bitcoin continued.

“I do not think so [los Bitcoiners] must cede this area to Ethereum “, said Stewart. “”There are many powerful basic elements in Bitcoin that enable advanced uses with Bitcoin.“.

Bent was just as excited about the newsThe Smart Contract Gamble is a “massive” moment in Bitcoin’s history.

“DLC is possibly the least appreciated bitcoin killer app right now.”said the podcaster. “It will be very interesting to see what types of applications start to proliferate as more people approach these types of smart contracts.”

In an obvious reference to anyone criticizing Bitcoin’s slow pace of development, Bent said it clearly paid off::

Slowly but surely, Bitcoin’s approach of keeping development simple, stupid, slow and steady is paying off.

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