New funds for smart contract development on Bitcoin SV - The Cryptonomist

New funds have been allocated for the development of smart contracts on the Bitcoin SV (BSV) blockchain.

sCrypt Inc has received funds to enhance the integration of smart contracts on the BSV blockchain by creating a programming language, sCrypt, which will have a simpler application on the BSV blockchain.

As the name sCrypt suggests, it takes the simple Script language, the one used by Bitcoin (BTC), and strengthens it, creating a simple and better program like Solidity and therefore allowing the programmer to insert functions that cannot be done at the current level, since Script itself has been designed not to develop functions and procedures that could negatively affect the bitcoin blockchain.

This represents a further step towards the scalability of BSV, said sCrypt founder Xiaohui Liu:

“The scaling power of the BSV blockchain makes it the best place to build, in fact, the only place to build. The investment boost means we can now speed up the process of making smart contracts on chain accessible to anybody.” 

In fact, the BSV blockchain allows a capacity per block that exceeds the gigabyte and thus it is possible to store an impressive amount of information. When combined with smart contract management, its power and integration also increase in other fields.

It should be noted that the BSV blockchain is also used for other applications such as WeatherSV and by introducing sufficiently powerful smart contracts it could even expand into stablecoins and decentralised finance (DeFi).

These are obviously just a few examples that could be included in the blockchain, but it’s still early considering that Bitcoin Satoshi Vision has just turned one year old and has a long way to go.