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A Focus on the Bitcoin Cash Ecosystem: 01 CashScript
CashScript is a high-level programming language for smart contracts on Bitcoin Cash. Bitcoin Cash transactions run on a virtual machine called Bitcoin Cash Script. Unfortunately, writing bytecode for this virtual machine is difficult and error-prone. However, CashScript offers a strong abstraction for writing Bitcoin Cash smart contracts, improving developer experience and reliability of contracts.
Its syntax is based on Ethereum's smart contract language Solidity, but its functionality is very different since smart contracts on Bitcoin Cash differ greatly from smart contracts on Ethereum.
What is the potential for smart contracts on BCH?
Smart contracts on Bitcoin Cash are stateless and UTXO-based. This model allows transactions to be verified independently and efficiently. Because there is no state that can impact the execution of these smart contracts, the results are deterministic and predictable.
Because of Bitcoin Cash' UTXO-based model, each contract is fully independent and isolated from each other. This limits systemic risk and makes contract upgrades much simpler. Furthermore, Bitcoin Cash contracts use P2SH, preserving the privacy of participants.
DeFi on Bitcoin Cash using CashScript
Most DeFi applications are currently running on top of Ethereum. Bitcoin Cash contracts use a different and functionally more limited paradigm. But with techniques such as covenants, state simulation and trust-minimised price oracles, DeFi is very much possible on Bitcoin Cash.
Want to learn more? Check out the links below including the playround to test out your new CashScripts!
This article forms part of the General Protocols Blog, a collection of cross-platform links showcasing our team's community activity, Bitcoin Cash projects, UTXO development, and general crypto musings.