UNSPENT Phi - a DeFi simple smart contracts app Open source, running natively On BITCOIN CASH

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_Bringing Bitcoin Cash to Africa | content creator[just me carrying the world].

1 year ago

Topics: Unspent phi, Bitcoin Cash, DeFi running on BCH

Unspent Phi is definitely a web app that will revolutionize the creation of simple smart contracts on the Bitcoin Cash blockchain.

It operates in a decentralized way using UTXO technology, open source allowing it to be verified by anyone who so wishes and runs directly on the Bitcoin Cash network, allowing users who intend to create simple contracts to interact with the app.

Therefore, UNSPENT Phi is a decentralized, open source platform running on the Bitcoin Cash Blockchain using UTXO technology and unlocking script that allows the creation as well as publication of simple smart contracts that can be executed by anyone who is interested in the Bitcoin Cash ecosystem.

What is UTXO and Unlocking Script On the Bitcoin Cash Blockchain?

Certainly, the two terms mentioned above aren't common in social media or general understanding of the Internet users, but with a little research it is possible to understand what they represent in the Bitcoin Cash Blockchain.

UTXO technology refers to small particles or pieces of unspent crypto that were left over from certain transactions carried out, they are registered in a database to be used in subsequent transactions.

While unlocking script is a set of automated instructions proving that an executed transaction is allowed to spend a certain piece of cryptocurrency (UTXOs).

The instructions are followed by first executing the unlocking script, P2PKH, or simply pay-to-publish-key-hash then executing the locking script for the UTXO of the referred transaction input.

The two processes are crucial for UNSPENT Phi to be able to create and publish smart contracts that are simple and executed by anyone, the contracts lock a certain value of the UTXOs and allow a small reward, if valid in accordance with rules contained in Bitcoinscript, to be assigned by any party calling the contract in question.

Smart contracts deployed using UNSPENT Phi have defined parameters that govern them and ensure that everything is kept as simple as possible so that users can create and publish the types of contracts that the platform offers.

Unspent Phi - Types Of smart contracts

The existing contracts on the platform that are designated to only do one thing on Unspent Phi at the moment are as follows:

Each type of integral contract that can be found and created, subsequently published, has its own parameters, some allowing some to control values for the benefit of the creator in annuity, divide or perpetuity mode.

Some, however, allow values to be locked up and can be freely spent by anyone, these are basically contracts in faucet mode or mining contracts, as well as contracts that provide the facility to record data freely.

And finally, some contracts allow them to be locked for a certain period of time using proprietary tools compatible with the Bitcoin Cash DECENTRALIZED blockchain.

FundRaising For Upcoming Development of UNSPENT Phi app

The developers of UNSPENT Phi, the decentralized app that allows you to create simple on-chain smart contracts in Bitcoin Cash, have plans to further develop the app and have opened a FundRaising page on the web app's website.

The amount raised will be used for future work and improvement of the web application for creating simple smart contracts that can be executed by anyone, as well as growing something new and aiming to reach 64 BCH .

The support page can be seen at the link and the app may have the legs to continue developing products for the Bitcoin Cash community and the general interested public, after all, the app is decentralized, on chain, open source and open to everyone who wants to create simple smart contracts on the Bitcoin Cash Blockchain.

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