Although the Bitcoin network is not programmable, it is an excellent settlement layer for building robust applications, says Alex Miller, CEO of Hiro.
Hiro provides bitcoin development tools for developers to build on the Stacks blockchain. Miller said that Stacks inherits security from the Bitcoin network through a consensus mechanism called proof-of-transfer (although this is a controversial statement for some).
Miller told Cointelegraph that the value proposition behind building programs on top of Bitcoin is that it is a “really well-established, well-accepted and very trusted settlement layer.”
He added that because of this, it is a much simpler blockchain to build compared to most other smart contract platforms that perform calculations and settlements on the same layer:
“When you have both your settlement and your computation on the same layer, it really complicates things in a lot of ways. […] You don’t want to change your settlement layer too much. »
This allows developers to “do more innovation faster” on a layer two that “has much, much more robust capabilities.”
Miller claimed that we shouldn’t be surprised that developers are making Bitcoin programmable, because that’s what Satoshi Nakomoto envisioned:
“Satoshi himself wrote in 2010, 2011, that he was planning additional layers [and] additional strings will be built on top of that, to provide all that kind of programmability.
Miller said that the Stacks developer ecosystem has grown rapidly since the platform launched in January 2021, “we have hundreds of developers working in the ecosystem, and thousands of smart contracts and applications that have been deployed there”.
In the first year of launch, the Stacks blockchain made over 350 million monthly API requests, 40,000 Hiro wallet downloads, and deployed 2,500 Clarity smart contracts, with those numbers growing further in 2022.
Miller also said that we will live in a “multi-chain future” without any particular smart contract platform rules being made. “Ethereum is going to be around for at least a while, but there are plenty of other smart contract platforms that haven’t stood the test of time yet,” he said.
Related: Stacks’ Mitchell Cuevas talks about building built-in DeFi bridges for Bitcoin users
As for where the crypto market is headed, Miller said crypto volatility will decrease as crypto applications become more “accepted, integrated and used in our society,” adding:
“[By] bringing programmability and smart contracts to bitcoin, this helps drive the adoption of bitcoin as a technical and financial layer in our society, thereby reducing volatility while driving the price higher in the long run.