As Ethereum’s future continues to look increasingly bleak, the prospect that the blockchain built to offer smart contracts will remain viable becomes questionable. Smart contracts are undoubtedly one of the major advantages to blockchain technology and, fortunately, there is a safer, more robust and more secure alternative. Thanks to GearSV, smart contracts can be built on Bitcoin SV (BSV), the strongest blockchain and the only one that has proven capability to support large blocks.
According to a Medium post by Sean Pollock of GearSV, “Thanks to _unwriter’s Neon Planaria and Bitbus library, Bitcoin Devs now have an easy way of synchronizing off-chain application state with the eventual consistency of the mining nodes.” This also means that ordering by block height is possible, as well as transaction indexing by inner blocks. Ultimately, this allows one single solution that can be used to build Turing complete applications on BSV.
Servers that run the application code can start and stop at will, without losing continuity of data. When a server is brought back online, it can scrape the previous block and know exactly everything that has transpired since the server was last active. Since all of the data is stored in the “on-chain tape,” it becomes impossible for someone to try to maintain two separate versions of the legal data – no more Enrons, no more Bernie Madoffs.
Pollock adds, “Unlike platforms such as Ethereum, where all contracts are run by a single VM [virtual machine], Bitcoin smart contracts are already completely sharded 1 VM per contract. In fact, you can run an unlimited number of VM’s per contract continuing to increase the availability to end users as desired.”
Ultimately, GearSV is able to offer a platform that is versatile and powerful that helps to advance the use of the blockchain in real-world commercial operations.