While the Bitcoin network is not programmable, it serves as an excellent settlement layer upon which to build robust applications, says Hiro CEO Alex Miller.
Hiro provides developers with Bitcoin development tools to build on the Stacks blockchain. Miller said Stacks inherits the security of the Bitcoin network through a consensus mechanism called proof-of-transfer (although this is a controversial claim for some).
Miller told Cointelegraph that the value proposition behind creating programs on Bitcoin is that it is a “very well defined, well accepted and very reliable layer of regulation.”
He added that, for this reason, it is a much simpler blockchain to build than most other smart contract platforms that perform computation and settlement on the same level:
“When you have both your settlement and your calculation on the same level, it really complicates things in many ways. […] You don’t want to change your settlement level that much.
This allows developers to “innovate more quickly” on a level two that “has much, much stronger capabilities.”
Miller said we shouldn’t be surprised that developers are making Bitcoin programmable, as that’s what Satoshi Nakomoto imagined:
“Satoshi himself wrote in 2010, 2011, which provided for additional levels [and] additional chains will be built on this, to provide all that kind of programmability.
Miller said the Stacks developer ecosystem has grown rapidly since the platform’s launch in January 2021, “we have hundreds of developers working in the ecosystem and thousands of smart contracts and applications that have been deployed on it.”
Within the first year of launch, the Stacks blockchain achieved over 350 million monthly API requests, 40,000 Hiro wallet downloads and distributed 2,500 Clarity smart contracts, with figures further increasing in 2022.
Miller also said that we will live in a “multi-chain future” without any particular smart contract platform. “Ethereum will be around for at least a while, but there are many other smart contract platforms out there that haven’t stood the test of time yet,” she said.
Related: Stacks’ Mitchell Cuevas talks about building integrated DeFi bridges for Bitcoin users
Regarding the direction of the cryptocurrency market, Miller said the volatility of cryptocurrencies will decrease as crypto applications become more “accepted, integrated and used in our society,” adding:
“[By] by bringing programmability and smart contracts to Bitcoin, it helps drive the further adoption of Bitcoin as both a technical and financial level in our society, thereby reducing volatility and raising the price in the long run. “