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Counterparty Recreates Ethereum on Bitcoin

Last Updated March 4, 2021 4:41 PM
Giulio Prisco
Last Updated March 4, 2021 4:41 PM

Software developmentCounterparty announced that its developers have successfully ported the Ethereum Project’s programming language over to the Counterparty platform, enabling users to save and execute Turing Complete Ethereum code on the Bitcoin blockchain. With this new development, Counterparty makes it possible to execute Ethereum smart contracts on the more secure Bitcoin blockchain.

Counterparty is a Bitcoin 2.0 and cryptosecurities technology platform. In the Counterparty protocol traditional financial instruments are implemented as self-executing smart contracts, thereby eliminating the risk and the need for an intermediary party.

Counterparty co-founder and lead developer Adam Krellenstein said:

“The Counterparty platform has always had a number of basic smart contracts hard‐coded into its software, but up till now, the addition of new features has required manual intervention from the Counterparty team. With this new development, users can write their own smart contracts, or use those from the Ethereum ecosystem, and run them on Bitcoin’s blockchain, by far the most established and secure of all.”

Evan Wagner, co-founder of Counterparty, added:

“The future of cryptocurrency depends on our ability to build real products that real people can use as soon as possible. Instead of reinventing the wheel, and creating new blockchains from scratch, we, the cryptocurrency community, should be making evolutionary, tractable improvements to Bitcoin itself, whenever possible.”

Bitcoin Will Be Able To Do Anything That Ethereum Ever Could

Robby Dermody, who, along with Evan Wagner and Adam Krellenstein, founded Counterparty in 2013, said:

“Being built on Bitcoin, Counterparty will have the maximum security and the maximum market; being a platform for user‐created smart contracts, it will have the feature set of all possible cryptocurrencies put together. By introducing the same smart contract functionality on the Bitcoin blockchain, we’re demonstrating that Counterparty’s native currency, XCP, can do everything that Ethereum’s coin can do, and more. With Counterparty, Bitcoin will be able to do anything that Ethereum ever could. The porting effort was focused around maximizing compatibility and security.”

Also read: Bitcoin 2.0 Will Be a Very Big Deal

What do you think of Counterparty’s porting of Ethereum to Bitcoin? Comment below!

Images from Counterparty and Shutterstock.