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While the Bitcoin network is not programmable, it serves as an excellent payment layer for building robust applications, says Hiro CEO Alex Miller.
Hiro provides Bitcoin development tools for developers to build on the Stacks blockchain. Miller said Stax inherited the security of the Bitcoin network through a consensus mechanism called proof of transfer (although this is a controversial statement.
Miller told Cointelegraph that the value proposition for building programs on top of Bitcoin is that it is a very stable, widely accepted and highly trusted payment layer.
He added that this makes it a much easier blockchain to build on compared to most other smart contract platforms that do calculations and payments on the same layer.
When payments and calculations are both in the same layer, it really complicates things in many ways. […] You don’t want to change the population strata that much. “
This allows developers to “innovate more and faster” at Layer 2 with “much more robust functionality”.
Miller argued that it should come as no surprise that developers are making Bitcoin programmable.
“Satoshi himself wrote in 2010, 2011, etc. that he foresaw additional layers. [and] Additional chains are built on top of that to give you all that kind of programmability. “
Miller said the Stacks developer ecosystem has grown rapidly since the platform launched in January 2021, adding, There are hundreds of developers working in the ecosystem and what has been deployed there. We have a thousand smart contracts and applications.
Within 1 year of release Stacks blockchain achieves over 350 million monthly API requests, We have deployed 40,000 Hiro wallet downloads and 2,500 Clarity smart contracts, and these numbers will grow further in 2022.
Miller also said that we will live in a multi-chain future where there is no arbitrage of any particular smart contract platform. Ethereum will be around for at least a while, but there are still many other smart contract platforms that have not stood the test of time, he said.
Related: Stacks’ Mitchell Cuevas on Building an Integrated DeFi Bridge for Bitcoin Users
On where the crypto market is headed, Miller said crypto volatility will decrease as crypto applications become more accepted, integrated and used in our society. Added.
“[By] Bringing programmability and smart contracts to Bitcoin will lead to greater adoption of Bitcoin as both the technical and financial layers of our society, helping drive prices up over the long term while reducing volatility. I can. “
