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First DLC smart contract deployed on the Bitcoin mainnet

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Sep, 22 2020

Sep, 22 2020

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Crypto users can now use DLCs on the Bitcoin mainnet. 

Two crypto enthusiasts just made a $10,000 Bitcoin bet. They made it to the next US president using a smart contract. The Bitcoin (BTC) mainnet now has its first discreet log contract (DLC). This he calls a significant moment in Bitcoin history. Previously, CFTC’s LabCTFC had also released a primer about smart contracts.

 

The smart contract is quite political. It fits in with the general theme of 2020. Nicolas Dorier is the man who claimed to have made BitPay obsolete as a developer of BTCPay. He has made a bet using a DLC about the next winner of the 2020 Presidential Election in the United States. The choices are between Donald Trump or Joe Biden.

 

Dorier's DLC offer can be viewed on Github. The offer is between himself and Suredbits founder Chris Stewart. Outcome Observer is acting as a third-party oracle.The Outcome Observer will broadcast a signature when the election is finalized. That can be used by either Stewart or Nicolas to settle the bet. If Trump wins, Nicolas will receive 1 BTC. If Biden wins, Stewart will receive 1 BTC. All the possibilities seem to have been covered by the Bitcoin engineer. This would include full refunds for both himself and Dorier if a third-party candidate were to win. Even if the oracle was to disappear somehow:

 

DLCs allow two or more parties to enter into a smart contract agreement about a future event. Until now, such smart contract technology has been more at home on Ethereum and EOS. This is because Bitcoin has eschewed complexity in favor of security. There has been progress in adding smart contract technology to Bitcoin. This is thanks to Suredbits. Bitcoiners do not need to concede that territory to Ethereum. There are plenty of powerful primitives in Bitcoin. They allow you to make advanced applications with Bitcoin. Bent was similarly enthusiastic about the news. He called the smart contract to bet a "massive" moment in the history of Bitcoin.

 

DLCs might be one of the less popular 'killer application' of Bitcoin out there right now. It will be exciting to see the types of applications that begin to proliferate. This will happen as more people come around to this type of smart contractBent said that Bitcoin's slow pace of development was paying dividends.


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