BTC Pay and Receive in Smart Contracts

General Counterparty
21

Thanks for the thoughts everyone.

It is obvious to me now that smart contracts can’t hold the private key to a BTC address. Contracts can only manipulate Counterparty asset balances (including XCP).

So what we really need to make this work is a way to trustlessly peg an asset to BTC.

It seems that the federated peg approach might the most promising way to do this. I’m looking forward to seeing side chains progress. I’m hopeful we can implement a side chain that does what we need for Counterparty. I think counterparty smart contracts that can effectively utilize a trustless BTC proxy would be a wonderful thing for both Counterparty and bitcoin.

22

You can make a smart contract to do this, no?

https://en.bitcoin.it/wiki/Atomic_cross-chain_trading

23

As far as the amount of “BTC in flight” is concerned, even ShapeShift API could be okay for certain small value operations, but a problem is what happens with contracts if the service stops or API or API URL/port number changes.

24

I don’t know much about counterparty plans but I read that Ethereum project is going to make smart contracts. But actually I don’t realize how they will implement them in POS System.
Among others are Burst technology and Bytecoin technology.