Ever since Ethereum went live about a year ago there have been critics who questioned the need to launch another blockchain with its own cryptographic token to secure the network. But it doesn’t mean that both blockchains can’t succeed or interoperate, states Joseph Chow, creator of BTC Relay.
Progress has been made combining the two recently by RSK for instance, and Bitcoin’s own Sidechains project has lots of intellectual horsepower driving it on.
BTC Relay is a bridge between Bitcoin and Ethereum. In simple terms, it allows a user to pay with Bitcoin to use Ethereum.
BTC Relay is an Ethereum contract, that other Ethereum contracts and decentralised applications (DApps) can use, that is a trust-free way of verifying a Bitcoin payment; there are no intermediaries that need to be trusted with certifying that a Bitcoin transaction took place.
Chow explains how Ethereum and Bitcoin are the innovations that make this freedom from trust possible. He told IBTimes UK: “Ethereum’s statefulness and programming language allows applications to be built, and this power, combined with the innovation of Bitcoin SPV (simplified payment verification), allows BTC Relay to be trustless: from the static code itself you are ensured that BTC Relay outputs are not