For quite some time now, developers and digital currency enthusiasts have been looking for a way to run smart contract technology on top of the Bitcoin blockchain. Although this service is provided by BitHalo already – and soon by Rootstock as well – Counterparty was among the first to port Ethereum smart contract platform to Bitcoin back in 2014. After perfecting this functionality on the Counterparty testnet for quite some time, the team will be launching this Ethereum Virtual Machine to the mainnet today.
Counterparty Explores Ethereum Virtual Machine on Testnet
To get people more excited about this announcement, it is time to take a look at what Counterparty has been trying to accomplish over the past 15 months. Keeping in mind how Counterparty was designed to extend the Bitcoin protocol by focusing on peer-to-peer finance on the blockchain, it only makes sense the team focuses their attention on Ethereum smart contracts as well.
However, there was a glass ceiling for this functionality, as the smart contracts had to be hard-coded into the protocol reference client,