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Counterparty, the technology for decentralized financial tools on the Bitcoin blockchain, has started running Ethereum smart contracts by porting the Ethereum Virtual Machine (EVM) to its codebase.
In late 2014, Counterparty added their support to execute the Ethereum smart contracts platform on Bitcoin; however, at that time, Ethereum was in its pre-alpha stage of development, with its first major release, Frontier, not yet being announced. Of course, with both Frontier, and later, the release of Homestead in late February, the developers at Counterparty have witnessed the EVM growing nicely. The end result was to create a contract that would work with Ethereum, Counterparty, and Bitcoin, which they seem to have achieved, according to Counterparty Core Developer, Ruben de Vries. He stated:
It is not possible to start running a contract on Counterparty testnet with the current code.