Smartbtc Sees the Need for Centralized Python-Based Smart Contracts

Just recently the startup Smartbtc announced the execution of a bitcoin-based smart contract written in the Python codebase. The team intended to grow their Twitter following by creating a contract that paid 0.011 BTC after it accrued 1,000 followers in sixty days. After the goal was met, Smartbtc’s Python contract executed on February 19.

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Python Based Contracts Tethered to BTC Payouts

Smartbtc is a platform that facilitates smart contracts tethered to BTC chain payouts, and contracts are written entirely in Python code. The contract’s programming considers the agreement fulfilled after the “def contract()” Python method returns ‘True.’ One thing to note is Smartbtc is a centralized service and contracts are executed periodically until it is fulfilled or it expires. Even though the contracts rely on a level of trust and Smartbtc’s servers, the developer believes a centralized type of contract infrastructure tied to BTC payments will still be needed. Smartbtc’s creator thinks existing financial institutions and average users will gravitate towards these types of maintained agreements as opposed to a system that’s entirely decentralized. Even smart contracts written in Ethereum’s Solidity codebase require a level of trust in the autonomous nature alongside putting faith in codebase audits.

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The application fees are calculated by the agreement period and execution interval which can be anywhere between 1-2 percent. If the contract obligation is not fulfilled the owner will be charged 0.5 percent of the arrangement cost and the rest of the sum is returned back to the originator. “If the smart contract is fulfilled the promisee will get the specified amount minus the miner fee,” explains Smartbtc’s website FAQ. The application’s code is available for review on Github and the Twitter following Python commitment was designed to showcase the platform’s ability to execute.

“On our platform, smart contracts are written entirely in python code, to make it extra easy to write and understand,” explains the developer. “First things we have to set are: amount, receiver (contract promisee), python version (only 2.7 is supported now), how often should the contract execute (execution interval) and the duration of the contract (contract period).”

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Contracts Don’t Have to be Difficult to Write

For the specific Twitter arrangement, the software collaborated with a Twitter API to get the approximate Twitter follower count and utilized ‘pip’ for install requests. Contracts cannot be seen by anyone, but if a person is provided with the contract’s link they will gain access and can view the deal. The Python commitments also have execution limits that are 500 MB of memory, a 30-second execution timeout, and 5 GB of disk space. Moreover, contracts cannot be terminated unless they are fulfilled or the obligations expire. There is no other way of terminating it ahead of schedule,” the company emphasizes.

Of course, some individuals take issue with the fact that Smartbtc’s services are centralized but the creators believe there are many cryptocurrency firms like Coinbase, Bitpay, and others that require a form of central trust.

“The idea I was trying to portray is that smart contracts don’t have to be difficult to write, hard to understand and limited in functionality,” Smartbtc’s creator details. “I find the idea amazing that somebody can pay somebody else if a piece of code returns the right thing — This project is how I thought I could help the community.”

What do you think about Smartbtc’s services? Do you think some individuals and businesses will seek out centrally executed contracts such as these? Let us know what you think about this platform in the comments below.

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Images via Shutterstock, and Smartbtc.

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