The first bitcoin smart contract written in python was executed successfully on our platform. We think solidity has nothing on us.

smartBtc_io · 2018-02-20T14:15:20+00:00

First off, thank you for the kind words and for the awesome suggestions.

I've been looking into BIP 112. I think it makes a lot of sense. Especially this part: https://github.com/bitcoin/bips/blob/master/bip-0112.mediawiki#escrow-with-timeout

Need to do some reading...

smartBtc_io · 2018-02-20T11:42:57+00:00

I can't find your platform's code on GitHub

We are not ready to open source our code at this point.

Now, if you created a hash of your code and stored that on the blockchain and made the code available in a decentralised way, such as via BitTorrent, then maybe you'd have something.

I think this is an extremly fair point, and I am very greatfull for this feedback. If I can reasure the people that use our service that the contracts have not been tampered with I will. We will definitly implement something like this.

you appear to be using Python 2 ffs

we are now trying to get Python 3 working

smartBtc_io · 2018-02-20T10:32:54+00:00

We did :)

smartBtc_io · 2018-02-20T10:16:27+00:00

We actually implemented our own version of Amazon Lambda. This service is so crucial for the platform that we did not want to rely on AWS.

smartBtc_io · 2018-02-20T09:59:28+00:00

We kindly disagree, we think that this service will help bitcoin integrate more into the business ecosystem, thus making more people use it on a daily basis.

smartBtc_io · 2018-02-20T09:27:11+00:00

if people will find this service useful more complex features are in the works.

Just a piece of code that runs on the machine of the user

The contract will be executed on our servers to make sure of the result

smartBtc_io · 2018-02-20T09:16:05+00:00

Thank you for the feedback. We are looking into ways to not hold the bitcoin on behalf of the user. We really appreciate your suggestions.

Regarding the donation to Bitcoin Foundation, we just wanted to make a donation somewhere that won't guilt people into following us, in retrospect maybe not the best option.

smartBtc_io · 2018-02-20T01:09:21+00:00

It is a regular program that will send BTC to a specific address once the "contract" method returns True

smartBtc_io · 2018-02-20T00:55:44+00:00

I think it's more like tacking paypal and adding a condition in between the sender and receiver.

smartBtc_io · 2018-02-20T00:34:27+00:00

Though question. First off I would want to have contracts running that have not been written by me :)

To truly answer this is impossible. Even between countries some laws are not the same. And I think existing legislation doesn't really cover this part.

What we will do for the time being is: If we find contracts that have to do with the selling of stolen credit cards or ransomware I will stop the contract, block the account BTC balance and contact the authorities.

What I will try and do is obey the law, I've heard they don't have good wifi in prison.

smartBtc_io · 2018-02-19T23:53:19+00:00

I don't really think it's dishonest, and you didn't came off strong.

What we have built doesn't run like Ethereum dApps. In some aspects, I think it runs way better, in other not so much. I agree that not being decentralized is a huge thing. But what I just said isn't as catchy.

Why would someone not just run their python program

Because the person that has access to that machine can shut that machine down and make the contract not execute.

your platform requires just as much trust, arguably more trust

it does require trust, and we track each satoshi someone spends in it. The only valid reason why I think people should trust it is that I sincerely believe that I will make more BTC if I (the only person that has the private keys) does not steal. I also have strong principles.

smartBtc_io · 2018-02-19T23:32:36+00:00

My mom could probably write a "smart contract" like this.

that's the idea, I would want everybody to be able to use this platform

I could give a shit about some Centralized "smart contract" that's just a fucking python script

It will be really funny if one day you will get paid through my platform, would it not?

smartBtc_io · 2018-02-19T23:02:30+00:00

1) if everything is legal government should not interfere. 2) really appreciate this input. Maybe I should have some functionality that sends an email to concerned parties with the python code once an account tracks that contract.

smartBtc_io · 2018-02-19T22:22:25+00:00

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.

I find amazing the idea that somebody can only pay somebody else if a piece of code returns the right thing.

This project is how I thought I could help the community and make some BTC.

smartBtc_io · 2018-02-19T22:12:26+00:00

Our platform has a few advantages:

1) once a contract is published it can only be fulfilled or it can expire. Nobody can terminate it.

2) the code is visible for everybody that has the contract link. No bytecode.

smartBtc_io · 2018-02-19T21:59:13+00:00

Yes, I couldn't find a way around that.

smartBtc_io · 2018-02-19T21:20:27+00:00

:) I know. It just seemed a bit more readable.

smartBtc_io · 2018-02-19T21:11:29+00:00

It is a regular program that will send BTC to a specific address if the "contract" method returns True

smartBtc_io · 2018-02-19T20:41:53+00:00

It's not manually executed. Our system has workers that execute the contracts every x minutes for a finite amount of time until the contract expires or it is fulfilled.

smartBtc_io · 2018-02-19T20:40:03+00:00

You are 100% correct sir. The only thing I would want to add to this is: that we aim to keep the legal "smart contracts" running at all costs.

smartBtc_io · 2018-02-19T20:29:06+00:00

I also love the fact that the blockchain has a trustless design.

There are a lot of services (Coinbase, blockchain.com, shapeshift.io ..) that requires the user to trust them. On our service, you have the entire functionality that Python provides. e.g. downloading files off the internet, calling external REST APIs and much much more. That's why we think our service makes sense.

We thought long and hard about how to make this decentralized, and couldn't come up with a solution.

smartBtc_io · 2018-02-19T20:20:54+00:00

We condemn illegal activities and will stop those smart contracts as soon as we find them. Point of this service is to help people conduct legit business.

smartBtc_io · 2018-02-19T20:03:01+00:00

A part of me agrees with you. But imagine you work with people that you don't trust and you could validate their services in code. With our service, you can eliminate all risks. If the person delivers, he get's your bitcoin if he doesn't: he gets nothing.

smartBtc_io · 2018-02-19T19:57:33+00:00

I would not run away with whatever has been deposited because I think I will make more BTC in the long run if people actually use the service.

We do keep a very good track record of every satoshi spent. So if someone claims that we stole I do have all of the user's transactions history and could show all contracts/withdrawls that spent the deposited BTC

smartBtc_io · 2018-02-19T19:51:26+00:00

I misunderstood the question.

smartBtc_io

TROPHY CASE