Smart Contract Functionality: A Boon For The Bitcoin Network

cryptonews.com:

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Since its inception, the Bitcoin blockchain has undergone several transformations, leading to some hard forks and soft forks. Recently, Bitcoin core developers implemented the Taproot technical upgrade to increase transaction privacy and efficiency while at the same time introducing smart contract functionality on the legacy blockchain.

Among the benefits this upgrade delivered, Taproot will ensure significantly reduced transaction fees, which will play a key role in supporting projects that are connecting Bitcoin to the broader DeFi and NFT ecosystems. At the same time, the Taproot upgrade also increases privacy and security, thereby benefiting the entire community of Bitcoin users.

Several promising projects are already leveraging these newly-added features to that extent, thereby accelerating the growth and adoption of DeFi and NFTs on the Bitcoin blockchain. Here are some Bitcoin-based projects spearheading the legacy blockchain’s transition to new-age technologies.

While the idea of integrating DeFi into the Bitcoin network has been circulating for some time, RSK Network has successfully established the first Bitcoin-secured smart contract platform. To assure Bitcoin and the DeFi ecosystem achieve long-term sustainability, RSK's promising solution adds value and functionality to the legacy network by enabling smart contracts on top of it.

By merging the best attributes of Bitcoin and Ethereum networks, RSK has positioned itself as a highly scalable and the first smart contract platform secured by the Bitcoin network. As a result, the RSK infrastructure enables trustless and