Some challanges and solutions of smart contract implementation at BTC blockchain

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Assalamualaikum steemians

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How are you?Hope so everyone would be safe and sound just like me as I am safe Alhamdulillah...

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Smart contracts are self executing contracts and we all know this thing but after its implementation at Bitcoin blockchain there could be some challenges which could arise so I am going to share these all challenges along with some of the solutions of them.

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Challenges

Limited scripting capabilities

When I talk about scripting language which is used in Bitcoin blockchain then it is automatically and with intentions limited for giving security privacy and for preventing Bitcoin blockchain from significant vulnerabilities so when you implement complex smart contract then it increase different challenges which becomes difficult to solve sometimes.

Lack of native support

When I talk about Bitcoin blockchain then there is no negative support this blockchain have four small contracts unlike some other particular blockchain like Ethereum blockchain so it means that when smart contract would be implemented that Bitcoin blockchain then it would require work around and there would also be a need of more layers of technology so it would be challenging to meet these requirements.

Transaction costs

If I talk about cost of transactions then Bitcoin transactions would be very expensive especially if there is execution of smart contracts in it so it becomes less feasible for some particular type of applications which needs multiple interactions within the blockchain.

Scalability

Scalability limitation is another issue that Bitcoin blockchain face if we try to implement complex smart contract in it and especially in those times if transactions volume is increasing or if there are complex computations going to occur than normal.

Solutions

Layer 2 solutions

First of all I am going to talk about the solution of scripting language limitation that Bitcoin blockchain face so when you use layer 2 solutions then these kind of problems could be resolved but before moving further you can take lightning network as an example of layer 2 solution. So these are the off chain networks that are helpful in making the transactions less expensive more cheaper and faster so it becomes more viable for implementation of smart contract.

Sidechains

Now side chain is another solution so it is permitting for creation of a chain which is separate to the main blockchain but these side change would be interoperable with Bitcoin blockchain so there would be the creation of more flexible environment and Ecosystem in this way for implementation of complex small contracts because now there is more advanced scripting capabilities development.

Oracles

Oracle is just like a relationship and most appropriately a bridge in between Bitcoin blockchain and external source of data so in this way small contracts can approach very easily real world data for expanding its functions and its use cases so this is another type of solution that you can understand in this way.

Atomic swaps

When I talk about atomic swaps then these are very helpful in enabling exchange of some particular cryptocurrencies without any requirement and need of intermediate entities so it could be leveraged for the creation of cross chain smart contracts which permits Bitcoin to make its interaction strong with other blockchain platforms.

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Schnorr signatures and Taproot

When I talk about schnorr signature and taproot then these are basically some of the upcoming upgrades in Bitcoin protocol and in Bitcoin blockchain and their main purpose and motive is in the improvement of security, privacy, scalability and smart contract capabilities of Bitcoin blockchain so I think if these upgrades would be implemented then it would be the great source of enhancement of functionality and efficiency of over all blockchain in implementation of small contracts as well.

Now this is an overview according to my knowledge which I got and I explain as it is here but this is not you can say and off some challenges and solutions because there are many more things that you can explore about challenges and solutions regarding the implementation of smart contract act blockchain so I always advise you to make in depth analysis of these challenges and solutions to understand the topic in more clear way and for this you can check out some of the repeatable sources that engage with the Bitcoin community.

Hopefully whatever I have explained is clear to you and for more details you can make your own analysis and reserve but tell the next topic I want to say Allah Hafiz to all of you and I hope that this topic is unique thing which I tried my best to explain today and you have learnt thorough it 💕

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Thanks

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