The blockchain scripting wars are over. Bitcoin has won.

For years, Bitcoin has faced the competitive challenge posed by the Ethereum strategy.

What is the Ethereum strategy?

A better (Turing complete) blockchain scripting language (such as Solidity) would lead to more innovation in smart contracts.

In the Ethereum strategy, smart contracts are to be implemented as blockchain scripts.

At the same time, we have now discovered that every blockchain script can also be implemented as an off-chain scriptless script.

This new approach is much more scalable and respectful of the user's privacy.

Furthermore -- and that is truly a catastrophe for the Ethereum strategy:

While all blockchain scripts can be implemented as off-chain scriptless scripts, the other way around is not true.

Therefore, the Ethereum strategy now faces the following devastating consideration:

Off-chain scriptless scripts are vastly superior to blockchain scripts.

Extensive blockchain scripting is no longer the way to go, and "better blockchain scripting" is simply pointless. It is now effectively a legacy technology.

Hence, the Ethereum competitive gamble has essentially failed.

Submitted December 10, 2021 at 07:09AM by mimblezimble https://ift.tt/30aUdkg