Lightweight smart contracts on Bitcoin and Litecoin 🎉
On most smart contract systems fees are charged for every computational step and for every memory allocation or update. Bitcoin has always had smart contracts with free computation called colored coins. This is because smart contracts are evaluated by users client-side instead of by miners. Bitcoin Computer smart contracts lightweight as they do not impose any additional work on miners, node operators, or other users.
The only fee that needs to be paid is the mining fee plus a Bitcoin Computer fee that is equal to the mining fee. The fixed fee makes it possible, for the first time, to run compute and memory intense programs as smart contracts.
You can run your own node and direct our client side library to it. The node gives you trustless access to the Bitcoin Computer. Nobody can revoke your access if you have a copy of the node and the lib. You can think of a node as a universal backend that can power any application.
We are launching at the Litecoin Summit on October 21st 🚀