Well, it's all in the Subject, to be honest. I've been developing different blockchain applications for a while (as pet-projects or as a contracted developer). I always saw Bitcoin as the "main" cryptocurrency, the cryptocurrency that crypto community should consolidate around. The only thing I miss in the Bitcoin blockchain is the ability to use smart contracts. And I believe that a big part of the real world can be automated with smart contracts. I'd go as far as to say I believe that in the near future we will see a massive decline of traditional institutes and their replacement with online services doing the same variety of offerings. After all, why would you need a traditional bank if the same services can be offered by a software script - credit scores, mortgages, loans, borrowing in general, credit and debit cards - all these services are based on the algorithms and scoring systems, hence the high street offices, managers, underwriters, cashiers are the overabundant part of the system that cost a customer (an end-user) money. And if the only valuable part of the bank is an algorithm and scoring system - why would you even need a bank? Same applies to the insurance industry, registry offices, job centres — all traditional organisations where we can boil down their value to a small software application. I've heard a joke somewhere - "If programmers come to power, then a small script will replace entire ministries.", but that's not a joke anymore, that's the reality.
Anyway, I digress.
The one thing that was bothering me is how to combine Bitcoin blockchain network and smart contracts. I don't want to create a new bitcoin with smart contracts - that has been done before. I do not want to have another fork of BTC, as I'm all in favour of consolidating around one blockchain rather than many. (Not least, to be able to oppose one major blockchain network to major monetary institutes).
I have spent the last six months working on the application that is able to run BTC-based, trustless smart-contracts. It's a combination of the software code (I plan to release as open-source) and internal scripting language that can create a set of "rules" that can be "watched" and "executed". As long as the result of the "deal" in the "contract" can be found online or in the network itself - you can build any types of contracts using the proposed internal scripting language. This application can effectively replace any escrow service (it's trustless), can't be tampered with (the moment you have "published" the "contract" even the contract creator can not change it), it can make a decision based on the events in the "real" world. As long as the "real world" event has a digital footprint - it can be linked to the "contract" execution. It can be as small as payment for the sale of a domain (where an ownership transfer is recorded) to a coin swap to a payment for a house. Anything that has a digital record can be acted upon.
I'm at the pre-MVP stage where I have developed everything I needed to do real-world tests. I have managed to run these tests successfully. Next step, I plan to organise all my findings, all developed software, documentation and scripting language and offer all that to the public. I do not plan to create any services based on the application I've created, I want to focus on developing my Bitcoin-smart contracts application and language. I believe that there are people out there that are much more entrepreneurial than I am, with a better idea of how they can execute on replacing old, outdated institutes and services with a smart-contract-powered Bitcoin blockchain.
And... that's the point in my life where I now wake up in the middle of the night thinking if I am delusional and if Bitcoin smart contracts are even needed to anyone. So, what do you think?
tl;dr - I'm developing opensource software to implement Bitcoin (BTC) trustless smart contracts, and I'm trying to understand if the general public is interested in such sort of thing?
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