When Satoshi Nakamoto created the Bitcoin protocol he envisioned the system not only as a way of moving money from one owner to another, but also as a broader mechanism to manage agreements and instructions.
The way he implemented this was by creating a space within Bitcoin transfers where users could enter scripts stating conditions for their transactions.
This functionality opens a whole new game where service providers and startups can build on top of the Bitcoin network to create new products and services with innovative business models.
In this interview Mike Hearn, Google Engineer and Bitcoin Core Developer, explains what was Satoshi’s idea and what applications he envisions for the future of Bitcoin.
We spoke about:
– Mike’s background and how he started with Bitcoin.
– How can “instructions” be entered into Bitcoin transactions?
– Smart contracts.
– Smart property.
– Potential applications.
Please watch the video below: