Bitcoin Core developer Peter Velle introduced Miniscript, a new programming language to simplify the development of smart contracts for the Bitcoin network.
After publishing the corresponding message in the newsletter for Bitcoin developers, Peter Velle noted that the work on Miniscript lasted almost a year, and Andrew Poelstra and Sanket Sanyalkar also participated in it.
Just announced our Miniscript project website on the bitcoin-dev mailinglist: https://t.co/vOceWbgPe0
– Pieter Wuille (@pwuille) August 19, 2019
Now, as the Belgian developer says, the project has reached the stage when it is necessary to attract more attention to it.
In order to understand what Peter Velle has come to, it is necessary to recall Script – the language of bitcoin smart contracts, which allows you to specify certain conditions under which cryptocurrency spending may take place.
This can be a certain amount of time before which it is impossible to spend coins, or a multi-signature system that requires the signatures of several participants in a transaction.
Miniscript is built on top of this language and is designed to optimize it. Firstly, it is a purely visual perception of the code. So, if in the Script language, the entry looks like this:
August 19, 2019
In his Twitter thread, Peter Welle writes:
“Suppose a company wants to protect funds stored in a cold storage using a 2-of-3 multi-signature system with three members. One of the participants, however, has its own good set based on two-factor authentication, multi-signature and time lock. Why not make the entire company system one of the multi-signature participants? ”
Miniscript is currently available in implementations for C ++ and Rust . According to Velle, work on the project continues, but the extensive tests carried out inspire confidence that the language design is not only compatible with the current consensus of the Bitcoin network, but also does not require any changes in it.
Moreover, the developers also plan to expand the Miniscript structure so that the language supports future script changes that can be included in the Bitcoin code base.
Peter Velle added that he is working on introducing parts of the Bitcoin Core language if the developer community wants to turn them on and believes that it could be very useful for bitcoin, but ideally he sees it as part of the technology for wallets.
Recall, Peter Velle is also one of the main authors and creators of the Segregated Witness (SegWit) protocol, the largest upgrade to date in the Bitcoin network, which was activated in August 2017.
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