HTX Ventures: Exploring the BTCFI Rabbit Hole from the Perspective of Bitcoin’s Programmability
Abstract
Singapore / September 12, 2024 – Starting with the feasibility and evolutionary path of Bitcoin programming, this paper systematically explores Bitcoin’s potential and challenges in the field of Bitcoin decentralized finance (BTCFI). Bitcoin adopts the UTXO model in its architecture and has established a contract system with verification at its core through its unique scripting language and opcodes. Compared with Ethereum’s smart contracts, Bitcoin contracts are characterized as “stateless” and “non-computational”, which limits their functionality but makes them more secure and decentralized.