Innovation in the Bitcoin network continues to increase sharply, despite the difficulties the cryptocurrency market is going through in general due to regulatory offensives.
With the emergence of Ordinal theory by Casey Rodarmor in early 2023, the doors for innovation have opened in the industry’s first blockchain network, paving the way for creativity to expand Bitcoin’s use cases beyond a p2p network for electronic payments.
Recently on March 25, it was revealed that a group of developers under the hood of New Bitcoin City managed to deploy the first smart contract in Bitcoin, in block 782474.
The information was shared by a user belonging to the New Bitcoin City project on his social network Twitter, where he posted An image of a Solidity smart contract running on the Bitcoin network.
* The first Solidity smart contract running on Bitcoin
*Historically significant
* On-chain conceptual art
* 10,000 collectible fungible tokensCollect GM: https://t.co/ZTrCe1e2Ns
Smart contract: https://t.co/wsPv6AlUwR
Deployed on Bitcoin: https://t.co/kC1VvHWKm2
—3700 | New Bitcoin City (@punk3700) May 13, 2023
The experimental project was a smart contract to deploy a collection of 10,000 fungible tokens under the $GM identifier.a memecoin that reflects the milestone reached on the Bitcoin network.
New Bitcoin City is a project powered by Trustless Computer, a protocol that allows developers to write smart contracts on the Bitcoin network. The project focuses in one place generative art, decentralized finance and metaverse, all deployed within the Bitcoin network.
The milestone reached follows the growing wave of innovation that is currently running on the Bitcoin network with the development of new standards such as the BRC-20 and ORC-20 tokens, implementations that seek to expand the use cases within the network, despite from the criticisms of some bitcoin maximalists.
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