|Dec 02, 2018 05:07 PM||By: John Patrick Mullin | 1274 Views|
Crypto Insider has reported that industry giant Blockstream has released the source code for a new language being developed to create smart contracts, named Simplicity. The general goal is for the language to be very simple while offering more complexity than Bitcoin's Script and more flexibility than Ethereum's Solidity.
One of the major selling points of Simplicity is revealed in the name: It's made to be simple. In this case, simple basically means all of its functions can fit on one nerdy t-shirt:
The pro's for Simplicity, in addition to being simple, are that it offers much more power than Bitcoin's Script language could ever hope for, allowing for syntax similar to Java or Python. While this is also true with Solidity, Simplicity also has the ability for code in smart contracts to be amended after deployment. This is big because one of the major issues with current Solidity contracts is that they are immutable. Hence, if they are deployed with a bug, there is nothing that can be done and it can and has led to the loss of major funds on the Ethereum network.
With this new architecture, there would be the ability to, through consensus, modify contracts. This is of course also a controversial development because it does leave open the doorway for abuse, as anything that isn't immutable does.
There is also the concern as many already feel Blockstream controls too much of the Bitcoin/crypto world, and this would only further cement that. Alternatively, since Blockstream has been completely transparent with their source code, one could argue there is nothing to fear.
In any event, if this new language takes off it could help bring smart contract development to a new generation of coders, and that could help the crypto world blossom into its next iteration.