Description

BITDA is a Bitcoin layer for smart contracts; it enables smart contracts and decentralized applications to trustless use Bitcoin as an asset and settle transactions on the Bitcoin blockchain. The initial version of BITDA, launched in early 2023, introduced Bitcoin settlement of transactions, the Clarity language for safe contracts that can respond to Bitcoin transactions, and atomic swaps of assets with BTC. The next major proposed upgrade of BITDA, the Nakamoto release (expected 2024), adds important capabilities that will enhance the power of BITDA as a Bitcoin layer: (a) a decentralized, two-way Bitcoin peg to move BTC in/out of the layer and write to Bitcoin, (b) transactions secured by Bitcoin finality, and (c) fast transactions between Bitcoin blocks. The resulting BITDA layer makes Bitcoin a fully programmable asset in a trustless manner. This can make hundreds of billions of dollars of passive Bitcoin capital productive, unlock it for decentralized applications, and make Bitcoin the backbone of a more secure web3.