Smart Contracts On Hive And What They Can Do

@nabbas0786: Great Achievement and a perfect step towards making it bigger ❣️

@revolverocelotyt: Smart contracts will build a lot of trust for users outside the hive blockchain.

@outwars: The VSC smart contracts seem to be very cutting edge. They seem to have employed a lot of things that are not common in other blockchains/smart contracts. The capability of using multiple programming languages, and being able to transfer between two blockchains without the need of wrapping or bridging sounds awesome. I think there is another one from blocktrades coming up so these are huge for Hive.

@ai-summaries: Summary: The host discusses the importance of smart contract capabilities on the Hive blockchain. He explains that Hive has lacked this functionality, which has hindered the development of applications like gaming, social media, communities, and DeFi projects. However, the introduction of the VSC sidechain has now provided Hive with smart contract support, resolving this key infrastructure gap. The host highlights that VSC has already launched on the Hive testnet, with initial smart contracts developed by the team. He notes that documentation on VSC is forthcoming, which will be crucial for onboarding developers unfamiliar with the Hive ecosystem. The host argues that the addition of smart contracts on Hive, through VSC, is a significant development that will enable more robust application building on the platform. He also mentions that other smart contract solutions, like the one planned for the SPK Network, are in the works for the Hive ecosystem. The host then compares Hive's architecture to other blockchain networks, emphasizing Hive's strengths as a decentralized text database with basic DeFi capabilities. He explains how VSC, as a sidechain, can leverage Hive's fast and feeless transaction model, effectively creating a settlement layer for smart contract based applications. This is contrasted with the high fees and scalability issues faced by networks like Bitcoin and Ethereum. Overall, the host believes the integration of smart contracts on Hive, through solutions like VSC, is a crucial step forward that will unlock new development opportunities and enhance the capabilities of the Hive ecosystem. Detailed Analysis: The host begins by explaining that while Hive does not have native smart contract functionality on its layer one blockchain, the introduction of the VSC sidechain has now provided this capability. He highlights that the lack of smart contracts has previously hindered the development of various applications on Hive, including gaming, social media, communities, and DeFi projects. The host then provides more details on the VSC sidechain, noting that it has already gone live on the Hive testnet and that the team has built a few initial smart contracts. He emphasizes the importance of the upcoming documentation on VSC, as it will be crucial for onboarding developers who are unfamiliar with the Hive ecosystem. Discussing the significance of this development, the host argues that the addition of smart contracts fills a major infrastructure gap on Hive, paving the way for more robust application development. He acknowledges that some applications have already been built on Hive without smart contracts, but states that the ability to develop on Hive has been limited compared to Ethereum based networks. The host then mentions that VSC is not the only smart contract solution in the works for the Hive ecosystem. He notes that the SPK Network is also planning to incorporate smart contracts, though he is unsure of the extent to which these will be user generated. Additionally, the host reveals that Hive itself is developing its own smart contract platform, though he does not have a timeline for its release. Comparing Hive to other blockchain networks, the host highlights Hive's unique characteristics as a decentralized text database, with basic DeFi capabilities built into the base layer. He explains that this design approach prioritizes security and stability, in contrast with the more feature rich but potentially less secure smart contract platforms. The host then delves into the relationship between Hive and the VSC sidechain, emphasizing that VSC will utilize Hive's native tokens, such as Hive Coins and Hive Backed Dollars (HBD), as well as Hive Power. This, he argues, allows VSC to leverage Hive's key advantages, such as its fast and feeless transaction model, while enhancing the ecosystem with smart contract functionality. The host contrasts this approach with the challenges faced by networks like Bitcoin, which has had to rely on solutions like the Lightning Network to enable faster and cheaper transactions. He also notes that Bitcoin, unlike Hive and the EVMs, does not have native smart contract capabilities. Finally, the host speculates on the potential implications of Hive's smart contract capabilities, both through VSC and potentially through Hive's own smart contract platform. He suggests that this could unlock new development opportunities and help address the scalability and transaction fee issues that have hindered the growth of applications on other blockchain networks.