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New suite of tools facilitates creation of smart contracts in Bitcoin

The beta version of Bitcoin Pro is now available, a tool to create and manage Bitcoin transactions in one place, in addition to issuing smart contracts in this protocol and in the Lightning Network.

The Pandora Core company announced the recent launch of this application, adhering to the objectives of the LNP / BP Standards Association, which seeks to establish operational parameters when executing the Lightning Network and Bitcoin protocols on clients other than Bitcoin Core. It is one of the first implementations of the system for creating smart contracts on Bitcoin, RGB.

Among the functionalities available in the program, there is a tool available to convert public keys between various cryptographic formats, for greater ease of reading and interoperability between applications and clients.

In addition, descriptive information can be added to the outputs of a transaction (UTXO), which in theory facilitates the management and identification of these outputs, optimizing logistics times when handling a high volume of outgoing Bitcoin transactions.

The creation of fungible assets in Bitcoin will also be allowed under the RGB-20 standard, which is also promoted and protected by the LNP / BP association. This standard, they mention on its home page, allows to issue smart contracts even on Lightning Network channels, also facilitating the creation of fungible and non-fungible (collectible) tokens.

Another functionality not yet available, but which could be launched soon, is the implementation of the RGB-21 standard, which will allow the launch of collectible and non-fungible assets, analogous to Ethereum’s ERC-721 standard.

As we reported earlier this year in CryptoNews, the RGB standard facilitates the creation and deployment of smart contracts on Bitcoin and the Lightning Network. One of its most outstanding attributes is that of having validation on the client side; referring to the fact that the miners of the network must not necessarily be counted on to approve transactions. The client-side validation mechanism works when the parties involved in a transaction commit by blocking an amount of bitcoins by mutual consent.

Among other functions that will be available very soon, a block explorer and a Bitcoin transaction monitor will be added under a system of description labels of the same.

The app is not a Bitcoin wallet, they clarify in their code repository on GitHub, so you don’t need private keys. However, it does use the partially signed transactions (PSBT) method, which allows you to export the information to another application where these transactions would end up being signed on the main network.

In a call (now visible on YouTube) where the operation of the application was demonstrated, Dr. Maxim Orlovsky, CEO of Pandora Core, highlighted this aspect.

“The system does not use any type of private key. It neither stores nor manipulates them. This is important because when we are talking about professional account management, there are clear distinctions between preparing a transaction and signing it. This was understood long ago in the Bitcoin world, which is why the PSBT standard was created, allowing us to separate these concepts: the creation and the signing and distribution of the transaction. “

Dr. Maxim Orlovsky, CEO of Pandora Core.

Bitcoin Pro is open source and is programmed in RUST language. The program works with the GTK graphical working interface, being executable on Linux, MacOS and Windows 10.

Although Bitcoin Pro promises to be a powerful tool for users to manage their Bitcoin accounts, They advise that it is a fairly early version and should be used at your own risk.