Sensible Contract takes major step towards better NFTs and smart contracts on BSV

By Jamie McKane Published: June 23, 2021

Sensible Contract has taken another significant step towards implementing simplified smart contracts running on BSV which support secure and decentralised processing of fungible and non-fungible tokens (NFTs).

Bitcoin SV (BSV) is the blockchain protocol most closely aligned with the original vision of Bitcoin detailed in the 2008 white paper published by Satoshi Nakamoto. Due to its adherence to this vision, the BSV protocol supports high data throughput and storage, low transaction fees and smart contract functionality, the latter of which Sensible Contract aims to extend and i­mprove for blockchain developers.

SatoPlay co-founder and Sensible Contract whitepaper co-author Gu Lu has announced that BSV on-chain assets created using the Sensible Contract framework are now available to be accessed by other products, including:

  • SatoPlay – gaming platform built on the BSV network which uses Sensible Contract as its token/NFT solution.
  • ShowApp – MetaID-based social software and wallet which will support Sensible Contract as its token/NFT solution.
  • TokenSwap – a decentralised exchange running on the BSV network which supports on-chain token swaps using Sensible Contract.

This is a significant development in the rapidly growing ecosystem built around Sensible Contract, which aims to open new possibilities for smart contracts and autonomous applications running on the BSV network. The Sensible Contract whitepaper was published in early 2021, outlining a method for ensuring contract backward traceability and coordination – functionality that is not natively available in current BSV smart contract implementations.

Sensible Contract offers developers a simple and easily integrated solution for implementing NFTs, fungible tokens and unique contracts on BSV, and it has seen impressive growth within the BSV community.

‘Being supported by many actively developing apps in China, Sensible Contract is growing at a noticeable velocity. There are dozens of asset solutions out there on BSV, but not all of them are attracting more and more products in a rising curve,’ Lu says.

 

What this means for the BSV network

Lu notes that this new level of interoperability as a result of Sensible Contract adoption will make future development of tokens and contracts far easier and more powerful for BSV developers.

‘This is a significant step toward a simplified and unified asset solution on BSV. This will make future integration easier than expected. As far as we know, more products like MetaSV are actively working on supporting Sensible Contract in various ways,’ Lu says.

‘This gives the community strong confidence to work together and save everyone’s time by supporting one comprehensive solution.’

Sensible Contract is not only helpful to blockchain developers, but it also offers exciting new functionalities for users transacting on the BSV network. These include a decentralised on-chain exchange called SensibleSway that allows the trading of BSV-based tokens, as well as a SensibleScan – a data browser that allows easy inspection of the BSV blockchain with support for these token protocols.

‘From the perspective of users, there are two products on the way – TokenSwap and SensibleScan, which is a data browser like EtherScan for BSV,’ Lu explains.

‘Developers can look out for two noticeable packages. The first is Sensible SDK, which is currently available as a handy package for new developers interested in Sensible Contract. The second is Sensible Query, which is an important infrastructural component for asset browser SensibleScan, which now includes a pair of new components, satomempool and satoblock, as a data parser.’

One of the primary functions of Sensible Contract is to enable a unified asset contract framework that facilitates cooperative development and debugging, as well as widespread interoperability of token-based applications.

‘By using a unified asset contract family, it can save everyone’s time,’ Lu explains.

‘Bugs can be found and solved much quicker with more eyes on them and data browsing is easier to deliver because there is much less mess with contracted transactions.’

 

Sensible Contract as the ‘missing piece’ for BSV developers

BSV developers can leverage Sensible Contract to ensure the security and compatibility of their blockchain-based tokens with everything from decentralised exchanges to wallets with support for Sensible Contract token protocols. This functions in a similar way to ERC-20 and ERC-721 tokens on Ethereum, but thanks to BSV’s UTXO model and unbounded scaling, the potential applications of these tokens is far greater than on any other protocol.

Sensible Contract’s central aim is to solve two problems which would otherwise hinder or create far more work for developers building NFT- and smart contract-based services on BSV.

‘First, by hiding details of cumbersome legitimacy backwards tracing and validating, Sensible Contract helps developers to focus on business logic with tokens and other assets, without worrying about forged inputs from unknown parties,’ says Lu.

‘Second, by providing a collaboration mechanism, developers can access more business-relevant data fields which are not available in the current ordinary transaction context.’

The implementation of Sensible Contract centres around the OP_PUSH_TX Bitcoin Script opcode, which allows a transaction to push itself as a data object to the BSV stack. Using this, the provenance of the transaction’s input data can be established and traced back to the transaction which originally minted tokens using the Sensible Contract framework.

This prevents Sensible Contracts from being fraudulently called with fabricated inputs created by malicious users to satisfy the requirements of the contract, as well as offering a way to interact with other contracts built on the same technology.

On its website, Sensible Contract offers several tools for creating fungible and non-fungible tokens in line with these standards. This delivers the ‘missing piece’ for BSV developers, who can rest assured that their smart contracts and tokens are secured against fraudulent manipulation and support collaboration with other contracts, enabling more advanced autonomous computing use cases.

Using Sensible Contract, developers can therefore focus on their applications and the interactions with their BSV-based tokens without worrying about interoperability with on-chain exchanges or the provenance of tokens sent to their smart contracts.

To find out more about Sensible Contract and the tools it has made available to BSV developers, visit the official website or read the white paper describing the technology.

 

The Sensible ecosystem (click to enlarge)