BTC018: Bitcoin Smart Contract w/ Discrete Log Contracts featuring Pierre Rochard & Ben Carman (Bitcoin Podcast)
The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network
Stig Brodersen
4.6 • 3.6K Ratings
🗓️ 24 March 2021
⏱️ 75 minutes
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| 0:00.0 | You're listening to TIP. |
| 0:02.4 | Hey, everyone. Welcome to this Wednesday's release of the show where we're talking about Bitcoin. |
| 0:06.4 | For many years, it's been assumed that smart contracts can't occur on the base layer of Bitcoin. |
| 0:12.1 | But on today's show, I talk with Pierre Rochard and Ben Carmen about a new innovation called |
| 0:17.3 | Discrete Log Contracts, which makes many people's original understanding of smart contracts not |
| 0:23.2 | happening on the base layer invalid. Within the past year, some groundbreaking work with ECDSA |
| 0:29.2 | adapter signatures went from theory to application. This is a cryptographic signature scheme that |
| 0:35.6 | enables scriptless scripts to execute smart contracts without relying on Bitcoin scripting language. |
| 0:42.0 | Just when you think things can't get more interesting, new innovators and brilliantly smart people |
| 0:47.0 | keep coming up with even more fascinating things in this Red Hot sector. So without further delay, |
| 0:52.4 | here's my chat with Pierre and Ben on smart contracts within the Bitcoin base layer. |
| 1:01.0 | You're listening to Bitcoin Fundamentals by the Investors Podcast Network. |
| 1:06.7 | Now for your host, Preston Pish. |
| 1:09.1 | Everyone, welcome to the show. I'm your host, Preston Pish. Here I am, company with Ben Carmen, |
| 1:24.9 | and also Pierre Rochard. So let's just kick this off right out of the gate and let's dive into |
| 1:30.8 | this thing that looks very complex to me. But I'm sure everybody else who's listening to this is |
| 1:36.3 | thinking what in the world is this that they're talking about? Discrete log contracts. Explain |
| 1:42.4 | this to me. Pierre, go first. Explain this to me like I'm 10. What is this? |
| 1:48.5 | I'll start with an example that hopefully your audience is already familiar with because |
| 1:53.7 | a futures contract or any other kind of derivative. And conceptually, the key part of this is that |
| 2:00.8 | the contract depends on the price of the underlying. So the underlying can be really anything, |
| 2:08.3 | but the price is just a piece of information. And conceptually, what discrete log contracts are |
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