Bitcoin is evolving day by day. Many companies and personal users have started to use bitcoins. You can use bitcoins for purchases or trading.
There are many bitcoin exchanges from where you can buy the bitcoins for cash and then store those coins in the wallet. You can pay in the shops through the wallets. People using the bitcoins are focusing more on the block size. Many exciting features are introduced in bitcoins.
These features are grabbing the attention of diverse industries to use bitcoins. Few of the top-most features include – smart contracts, notary services, issuing the assets, and creating digital identities. Though bitcoins are in use for a long time, the usage of currency is still taking the baby steps. Bitcoin and blockchain technologies are growing slowly.
In the initial stage, there is a lot of attention paid to the financial aspects of Oil Profit. However, now technology is given the high priority, and new features are getting added. Few of them include:
Smart contracts
The smart contracts are gaining immense little popularity, and many are focusing on this feature. However, earlier, the digital currency enthusiast has switched to Ethereum to enjoy this feature and is now available even for bitcoins. Not many people are aware of the usage of the smart contract in bitcoins. Some platforms are offering this functionality to the end-users. Few are still in the development phase.
When the bitcoin-based smart contracts come into existence, the Ethereum based smart contracts will not go into the oblivion. The demand for both these smart contracts remains the same. There are many efforts put by the developers to develop this functionality and make it available to the public. At this point in time, it is tough to say how Ethereum and bitcoin smart contracts would look, but the innovation would soon hit the technology world. You would be amazed to see this feature.
Colored coins
There are a few platforms that are enabling the users to issue colored coins with the help of bitcoin technology for a myriad of purposes. It becomes easier for the companies to offer a fractional share in their company by issuing the equity share in the form of tokens. It has become a breeze and a breakthrough. If a user wants to issue fractional ownership to the buyer, they can do it now.
The colored coins have come up with the specific purpose of issuing the shares and paying dividends to the shareholders based on the set of rules defined. Many platforms are available and allowing users to issue the colored coins through the rich and simple to use interface. Many enhancements are going on. In the future, you can see the companies releasing the assets with the help of bitcoin technology and give some fiat value to it.
Digital notary
There are a few companies that have come up with the software and explained how the digital notary could be issued with the help of bitcoin technology. The use cases are limited for now, but there is scope in the future to have this feature. This area is another feature that is in the future development list. The companies are trying hard to bring this feature and make it available to the users.
Digital identity
The essential feature that many bitcoin enthusiasts would love to have is the digital identity. This tool would help one to sign up and use digital platforms with high security. You can associate this with the bitcoin wallet address. There is a tamper-proof record that would be created to prove one’s identity.
Reputation
When the digital identity is available, it becomes easier for the users to give the reputation score to each identity. It becomes easier for people to carry out the bitcoin transaction and business with other bitcoin members. When the transaction is genuine, your reputation rating will increase, and if there is any illegitimacy that is noticed by the users, your reputation levels will go down.
These are a few features that you can see in the coming few days or years in the bitcoin world. These features would bring a sea of transformation in the usage of bitcoins. You can soon see them.
