Bitcoin introduced the very first decentralized contract system. Deep inside Bitcoin there’s a tiny embedded programming language that allows developers to set preconditions for payments to be authorized. Despite the immense potential, security and other technical concerns never allowed the Bitcoin language to become a complete contracts system.
Second generation cryptocurrencies expanded upon the initial Bitcoin programming concept by introducing Touring-complete programming languages that allow developers to implement complex contracts on the blockchain.
In this section we take a look at smart contracts, their technology and how they sparked a whole new crowdfunding revolution within the crypto movement started by Bitcoin.