Alkanes Metaprotocol Could Enable Advanced Smart Contracts and Apps on Bitcoin

Key Points

1. Alkanes utilizes Bitcoin’s witness data and OP_RETURN fields to execute smart contracts and track state changes, enabling DeFi and dApps directly on Bitcoin.

2. The protocol supports WASM-based smart contracts, expanding beyond existing Bitcoin standards like Ordinals and Runes, which focus on NFTs and fungible tokens.

3. Alkanes introduces 'protostones' for data deployment and NFTs called 'Orbitals,' enhancing programmability and scalability on Bitcoin.

4. The protocol aims to foster ecosystem growth with tools like an automated market maker (AMM) and open-source initiatives to encourage developer contributions.

5. Alkanes positions Bitcoin as a fully expressive settlement layer by integrating WASM virtual machines and efficient data structures, enabling broader decentralized applications.