In this world of rapidly evolving technology, things change before the full potential is even utilized in some cases. Some people are yet to fully understand the concept of Androids, and we already have high-quality tech iOS available. This is not entirely a bad thing, it's just proof of growth and it is essential to be in sync with the technological advancement so that you won’t be left behind. Technology has grown to be a part of human daily lives, from our cellphones, to work computers, to bill payments and even the cashless system – they can all be attributed to technological advancement. According to general knowledge, the existence of the blockchain network itself is technology-inclined and all that is involved in the development is not without it. Hence, there are a lot of new grounds to test, and a lot of exciting topics in the crypto world to explore and learn from, one of these exploration topics is the Turing Completeness.

In this article, we will be learning the meaning of Turing completeness and all that is attached to it, in relation to the cryptocurrency network.

Turing completeness was coined from the name of a British mathematician called Alan Turin. This man published an article in 1993, that talked about the basis of computer science. The paper was titled ‘On computable Numbers’. The paper gave insight into a machine that can compute any sequence. He described this machine as a universal machine, and it was the prototype for the general-purpose computer we know in today’s world. Turing further described the potentials and limitations of what the universal machine could run. And based on all of the information, any system that can do what this machine does can be said to be Turing complete. A Turing-completed system is used to solve complex problems and make the programming language computable. And for a system to be considered Turing complete, it must tick all the four boxes below (that is, it must have the ability to execute the following procedures);

Sequencing: Performing a succession of statistical procedures in the order of arrangement in the sequence.
Conditionals: Perform a variety of computational steps depending on the criteria provided or preset.
Iteration: Ability to clone statistical sub-processes repeatedly.
Storage: Capacity to save transitional results in memory for future use.

What is The Relationship Between Turing Completeness and Cryptocurrency?

In cryptocurrency, Turing completeness is used to determine the strengths and limitations of a blockchain network. It is used to analyze the capacities of a cryptocurrency project. Turing completeness is important in determining the statistical flexibility and capacities of an existing crypto platform. But as much as it comes with these potentials, it also poses risks and challenges that cause network traffic and security vulnerabilities. Some of these include excessive consumption of resources or risk of infinite loops.

Initially, cryptocurrency which is coined from the word crypto –meaning encrypted or hidden– is an encapsulation written over a coin in its programming language or code. The essence is for easy transactions of the coins in a private manner. To simplify this, cryptocurrency is built to work as a means of transaction that occurs anonymously.

The existence of cryptocurrency itself was a result of language programming Turing completed on the token, which facilitates the protection and control of asset transactions. Cryptocurrency has promoted the safe transfer of assets in transactions without the need for third-party interference. And this saves cost, as there are no additional costs of payment to third parties on the transaction. The majority of the existing cryptocurrencies in today’s world are Turing complete, making them secure in data privacy and transactional details. The use of digital assets is beyond the mind’s work, but it is rooted in its Turing completeness. However, it is important to note that not all cryptocurrencies are Turing completed.

Smart Contracts

Smart contracts are digital protocols intended to facilitate, verify, or enforce credible transactions without third parties. These contracts run on blockchain platforms, and their execution is governed by the code embedded within them. Turing completeness plays a crucial role in the potential and versatility of these smart contracts. A Turing complete blockchain, such as Ethereum, has the computational capability to execute any conceivable program or smart contract, no matter how intricate. This means that the range of operations, conditions, and functionalities that can be encoded into a smart contract on such a platform is virtually limitless.

The inherent flexibility of Turing complete systems allows developers to craft smart contracts that can handle complex operations and multi-step processes. For instance, beyond simple transactions, a smart contract on a Turing complete platform could manage intricate financial derivatives, operate decentralized autonomous organizations, or even run entire games. The code can be designed to respond to a myriad of conditions, inputs, or triggers, making these contracts dynamic and adaptable.

However, the very feature that grants smart contracts on Turing complete platforms their power also introduces challenges. The ability to execute any code means there’s a risk of contracts running into infinite loops or encountering the “halting problem.” Issues can consume vast amounts of computational resources and potentially disrupt the operation of the entire blockchain. Moreover, the broader and more flexible the smart contract, the higher the potential for bugs or vulnerabilities, which malicious actors might exploit.

The correlation between Turing completeness and smart contracts is profound in the world of cryptocurrencies and blockchain. Turing completeness offers smart contracts unparalleled flexibility and potential, enabling various applications and functionalities. However, with this potential comes the responsibility of ensuring that the contracts are secure, efficient, and free from vulnerabilities. The crypto community’s ongoing challenge is harnessing the power of Turing completeness in smart contracts while ensuring their safe and reliable execution.