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According to Decrypt, Alkanes is a new protocol based on Bitcoin, developed by Oyl Corp, which introduces trustless smart contracts functionality at the base layer without relying on bridges or external execution layers. Alkanes utilizes Bitcoin's witness data and the OP_RETURN field to execute and track state changes, functioning similarly to Ordinals and Runes, but with added support for WASM-based smart contracts. Execution and state transitions are handled through an indexing framework, and on-chain activities are associated with the finality of Bitcoin blocks. According to the jinmaa data
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