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Author: Faust Source: Geek Web3
Geek Web3 invites Bitlayer, CKB, BOOL Network guests around the views of technology, values, capital markets and lightning networks, RGB and other well -known projects, cross -chain bridges to trust, and the road of Bitcoin ecology.Essence
Moderator & amp; Guest: Jomosis, Geek Web3; Kevin He, Co-Founder of Bitlayer; Baiyu, CKB ECO Fund Partner; Kai, Research of Bool Network
1.jomosis: Please briefly introduce themselves?
Kevin:I am the Lianchuang Kevin of Bitlayer. I have been engaged in the public chain and Layer2-related work before. A total of 4 public chains have been started. I have also done Ethereum ZK-Rollup and MPC asset management platforms.As for Bitlayer, we are committed to putting Bitvm from the conceptual ground as the real thing, solving the status verification problem on Layer1 on the second layer of Bitcoin, and constructing Trustless’s two -way cross -chain bridge on the basis of this verification ability.At the same time, we hope to support a variety of VM instead of limited to the EVM ecology, bringing a better experience to developers and users.
Baiyu:I am the partner of CKB ECO Fund, Baiyu,. If you are CKB, everyone knows that it is a POW and UTXO public chain. From the end of last year, it is transformed into a second floor of Bitcoin. The core is that CKB was originally an UTXO smart contract platform.The same is also POW.Secondly, we proposed RGB ++, defining the concept of homogeneous binding. You can bind UTXO -type assets such as RGB, Runes, Atomicals to CKB or other UTXO chains without cross -chain bridges.
KAI:I am a Bool Network researcher Kai, about BOOL Network. It is not a traditional Layer2, but a third -party infrastructure to provide a trusted and safe cross -chain mechanism for Layer2.Protective circular VRF, trusted verification, etc. to ensure the safety of bridges between L1 and L2.We also provide asset redemption functions such as Bitcoin L2.
2.JOMOSIS: What do you think of the current development situation of the Bitcoin ecosystem?
Kevin:First of all, I think that the BTC second -layer model that can be proposed is almost the same. The core problem is to make people think that your second floor is safe enough, which is more critical.In terms of technical routes, there can be different paths such as verification on the BTC chain and under -linter verification.If it is verified on the chain, it is to verify LAYER2 on the first layer of Bitcoin. If the chain is verified, there are different methods such as client verification, homogeneous binding, multiple signing, POS and other methods.Generally speaking, more technical genres have appeared than half a year ago.
This is about the development of the Bitcoin ecology, because we are also financing, we can feelThe main players in the capital market are basically shot, and there are fewer institutions at all.EssenceIn the West, especially in North America, often only invest in one direction or one project. From the perspective of financing,There will not be many important new players in the Bitcoin ecosystem. The institution should have shot almost the same, and the new project party may not be able to blend money.
The current situation is a lot better than half a year ago.From the perspective of users or market performances, we may enter a period of adjustment.There are some public chains, and some BTC Layer2 does not have too strong user data and ecology after launching. How can the Bitcoin ecosystem go forward?In addition to simple asset narrative, can you still run a new story?In a new round of cycles, is the old story be okay?Whether there should be new narratives, but these are still to be verified by the market.
Baiyu:I think the trend is getting more and more obvious.But it seems that the emotions of retail investors in the secondary market are completely reversed, that is, I also feel that the previous Bitcoin’s ecology is mainly fairly launched. It is a retail investor to play. There are few regular army. ThenThe popularity is much higher than the West, and the heat of the retail investors is much higher than the VC, but now it feels all the way. First of all, it is fairly launched. If it is Runes or the performance, it seems that it is not as high as before.
The second point is the West. Now some of the EVM compatible BTC Layer2 in the East began to be on the place. The performance after the upper office is not particularly good, but we see that the overseas capital Multicoin and Polychain. They all support some EVM compatible BTC Layer2We know Bob, Botanix, and the nearest Arch.
I thinkIn the first -level market, everyone has begun to admit that the Bitcoin ecology is a Beta -level opportunity in this roundIt is a big opportunity, and then the layout, and many projects have been launched one after another.I think this is very clear.
Then talk about the entire Bitcoin ecosystem, I agree with what Teacher Kevin just said that more and more regular army starts to enter the venue.The genres are self -contained in a set of logic, and basically they can stand on their feet.
The verification type on the chain is to move the method of Ethereum Layer2, then rely on BITVM, and then do OPR and ZKR based on BITVM.The second floor of Bitcoin is so rude, and it is a multi -signed bridge. In the future, even if it is a bridge, it must be decentralized as much as possible. Even if you can’t do the security of the ZK level, you can also ensure security through economic games.
There is also like CKB. We think that the essence of not being verified on the chain is the client verification of CSV, but different client verification schemes can be divided into levels according to the security level.Such a heavyweight player, they issued assets with Taproot Asset. Of course, this technology is still very early.Lighting Labs is obviously a lot more positive than the very Buddha -based state before. It is trying to reuse the assets issued by Taproot Asset into the lightning network. This is very similar to our thinking. We also hope that RGB ++ assets will enter the Lightning Network.
I think from this level, the Bitcoin ecosystem is a big opportunity. In fact, in the first -level market, in capital, and Westerners, it is a certain thing.Our Utxo Stack recently financed the feedback from Western institutions.In summary, I think the Bitcoin ecosystem has gradually become clear.
KAI:I thinkFrom a technical perspective, everyone’s plan is basically clear. Some definitions of Bitcoin Layer2 will be more standardized and clear.For example, some characteristics and settlement mechanisms of the Bitcoin main network can be inherited, and it can have functions such as Ethereum Laye2.For what is the second floor of Bitcoin, there may be consensus.
3. JOMOSIS: What conditions should BTC 2 layers meet in the eyes of everyone?Guests can introduce the second -level reference indicators in Bitcoin in their eyes.In addition, what is the significance or value of Bitcoin 2 layer in your eyes?
Kevin:If you look at it now, I may see more widely.In theory, any one is a one -layer that expands a certain ability, such as performance, decentralization, or TPS, which can be considered a two -layer, and even some people think that CEX is also a second layer.As for the conditions that Layer2 should meet,I will think that as long as the user recognizes its security, it can be a good layer2,This may not be so complicated.
Let’s take a look at the so -called standards proposed by Bitcoin Magazine before. We must use BTC as Gas token, and then depend on Bitcoin. The third is that if Layer2 issues token, it is best to be Bitcoin -related token.Different people have different opinions on these three conditions.
Our Bitlayer wants to verify on the BTC chain, and it will think that it is important to settle in the BTC chain. If it is a team that is a side chain, it will think that the BTC is used as a GAS, which is the most important condition.
Generally speaking, the so -called “metal condition” is really good and wise. Every project or everyone has different views. We are more traditional or more skilled.Consensus, so we think that this is critical on the verification on the chain.
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Baiyu:This is where the Bitcoin ecosystem is fun. I think the bitcoin L2 does not have a clear standard. It is not what the Bitcoin Magazine says. Since there are so many technical solutions, each plan has its own focus. Opinions, views.It must be different.Regarding our CKB view, the CKB architect Jan wrote a tweet at the beginning of the year. The core point is that the Bitcoin ecosystem should be a flexible layered currency system., Bitcoin’s currency will flow into anywhere it is going.
Therefore, CEX is also the second floor of BTC, and the lightning network is also the second floor. Bitcoin can be used as payment in it, and then the side chain is the same.Therefore, I think that meeting the above conditions is to some extent Bitcoin. The core is a currency system. You have to admit that Bitcoin is a major payment tool in you, and then you admit that the value of this currency value is the value of this currency.This is the most important.
Secondly, we have some additional views. What we value most is some design philosophy of Bitcoin, as well as some of its values, such as POW values, and UTXO design.We feel that this is the most important innovation brought by Satoshi Nakamoto or Bitcoin. This is something that did not have before.
The above features can bring an experience close to Bitcoin. This is more important to us. Others are some side chains like Liquid. They also use UTXO and extend some operating codes, although it is it is it is it.The alliance chain, but he still wants to maintain some consistency with Bitcoin, this is what we care about.
In summary, since we think that bitcoin is a currency system, it is best not to change frequently like this Ethereum. There is no need to add a lot of unnecessary things. Try not to split fork and soft fork as much as possible.Of course, we can use Bitcoin UTXO as a dyeing tool. Based on this issuance of dyed coins and other assets, a slight expansion of Bitcoin can make BTC a asset issuance platform.The safety and stability of the Bitcoin system.
KAI:The first two teachers have a broad view of Layer2. This belongs to the second floor in a broad sense, but the second floor I understand is not the same. First of all, it should not have its own native token (generally referring to Gas token). You can’t say you have issued it.An asset, and then you map Bitcoin again. This is a so -called two -layer, this is not.
Then the second point is that your security and the degree of trust need to be guaranteed by Bitcoin. At the same time, you can build your own execution environment on the top of this.And some of the limitations, you can do some more meaningful Defi or asset agreements on it.
So I think there are these two points,One is that there is no original token, and then there is no independent consensus system. If you meet these two points, I think it is a real two -layer layerEssenceThen further say that the second floor of Bitcoin can activate some of the existing scenarios, such as digital assets. Now after you hold a lot of bitcoin, you can’t directly interact with some DEFI protocols as Ethereum.Do it at CEX, but this is out of trust to trust the decentralized environment. There are many hidden dangers.But if you can realize the second floor of the true sense, you can create a more prosperous application ecosystem.
4.Jomosis: The next question is to ask the guests’ understanding of the entrepreneurial itself. What problems do you think if you want to succeed in the project on the second floor of Bitcoin?Is technology narrative a necessary condition?
Baiyu:I think there are many conditions for entrepreneurship. It was a matter of nine deaths, which was accidental.Then do the second floor of Bitcoin, in fact, it is just a public chain. If you do the public chain, you need more things. You are not just doing a project, you are doing a whole ecosystem. You also need to expand it because the public chain is justLike a digital community, it is a large community. Here, such as governance culture and other things, more complicated than ordinary entrepreneurship.
Of course, technology is very, very important. If there is no technology, the entire blockchain industry does not exist.Bitcoin has a very genius design. It invented the blockchain, invented the POW consensus mechanism, and turned the digital message we transmitted into money.The system is to map the fiat currency into money, depending on the centralized publisher, but Satoshi Nakamoto has created something like BTC from 0 to 1. Here you must have the role of other disciplines. The technology is very core inside.a little.
So sometimes I think that this cycle is too much to return to Web2 again. Basically, it is to make a plate or something. Many people say that the technology is not important. I don’t recognize this view.Web3, there is no way to advance, but technology should not be the legitimacy source of various projects in the seed wheels hundreds of millions of dollars, because this is just like the new clothes of the emperor.Essence
However, from the personal lessons of the CKB team, in addition to technology, the market and marketing must be required, and the needs of the market must be met. I think this is also what the Bitcoin community should reflect.The currency does not recognize the currency, but only insists on the idealist ideology. In the end, people will find that Ethereum can produce EVM, account model, and POS, and then there are a lot of DEX. Everyone is trying to satisfy users.In the end, people are easy to forget Bitcoin.
But this round of Bitcoin ecology has begun to accept these changes and start to meet market demand, so I think except technology, we must meet some needs of users and markets.
Kevin:Indeed, I also agree with it.Throughout history, I have not seen any public chain or Layer2 without technical narrative and no technical soul.In the past two years, after the technology of Ethereum Layer2 has matured, there will also be some projects that have been partially, but at present, most of these projects have not experienced a bear market and cannot determine whether it can be in the next one in the next one.The bull market still exists.
Therefore, the root of technology is very important. Without technology, there is no soul, no innovation. In the end, you can’t even hold the community, and it is even more difficult to face investors and users.
Therefore, in general, technology narrative is the soul. We have to see that in the past cycle, the tolerance of capital and markets and users’ landing on new technologies is getting lower and lower.In some ZK projects of the fire in the previous cycle, there was a lot of weakening in this cycle.Why?Because I did not get adoption in time, I called End Game every day, but it was not bought by users.This is also the view of Teacher Baiyu. The technology itself is to solve the problem. The problem is to solve the problem for users. Everything must return to the user’s needs.
Regarding the essence of the second floor of Bitcoin, if you think of it as a business, his income model is also very simple, that is, the transaction fee you received from the user, minus your operating expensesProfit, this is a very simple model. Based on such a model, we think, how can we get more transaction fees?Right?You need to have this high -frequency application; how can we reduce operating expenses?This is necessary to make more optimization on the basis of security. This is also a balance between safety and operating costs. For example, you can choose different chains as DA facilities.
Back to the initial problem itself, I think that one two -layer or even public chain requires TVL in the short term. The ecology is dependent in the mid -term, and technology is dependent in the middle period.Let’s focus on the short -term and mid -term.
In the short term, you do n’t have TVL, and it is basically difficult to have the so -called ecology, because now many of the blockchain are financial -related application scenarios. Without TVL, it is dried rice. This is uncomfortable.Looking at the ecology in the middle period, what about the ecology?How to define ecology?If you want to disassemble the specific disassembly, including defining the “project success”, it is enough to open a Space alone.
To sum up, it is necessary to have technology, but you cannot not land for a long time. In the end, you still need to attract users and realize Adoption.For ecology, this ecology must be successful, so as to last long.
