比特币层 · 15

Bitcoin's Technological Revival: Unlocking Trillions in Value

Author: Leeor Shimron Compiled by: Block Unicorn One of the increasingly important topics in this crypto bull market cycle is the rise of Bitcoin L2 (Bitcoin L2). Bitcoin is generally regarded as the largest, most decentralized, and most secure crypto asset, with over 100 million global holders and a market capitalization of $1.2 trillion. However, as a technical platform, it also has some limitations, such as slow transaction speed (block confirmation time is around 10-30 minutes), low scalability (only about 7 transactions per second), and limited programmability (its scripting language and smart contract capabilities are limited). Historically, the most successful technology networks were generally built and expanded in layers, which is particularly evident in the development of the Internet. The layered approach to the Internet is called the Open Systems Interconnection Model (OSI model) and includes seven layers: physical layer, data link layer, network layer, transport layer, session layer, presentation layer, and application layer. These technologies run and interact in the background every time an end user accesses an email or posts a comment on a social platform, without the user knowing anything about it. The OSI model outlines the layers of the Internet stack. Similarly, in order to address Bitcoin's limitations while still inheriting its valuable cybersecurity and decentralized features, the Bitcoin ecosystem is actively developing the Bitcoin Layer 2 network. These projects have sparked a revival in development and programmability, bringing decentralized finance (DeFi), NFTs, gaming, and other application scenarios that are thriving in the competitive blockchain ecosystem to Bitcoin. This layered approach is in stark contrast to integrated blockchains that seek to provide all of the blockchain's core functions (consensus, data availability, execution) at the base layer. Blockchains like Solana, Near, and Algorand are designed to scale and provide high-performance computing without moving data availability or execution to other networks, unlike the “modular” approach used by Bitcoin and Ethereum. Total hedged value (TVL) is the main measure of DeFi growth in a given ecosystem. It represents capital deployed in various ways, such as lending assets to earn revenue, providing liquidity in capital pools, and using it as collateral to obtain on-chain credit. Although the development of Bitcoin's second-layer network has enabled DeFi application scenarios to prosper on Bitcoin, its growth is still limited. In contrast, more mature ecosystems such as Ethereum are more advanced. Currently, the total hedged value (TVL) of decentralized finance (DeFi) on the leading Bitcoin second-tier network is around $1.5 billion. That number might seem huge, but it's only 2% of Ethereum's current hedging value of $81.3 billion. Furthermore, if you look at the ratio of TVL to online market capitalization, Bitcoin's ratio is only 0.13%, while Ethereum's ratio is as high as 27%. Considering that the potential value stored in Bitcoin exceeds $1 trillion, leading Bitcoin second-tier networks have huge market opportunities to unlock this value for various financial use cases. If Bitcoin's DeFi grows at the same rate as Ethereum, that means there will be $300 billion in deployable capital at current market prices. The basic protocol and second-tier solutions Ordinals and Runes are basic protocols on Bitcoin, which were launched in January 2023 and April 2024, respectively. The Ordinals Protocol, in particular, has sparked greater interest in Bitcoin development and is generally regarded as the catalyst for the beginning of “Bitcoin Season 2.” Underlying protocols like Ordinals and Runes operate directly on Bitcoin's underlying layer without changing the core protocol. They embed additional functionality into Bitcoin transactions and are suitable for applications that can be built directly using Bitcoin's existing scripting framework (such as NFTs and meme coins minted on a single Satoshi). In contrast, Bitcoin's Layer-2 solution runs on an independent blockchain anchored to Bitcoin. They generally use Bitcoin's security to ensure finality, but provide more complex functionality through their own consensus mechanisms. Layer-2 solutions enable smart contracts, decentralized applications (dApps), and cross-chain interactions, often with their own tokens (such as DeFi, gaming, social media, and other applications that require more complex logic). Whether it's a basic protocol or a second-tier solution, both approaches aim to enhance Bitcoin's utility by enabling new use cases and applications, which will drive increased demand for Bitcoin's block space. This increase in demand will in turn boost Bitcoin's base layer transactions...

729d agody zhang#DeFi #NFTs #Solana #Ethereum #Bitcoin

Pantera Partner: Understanding the EVM-compatible Bitcoin Economic Layer L2 Mezo in one article

Author: Paul Veradittakit, Partner at Pantera Capital; Translation: Golden Finance Xiaozou As the first and largest crypto asset by market capitalization, Bitcoin is still one of the most influential assets in the entire liquid token market. However, despite Bitcoin's widespread use and recognition as a decentralized global store of value, many people criticized Bitcoin's scalability, programmability, and ability to attract developers, especially after the boom in Ethereum and smart contract platforms. Mezo is an EVM-compatible Bitcoin economic layer, and its goal is to overcome these barriers. This article will explore the current state of Bitcoin, Mezo's ongoing innovative work, and its potential future impact on the cryptocurrency ecosystem. 1. In the current pattern, Bitcoin's dominant position in the cryptocurrency market is undeniable. Today, there are more than 100 million Bitcoin holders around the world, and the market value of Bitcoin is about three times that of ETH, the second-largest crypto asset. Despite this, Bitcoin is arguably inflexible in terms of innovation and simplicity. Unlike Ethereum and other malleable smart contract platforms, Bitcoin's core design has always limited its scalability and programmability. Industry leaders such as Thesis, the venture capital company that incubated Mezo, are now looking for new ways to enhance Bitcoin's capabilities through L2 solutions. These advances are critical to enabling more complex features — such as smart contracts and decentralized applications (dApps) — on the Bitcoin network. 2. Progress and Milestones So far, Mezo has made impressive progress in the Bitcoin revolution. The project integrates all of Thesis's consumer-facing Bitcoin products into a highly cohesive ecosystem on the Mezo platform. Together, these projects have created a more usable Bitcoin economy, all powered by Mezo. Some of the key upgrades to the Bitcoin mainnet, which promoted Bitcoin's development, made Mezo possible. The most important developments in recent years include: Taproot upgrade (November 2021): Enhancing the data storage capacity of Bitcoin blocks. Ordinal Inscription (January 2023): Enables the metadata layer to make each SAT irreplaceable. BRC-20 token (March 2023): A standardized protocol was introduced through JSON code for deployment, minting, and transfer functions. These milestones highlight the Bitcoin network's growing potential as a hub for decentralized finance applications (DeFi) and non-homogenized tokens (NFTs). 3. Attractiveness In recent months, Mezo has shown early market dominance in the Bitcoin L2 ecosystem. Currently, the team is at the top of Bitcoin's L2 in terms of total locked value (TVL). We expect this growth to continue as the Mezo team begins rolling out its public testnet and attracting more developers to develop apps on Mezo. 4. It is significant that it affects the progress of the Bitcoin base layer now and in the future. By expanding Bitcoin's programmability, Mezo opens up new opportunities for financial innovation, particularly in regions where Bitcoin adoption is high, such as Latin America, Africa, and Asia. The introduction of the Bitcoin DeFi ecosystem can expand rapidly. We believe this could boost the BTC DeFi market capitalization to around $50 billion to $400 billion, depending on the adoption rate. Furthermore, macro-level trends in technological improvements and institutional adoption provided a strong impetus. Bitcoin ETF applications from large companies prove that L2 solutions have been accepted, institutional interest is growing, and Bitcoin has a bright future beyond current limitations. 5. Key players and their contributions The core of Mezo's groundbreaking vision involves several key players, who bring rich experience and expertise. Storming in was Matt Luongo, CEO of Mezo. He was previously the co-founder of Thesis and served as Scholrly's chief technology officer. Carolyn Reckhow is Mezo's Chief Operating Officer and has extensive experience in Consensys and Casa's global operations departments, responsible for ensuring the smooth execution of operational strategies. Mezo's Chief Technology Officer Antonio Salazar Cardozo used his deep technical expertise during his time as Technical Director at Keep Network to drive technological innovation. These leaders are comprised of senior professionals...

806d agody zhang#DeFi #EVM #L2 #Mezo #NFTs #Ethereum #Bitcoin #Golden Finance

Mars Research Report: Exploring the Bitcoin Layer 2 Network Stacks — Exploring the Investment Value of STX

This article explains how Stacks introduces smart contracts to the Bitcoin blockchain and the investment value of STX tokens. Stacks realizes a symbiotic relationship with Bitcoin through the Pox consensus mechanism. Miners receive STX rewards by producing blocks, and holders receive BTC rewards by participating in stacking. Stacks also designed the sBTC mechanism, which allows smart contracts to read Bitcoin status and settle transactions on the Bitcoin chain. Stacks has a first-mover advantage. Its ecosystem covers wallets, NFTs, DEX, DeFi, etc., and STX has long-term investment value as a native token. With the development of the Bitcoin L2 circuit, the Stacks ecosystem will also explode, with great potential. Original author: Boss Cat (@catboss_s) Original source: Mars Finance This article will first explain in detail how Stacks introduces smart contracts into the Bitcoin blockchain from the perspective of technical architecture and consensus mechanism. At the same time, it will also explore the investment value of STX (the native token issued by Stacks) based on various potential factors based on fundamental analysis. Part 1: Detailed explanation from a technical perspective StacksStacks is a Bitcoin Layer2 network that aims to implement extended functions without modifying Bitcoin itself and introduce smart contract functions into the Bitcoin blockchain. Enables smart contracts and decentralized applications (dApps) to use Bitcoin as an asset without trust and settle transactions on the Bitcoin blockchain. Stacks has its own native token, “STX.” Stacks Chain miners receive STX rewards by producing blocks, while STX holders can receive BTC rewards by participating in the stacking process. The two use the Pox consensus mechanism to cooperate to provide security guarantees based on the Bitcoin blockchain for the Stacks blockchain. How does Stacks implement smart contracts to Bitcoin? Simply put, Stacks introduced a new consensus algorithm called Stacking. The Stacking consensus algorithm uses a consensus mechanism called Proof of Transfer (POX) to make Stacks blocks unaffected by forks and achieve 100% Bitcoin finality, thereby inheriting all of Bitcoin's security. At the same time, Clarity, a smart contract programming language specially designed for the Stacks blockchain, can read the state of the Bitcoin main chain, so that smart contracts on the Stacks layer can also read the Bitcoin state, and can be triggered by standard Bitcoin transactions. This further enables transactions to be settled on the Bitcoin chain, and records of all smart contracts and transactions can be verified in a trustless manner, just like Bitcoin transactions. Stacks also designed and innovated a decentralized Bitcoin pegging mechanism, sBTC, which is linked to BTC 1:1 to enable smart contracts to be written to the Bitcoin blockchain in a trustless manner, unlocking hundreds of billions of dollars of BTC assets. Next, let's analyze these technical principles in detail. Consensus mechanism: Proof of Transfer (POX), Proof of Transfer (PoX), is a novel blockchain consensus mechanism that enables Stacks to settle transactions to Bitcoin and establish a symbiotic relationship with Bitcoin. This unique relationship allows Bitcoin to be extended without modifying Bitcoin itself. In the POX consensus mechanism, there are two types of participants: Stacks miners and Stackers (which can be understood as STX stakers). The entire PoX process can be broken down into two core mechanisms: Stacks miner production blocks (i.e. mining) and Stackers signature verification transactions (blockchain). In this mechanism, • Stacks miners: spend BTC to win mining opportunities on the Stacks Chain, thereby receiving rewards for newly minted STX tokens, STX transaction fees on the Stacks Chain, and contract fees. • Stackers: By participating in the POX consensus mechanism, STX holders sign to verify the validity of the Stacks block and determine whether the block is included in the Stacks chain, thereby receiving a portion of the BTC bid by the miner as a reward. This process of participation is called “stacking.” So, how does the POX consensus mechanism keep the Stacks block unaffected by forks and achieve 100% Bitcoin finality? Next, I'll use an example to describe the entire consensus mechanism, where miners produce blocks, Stackers sign and verify transactions, and...

891d agody zhang#BRC #Stacks #WBTC #Ethereum #smart contract #Bitcoin #miners

Pyth Network launches Stacks and provides data source services

Comparing news, Pyth Network officially published an article on the X platform announcing the full deployment and launch of the PYTH data source service on the Bitcoin DeFi layer Stacks. Developers on Stacks can now integrate their apps with over 400 real-time price sources for digital assets, forex pairs, ETFs, commodities, and stocks. This deployment was made possible thanks to contributors from Hiro, a Bitcoin-layer development tool company, and smart contract developers on Stacks can benefit from the full functionality and catalog of Pyth Price Feeds and Pyth Benchmarks.

981d agoWendy#Pyth Network #Stacks

Learn about Bitcoin L2 Ecosystem Stacks in one article: Nakamoto upgrade will be ushered in

Author | MT Capital Summary Observing historical trends, STX always lags behind the BTC trend, and the rise and fall rate is greater than BTC. Compared to other currencies in the BTC ecosystem, BTC is about to halve, and the popularity of the BTC ecosystem continues to rise. Stacks, as the leading project in the BTC ecosystem, will usher in Nakamoto's upgrade in Q4. Fast block generation every 5 seconds and untrustworthy sBTC will bring BTC DeFi Probably, it is expected that the Stacks ecosystem will further prosper. Among BTC ecosystem concept coins, it has the largest number on STX, and is also the most liquid target. It can be observed as a phenomenal indicator. The entire BTC ecosystem Stacks uses the Proof of Transfer (PoX) consensus mechanism to implement smart contracts and decentralized applications based on the Clarity language based on Bitcoin's security, and is mined and enhanced by locking Bitcoin Its functions as a second layer of Bitcoin include fast transaction processing and Bitcoin's ultimate guarantee. The Stacks ecosystem currently has a TVL of more than 19 million US dollars, more than 120,000 smart contracts deployed, more than 760,000 wallets, etc. Introduction Stacks (STX) is a Bitcoin smart contract layer that aims to expand Bitcoin's functions to support smart contracts and decentralized applications. Goal: Stacks' main goal is to introduce smart contract functionality to the Bitcoin blockchain, allowing developers to build decentralized applications (dApps) and smart contracts to expand the uses of Bitcoin. POX consensus: Stacks 2.0 uses the POX consensus. The rewards participants receive are more stable, lower-chain cryptocurrencies. Compared with cryptocurrencies on the new blockchain, lower-chain cryptocurrency rewards motivate early participants more, which helps attract early participants, and the consensus is stronger. Empowering BTC: Increase the dynamism of the Bitcoin economy by turning BTC into an asset for building dApps and smart contracts. Ecology: Currently, Stacks has 79 projects with a TVL of $24.95M 1. Team Background Stacks is a project composed of multiple independent entities and communities, initially led by Blockstack PBC, and later renamed Hiro Systems PBC. Based in NYC, the team currently has 49 people, according to Linkedin's latest data. Key People and Responsibilities: Muneeb Ali: Co-Founder of Stacks, CEO Hiro, has a PhD in computer science from Princeton University, focusing on distributed application research and development; he has spoken at TEDx and other forums, disseminated cryptocurrencies and blockchain, and authored numerous academic journals and white papers on related topics. Muneeb is also the CEO of Trust Machine. Jude Nelson: Stacks Foundation research scientist, former Hiro Engineering Partner, has a PhD in computer science from Princeton University and was a core member of PlanetLab, which received the ACM Test of Time award for implementing planetary-scale experiments and deployments. Aaron Blankstein: Engineer who joined the Blockstack engineering team after receiving his PhD in 2017. He studied computer science at Princeton University and MIT. Its research covers several topics, focusing mainly on web application performance, caching algorithms, compilers, and applied cryptography. His research on CONIKS received the Caspar Bowden Privacy-Enhancing Technology Award in 2017. I've been using Emacs for over 10 years. Mike Freedman: Hiro Technical Advisor, Professor of Distributed Systems at Princeton University, provided technical guidance for the project. He has received the Presidential Early Career (PECASE) Award and Sloan Scholarship. His research has spawned several commercial products, and also...

1009d agody zhang#DAO #DeFi #DID #L2 #Nakamoto #NFTs #social #Stacks #Wu says blockchain is real #Bitcoin

Vitalik reveals Bitcoin's future blueprint

Vitalik recently published a new blog post about the different types of layer 2 solutions (L2s) on Ethereum, presenting the three main types of layer 2 solutions: Rollups, Validiums, and Disconnected Systems. They differ in the trade-offs between security, scalability, and decentralization. In addition, Vitalik also showed us Bitcoin's future roadmap, including a variety of layer-2 solutions, which support different application scenarios through different trade-offs, and jointly promote the decentralization of the Bitcoin Tier 2 ecosystem. Original article by Bob Bodily, PhD Original source: Twitter @BobBodily编译: mkVitalik just showed us Bitcoin's future development blueprint Vitalik recently published a new blog post on different types of second-tier solutions (L2S) on Ethereum, which I think is inextricably linked to Bitcoin. Please allow me to elaborate. The heterogeneity of second-tier solutions (differentiation of L2s) Vitalik believes that we are gradually seeing L2S on Ethereum become more diverse, which means there is no single type of L2, but rather a broad L2S spectrum, each with different trade-offs. The trade-off here is best explained by the blockchain triple dilemma (proposed by Vitalik himself), which points to a trade-off between three key aspects of blockchain technology: security, scalability, and decentralization. Some of the characteristics of L2s are: slower, more expensive, but safer. Faster, cheaper, but with more trust assumptions. It's in the middle when it comes to speed, cost, and security. Examples In some cases, these are L1s that have decided to become L2S (such as Polygon's gradual transition to Polygon 2.0's ETH L2 rollup as an ETH sidechain). In other cases, they are fully centralized systems that want to decentralize their technology stack. In other cases, these are games or social media platforms that want to be decentralized but don't necessarily require high security. In each case, you'll want to make different trade-offs on the blockchain triple dilemma, meaning you want different solutions (or L2s) to complete different tasks. The three types of L2S (actually more like a gradient) Vitalik talks about the three main types of second-tier solutions in his article: RollupsValidiumsDisconnected SystemsRollups are zero-knowledge proof Rollups we know and love because you can always bring assets back to L1 without trust. The calculation is verified by proof of fraud or proof of validity, and all data is stored on L1. We don't yet have zk rollups like this on Bitcoin because Bitcoin can't verify proof of validity. But there are plenty of projects working to achieve this on ETH. Generally, these will be expensive due to full data availability on L1 and the need to generate a large number of expensive proofs. ValidiumsValidiums is a downgraded version of Rollups. In Validium, you store data elsewhere down the chain and only store proof on L1. This means that Validiums are much cheaper than Rollups, but they add an additional trust assumption for off-chain data storage. In the case of Validiums, if off-chain data is lost, your assets may also be lost (*not stolen). In this model, the main costs are proof costs. You transferred the cost of storing the data, but kept the cost of generating proof. Disconnected A Disconnected L2 is essentially a sidechain. You have a completely independent blockchain or server, and you trust certain multiple signatures or groups of people to protect your assets, then you get all the benefits of sidechains (such as faster transactions, lower costs, etc.). The second-tier solution is a spectral importance; Vitalik indicates that this is a gradient, not a discrete category. This means an L2 is probably right between Validiums and Rollups, or between Disconnected L2 and Validium. Another important aspect of L2s is their “connectivity” with L1. Vitalik divides it into two aspects: the security of withdrawing to Ethereum Reading the safety of Ethereum...

1024d agody zhang#Vitalik #Ethereum #Ethereum #safety #Bitcoin

Digital asset custodian Copper.co integrates with smart contract Bitcoin layer Stacks

Comparatively, digital asset custodian Copper.co announced an integration with Stacks, a network that can create decentralized applications (dApps) and smart contracts on top of the Bitcoin blockchain. Through this integration, institutional clients can securely host, trade, and utilize all existing and future SIP-010 tokens on the Stacks blockchain. In addition to the integration, Copper is also the first major custodian to announce support for Stacks' anticipated Nakamoto upgrade and SBTC (a decentralized, 1:1 supported Bitcoin asset that is expected to launch on Stacks in 2024).

1038d agoWendy#Copper.co #sBTC #Stacks #Bitcoin

Pantera Partner: Bitcoin Layer2 Stacks Use Cases and Ecosystems

Author: Paul Veradittakit, Partner at Pantera Capital; Translation: Golden Finance 0xjs Essentials* Since Bitcoin's launch in 2009, the network has established its viability as a foundational layer 1 (L1) network. Although other networks have experienced outages, outages, etc., Bitcoin has successfully persisted. Although Bitcoin has shown resilience and accumulated more than $500 billion in idle capital, Bitcoin lacks the ability to utilize core features because it is not inherently programmable like Ethereum. * Stacks is a leading solution that unlocks Bitcoin's programmability as a Bitcoin L2. It is the second layer of Bitcoin, has a complete smart contract, and transactions are permanently settled on the BTC blockchain. * Stacks introduced smart contracts and programmability as Bitcoin L2 to the Bitcoin network, freeing up over $500 billion of idle untapped Bitcoin capital for developers and applications. * Stacks' upcoming Natamoto network upgrade will increase network speed by reducing block time to 5 seconds and introduce sBTC, a mechanism for Bitcoin deposits and withdrawals from L1, which will unlock BTC liquidity. Addressing Bitcoin's scalability In the face of a surge in new activity and transactions requiring Bitcoin's block space, its basic layer 1 protocol faces inherent barriers to scalability. Bitcoin is built on a decentralized consensus mechanism that ensures security, and its design itself imposes limits on transaction throughput. These limitations become particularly evident during periods of high network congestion when a surge in activity causes delays in confirmation times and increased transaction fees. Additionally, Bitcoin Layer 1's limited scripting capabilities limit the range of applications that can be run, exacerbating issues related to scalability. While limited design space is both limited and often desirable, it has so far made it difficult or untenable to build more complex applications on the web. It is in this context that the 2-tier solution emerged as a concept designed to complement and enhance the functionality of the 1st tier. As the name suggests, the 2-tier solution runs on top of existing blockchains, mitigates congestion and supports the development of complex applications without compromising the key principles of security and decentralization. The importance of layer 2 solutions is their ability to create new network capabilities to enable innovation without violating the underlying blockchain's basic security and economic commitments. Layer 2* Building a blockchain architecture* Adding additional functionality on top of the L1 network* can provide solutions (sharing consensus mechanisms, changing consensus mechanisms, etc.) to improve the scalability of large-scale software upgrades, but validators must be persuaded to implement changes through hard forks. * Involves the use of off-chain services (rollups, sidechains, etc.) to improve scalability. * Establishing secure records on the blockchain. * Users are required to rely on L2 developers and networks to improve efficiency and process transactions. Security can usually be derived from L1. Stacks (STX) Stacks (STX) stands out from the Bitcoin network's range of 2-tier solutions, an innovative platform that is redefining the boundaries of scalability and functionality. Stacks operates as a 2-tier solution that seamlessly integrates with the Bitcoin blockchain, unlocking new possibilities. At the core of Stacks is the introduction of a pioneering approach to bridge the gap between Bitcoin's basic layer and an auxiliary layer optimized for complex applications. Unlike traditional 2-tier solutions that only focus on off-chain transaction management, Stacks uses authorized developers to work on &nb...

1065d agody zhang#DeFi #layer 2 #Pantera #Stacks #Ethereum #Bitcoin #Golden Finance

Web3 Company Trust Machines Launches Self-Hosted Bitcoin Wallet Leather

Comparatively, according to The Block, Bitcoin ecosystem company Trust Machines has launched a new Bitcoin wallet, Leather, which aims to build a bridge between the Bitcoin network and Bitcoin L2. Leather wallets allow users to manage Bitcoin, Stacks L2, and other Bitcoin network collateral assets, such as BRC-20. According to an official statement, the product supports emerging Bitcoin layers and features, including Lightning Network and Stacks, as well as native mechanisms such as Stacking, and users can connect to Bitcoin NFT marketplaces such as Gamma and decentralized exchanges such as ALEX and Velar. The wallet integrates hundreds of apps and platforms, including Magic Eden, Rare Stamp, OrD.io, UniSat, and On Chain Monkeys.

1086d agoWendy#leather #Ordinals #Stacks NFTs #Trust Machines #wallets #Lightning Network

Tether CTO: We are actively developing RGB with Bitfinex and will re-issue USDT on the Bitcoin RGB protocol in the future

Comparing news, Tether's Chief Technology Officer Paolo Ardoino previously tweeted, “Tether has stopped supporting Kusama, Bitcoin Cash SLP, and Omni Layer, while the Tether team still believes in using the most secure, audited, and decentralized blockchain ever — Bitcoin.” Together with Bitfinex and Fulgur Ventures, they are actively contributing to the RGB project development, a client-side state verification and smart contract system running at layers 2 and 3 of the Bitcoin ecosystem. According to reports, RGB aims to bring a new era of digital assets, smart contracts, and digital rights, and has received widespread support from major players in the industry. Tether strongly believes that once USDT on RGB goes live, the world will witness a powerful and expandable USDT on the Bitcoin layer.

1100d agoBTC2025NB#Tether