Chainfeeds Introduction:
Archetype researcher Benjamin discusses several important technological and cultural evolutions of the Bitcoin network, as well as the bridges that may be crossed in the future.
Source:
https://paragraph.xyz/@archetype/bridging-bitcoin
Article author:
Benjamin
Viewpoint:
Benjamin: From Simplicity to Richness: Bitcoin was originally known for its simple and robust monetary system, especially in the early stages of cryptocurrency, it was seen as a digital currency that strictly adhered to decentralization and security. Over time, the Bitcoin ecosystem has gradually begun to evolve, especially as other blockchains (such as Ethereum) provide more complex applications and smart contract functions. The article mentioned that although Bitcoin was once considered a symbol of "simplicity", it is attracting more and more innovators into its ecosystem, who are working to make Bitcoin's functions richer and more flexible. For example, with the introduction of new technologies, such as animal currency transactions, exploration of the Staks ecosystem, and more interactive applications based on the Bitcoin blockchain are emerging, driving Bitcoin from a simple currency network to more complex and diverse application scenarios. This evolution demonstrates the potential of Bitcoin and its ability to further expand its use cases in the future. Taproot Upgrade and Tokenization Change: The recent technical changes in the Bitcoin network can be traced back to two key infrastructure upgrades-SegWit and Taproot. These upgrades are not only to optimize the efficiency of the Bitcoin network, but also to expand its functionality. In particular, through the upgrades of Taproot and SegWit, Bitcoin has realized the concept of "inscriptions". This is a way to embed arbitrary data in Bitcoin transactions. The data is stored in the witness data field of the transaction and is associated with a specific "satoshi". The introduction of SegWit allows more data to be included in transactions without increasing the block size. Taproot removes the limit on the script size, allowing up to 4MB of data to be embedded in a transaction, making it possible to embed large amounts of data in the Bitcoin network. With these technical improvements, the Ordinals protocol was implemented on Bitcoin, allowing users to create and transfer tokens for specific satoshis, thereby tokenizing Bitcoin. This innovation not only broadens the functionality of Bitcoin, but also provides more application scenarios for developers and users. From data to programs: Although the Taproot upgrade has promoted the realization of tokenization, the Bitcoin community's needs are not limited to this. They hope to make existing Bitcoin assets more widely and flexibly applied through more complex programs. In this vision, Bitcoin holders can use their Bitcoin for decentralized finance (DeFi) and other application scenarios through the L2 protocol in a trustless environment. For example, Ordinals is considered a specific type of sovereign Rollup on Bitcoin, which uses Bitcoin's data availability layer (DA) for verification. The article further explores the role of BitVM, a system that extends Bitcoin’s computing power to perform more complex logical operations without increasing trust assumptions. This technology enables Bitcoin to support more programmable applications while maintaining Bitcoin’s core features such as censorship resistance and data availability. Through these technologies, Bitcoin can not only become a data availability layer, but also be further expanded into a programmable platform that supports more complex applications. 【Original text in English】
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