Jeffrey Hu (Moderator) : I am Jeffrey Hu from HashKey Capital
The topic of discussion is the emerging technology of Bitcoin, because there are a lot of new hot spots of Bitcoin, and I am very happy to introduce it to all the guests.
The guests participating in this round table are:
Zhixiong Pan, Co-Founder of ChainFeeds
Yu Mingchao Founder & CTO of Babylon
Jack3.0 Matrix LabsCOO
First of all, each guest is asked to give a brief self-introduction in about 2 minutes, and introduce the projects he has done.
Pan Zhixiong : Hello everyone! My name is Pan Zhixiong. We are working on a Web3 and Crypto vertical information aggregation platform called ChainFeeds. Today’s topic is mainly about Bitcoin. I had my first Bitcoin wallet in 2011, and more communities at that time passed It is now impossible to get BTC in the way of "leading the water dragon", and you can get 0.01 or less at a time.
In and after 2017, I paid close attention to the development of Bitcoin technology, so I studied some things related to Taproot and Lightning Network last year and the year before, so I paid close attention to Bitcoin technology and follow-up products and services.
Yu Mingchao : Hello everyone! My name is Mingchao Yu, Co-founder and CTO of Babylon. Babylon is a project based on the Bitcoin infrastructure. The vision is to make Bitcoin the cornerstone of the decentralized world, bring the security of Bitcoin to the decentralized world, and make all decentralized Apps and Chains the extension of Bitcoin. second floor.
Jack3.0 : Hello everyone! I am Jack3.0, and I am the COO of Matrix Labs. I mainly solve the problem of the centralization of the entire industry. From the exploration in 2019 to now, I have been polishing it for four years. I have spent all the money I earned from mining in researching this matter. Published on IEEE.
I myself joined the all-in circle in 2017 and 2018. I have been doing developer relations in the open source community for the past ten years. This is probably the background.
Jeffrey Hu (host): Thank you, everyone. Let’s start with the first question of today’s roundtable. Compared with everyone who has recently paid attention to popular applications on Bitcoin, such as Ordinals, I feel that the controversy is relatively large. There are different discussions in the community. For example, Ordinals data storage is considered as a storage application on Bitcoin. Some people may think that this is a relatively new attempt, and some community members who are more ecclesiastic in Bitcoin think that it will take up the original resources and will not be used by other applications. affected.
Are applications like Ordinals a temporary one-off, or do they reflect future trends in utilizing Bitcoin storage space?
Pan Zhixiong : If you are not very clear about Ordinals and Inscriptions, it can be realized this year or last year because of two Soft fork of Bitcoin, one is Segregated Witness in 2016, and the new pricing model of Segregated Witness allows Bitcoin to expand softly4 times. But you can't take advantage of the 4 times the expansion space. In the Taproot upgrade last year and the year before, the developers added a new method. The original script space was limited in size, but now it is unlimited in size, so that the Inscriptions solution can store 4 times the size on the Bitcoin network at a lower cost.
If neither of these two Soft fork has been done, it is unlikely that a product like Ordinals will appear. One is that there is not enough space, and the other is that the cost will be relatively high, but the current scene is regarded as another innovation in the pricing of Bitcoin space and resources. discuss. Although this matter is very negative, the biggest negative is that it affects the interchangeability of bits. Each bitcoin has a number, and each bitcoin contains codes and data. The value itself is different. This is the same as The original intention of Bitcoin in the early days is contrary to the original intention of Bitcoin core.
Second, the space on Bitcoin’s chain is inherently very precious, from storing transaction data to storing general-use data, from transaction to pictures or things that don’t make any sense.
In the long run, attacks on the Bitcoin network should be something to be encouraged. You can refer to the Gas token before Ethereum. Early Ethereum set up a logic in the virtual machine. When you destroy the contract, you can get some Gas compensation, everyone uses this mechanism to exploit loopholes. When the gas is low, a large number of gas tokens are minted, and when the gas is high, they seize the blockchain space and get discounts, but in fact there is no real expansion, and the fundamental problem is not solved. . With the next few upgrades of Ethereum, the problem was slowly fixed.
But the repair of this matter is because everyone can make full use of this matter, enlarge it, and make adjustments after a large number of adjustments in the community, and the community and protocol will change.
Although Bitcoin’s network and protocol are not as easy to upgrade, block, or remove restrictions as Ethereum, I think the community should discuss a better way, and even resources on the chain will be transferred to things of higher value in the future On the Internet, not just traditional or simple pictures and meaningless text, it is likely to be such a development path.
Yu Mingchao : For me, Ordinals is a very interesting attempt. I think Ordinals is the gunshots and sparks of the revolution. After the vigorous development of Ethereum, everyone will look back and think that we have more security and market value than Ethereum. The larger chain Bitcoin, Ordinals' application to the Bitcoin block space is still relatively pale. Putting pictures and NFTs in them does not generate more value, and they are put in. We hope that Bitcoin's block space will become the most precious storage space in the decentralized world.
For example, what can be done with Bitcoin space?
The more popular term now is "data availability layer", but the Bitcoin space does not allow you to do a normal data availability layer and put all the data on other chains on it. But Bitcoin's block space is what can be used to provide the strongest censorship resistance. If the transactions and data on other chains are censored by the value data on the chain, they will be blocked. You can put the transaction on Bitcoin as the last protection measure, so that Bitcoin has become a concept like the Supreme Court and Weibo exposure. Become the last security guarantee in the decentralized world.
The development and use of Bitcoin block space in this direction has great significance for the decentralized world. Because Bitcoin's censorship resistance is the best in the ecosystem.
Jack3.0 : My own background has been in the open source community for ten years, and I encourage all innovations in the Bitcoin ecosystem to be tried.
Ordinals' innovation in space storage is "do it first, then talk about it". When it can cause difficulties and challenges to Bitcoin, the community will solve them.
You know, from my own point of view, there are thousands of individual developers behind Bitcoin, including top cryptographers from universities around the world, who are solving these problems, "do it first, then talk about it", if someday it causes problems , There will also be a corresponding solution to solve it. This is my simple point of view, because I have not written code for many years, and I have been engaged in the open source community. I don’t know much about the underlying details. Learn from Teacher Pan.
Jeffrey Hu (Moderator) : Thank you for your wonderful sharing, and continue to the second round of questions. As Jack mentioned just now, many technological innovations are happening in the open source community. The most discussed topics in Ethereum are Rollup, modularity, and scalability. Some technologies are now being tried on the Bitcoin network. For example, there was a report last year about how to implement ZK Rollup on the Bitcoin network. Recently, some projects have made it more detailed and written a ZK Rollup design that can be implemented on the ground. Detailed architecture. Solana also made a demo of Rollup .
I don’t know what the guests think is the possibility of building Rollup technology on Bitcoin. How do you think about this technology?
Pan Zhixiong : This question is based on Ethereum as the core to look at the Bitcoin ecology. Only people in the Ethereum community can look at this issue.
But when the word "DA" is used, many people actually confuse the data layer with data availability, and this data layer is not the other data layer. The DA mentioned in the context of Ethereum is more that users will not really take data, and ordinary nodes of Ethereum do not need to take data. But the DA layer solution provides me with a possibility to verify whether you have stored data with a small amount of data, and whether you can get the data in the future. This is the problem that the DA solution is solving.
From the perspective of the ecology of Solana and Ethereum, Solana's DA and Ethereum's DA must be solutions that can only emerge after long-term evolution and professional design. Solana is a DA designed from scratch, and it is a protocol born for DA. So its performance, or the design of DA must be relatively advanced, because it has no baggage. Although Ethereum has a burden, some features will be considered in the future of 4844 and dasDarksharing solutions, and the sampling, simply, and DAS solutions are designed to make the overall DA more efficient. But the Bitcoin network is not so easy to add, so the DA on Bitcoin is more about storing data, and the data is stored on it. The anti-censorship is definitely better than Ethereum, because it has enough nodes and many users. , there is no doubt about it.
But if you think about what Bitcoin DA can do, you still have to put aside the idea of leaving Ethereum, because Ethereum is for applications. If Bitcoin is to be DA and make anti-censorship better, it may also be possible in the future. It will be more layered, more important things, or things that really need to be stored in Bitcoin can be placed on Bitcoin DA, but is it possible for other low-value pan-applications to flow back to Ethereum? It is also possible to go up. After all, the block space of Bitcoin is limited, and the size is 1-4 megabytes. If you really want to expand the Bitcoin ecosystem, you will not agree, because after all, it was not born for applications.
Yu Mingchao : I very much agree with Mr. Pan’s speech. When we think about how to expand Bitcoin, we don’t necessarily need to think about it with the idea of Ethereum. We don’t need to follow Vitalik’s idea. Ethereum is Layer 1 and has Layer 2. , Layer 3, Rollup, Datavisibility, this idea is applicable to Ethereum, but not necessarily applicable to Bitcoin.
Briefly review what is the essence of Ethereum as Rollup Layer 2? The execution of optimism Rollup transactions is pushed down the chain, and then the data is also pushed down the chain through the DA Layer. Through Coinbase, there is interoperability between Layer 2. The only thing that cannot be pushed out is security. So in essence, what Ethereum has to do through the Layer 2 method is to push out everything and provide security for all the things that are pushed out. This is the essence, but the technical solution chosen is through layering concept to realize.
We want to skill Bitcoin and grasp the essence instead of following the concept of layer. The essence of scaling Bitcoin is to let Bitcoin bring its own security to other POS Chains, which is better.
It also brings an advantage that it does not need to build its own ecology step by step like ethereum. If Bitcoin has a way to directly bring its own security to other existing POS Chains, it can directly form a large chain with Bitcoin as the security core and security module. Ecology, including all other non-Ethereum PoS Chain ecology. This method allows Bitcoin to overtake in a corner, and it can compete with the Ethereum ecosystem, rule the river, and even be superior to it.
Jack3.0 : I quite agree with Mr. Yu's point of view. Today's Crypto industry is very much like a country. Every public chain is an ecology. "Every family has its Rollup to-read scriptures." Everyone knows exactly what state Rollup has developed in the Ethereum ecosystem. Rollup is indeed a very good hot spot, and there is room for hype. But as Mr. Pan said, look at Bitcoin from the perspective of Ethereum. Personally, I am more optimistic about the side chain solution to solve the direction of Bitcoin expansion, and I will see some, such as the proposal of BIT300 and 301 shared by Paul, may be a possibility. I personally look forward to Bitcoin2.0 or Bitcoin iPhone moment.
Paul wrote an article before, on Bitcoin’s network security issues, if the mining rewards are gradually reduced to zero and are not enough to support mining costs, whether the entire network is safe and the industry is safe. So it is aggressively promoting the direction of the universal chain. I am quite optimistic about it, because we are doing things at the Layer 0 level ourselves, and our concept is Layer base. Now the industry is still at a very early stage. It has shrunk from a 3 trillion industry to more than 1 trillion in only 14 years. More chains and more possibilities are needed.
Of course, there is a vote of "conservatives" on Bitcoin who are unwilling to change, and it is enough to let it play a good role in the asset storage property STV. But Bitcoin is like a 14-year-old child, would you let it drink pure water every day and hide in a greenhouse? Still willing to let him go to the society to try more possibilities. My point is that reformist radicals, "just do it!" The community itself is all kinds of attempts, and many people here may have forgotten the fact that what is the blockchain? The blockchain is first of all open source software. Open source software means to tolerate all kinds of attempts, try them all, what if they run out? This is my opinion.
There is another point of view in the entire industry. Most media and KOLs think that forking is not a good thing. Are you willing to let your children and your genes not evolve like you? Do you hope to get better and better, and have more possibilities?
Therefore, all kinds of innovations in the Bitcoin ecosystem are worth trying and encouraging. I have tried it in China's open source community for 10 years, and I have been generating electricity for love for 10 years. I am willing to do my best for this.
Thanks!
Jeffrey Hu (host) : Thank you all, no matter you are doing DA or Rollup, it will inevitably involve the interaction with other Cross-chain. I know that all guests think that if the Bitcoin network interacts with other networks in the future, what technical routes will be used, including how to see the further interaction between Bitcoin and other networks in the future. Today, Mr. Yu and Jack will use the Bitcoin consensus to do Cross-chain. I don’t know what the guests think about the interactive technical solutions between the Bitcoin network and other networks in the future.
Pan Zhixiong : These two are more professional in Cross-chain. Cross-chain is indeed a very challenging technology, but it also depends on where you look at the ecology, how assets flow, and how they are traded. Now there are a lot of views on Cross-chain. For example, Vitalik thinks that Cross-chain security is not very equal. A secure network and an insecure network will definitely have the effect of a wooden barrel. Because everyone's consensus is different, the execution mechanism is different, and even the number of nodes in DA is different.
If we are talking about Cross-chain between two independent networks, there will be some Cross-chain bridges or vulnerability events, from one network to another network, there may be problems in that network, very likely. But if we change the topic again, if the security of one network can be used on another network, it may be the direction everyone is thinking about.
For example, the IBC made by Cosmos, or the Cross-chain solution made by Polkadot, hope to connect everyone through a set of relatively peer-to-peer protocols in different networks.
However, these two protocols must be in a specific network, and only after integrating the protocols can they get relatively equal security.
But the differences between everyone like Bitcoin, Ethereum or other networks are too great. If the security of Bitcoin cannot be brought to other networks well, I think there will be risk and security factors that will generate value. This is an opportunity for entrepreneurs, and I would like to hear your views.
Jack3.0 : I entered the circle in 2017 and 2018. At that time, the trend was public chains, and exchanges gathered together. Gradually in 2019, Cosmos, Substrate and other Cross-chain requirements gradually came out. Cross-chain is just needed, back to Web2, from storage, computing, HTTP Internet connection is very important, TCP, UDP, HTTP.
Looking at the status quo of the industry from this perspective, I think it is still in the stand-alone era. The Bitcoin chain is a single-chain ecology and a stand-alone ecology. There are still very few applications running on it, and everyone is still arguing about whether more applications should run on it.
The Ethereum ecology is very large today, with various applications in all aspects, so many applications and so many assets. But sad. I walked around Singapore, North America, and Hong Kong last year. I feel that today is very noisy, and the noise is greater than the signal. Today is still in the stand-alone era, and the Cross-chain of NFT and NFT assets still needs to rely on a very centralized exchange. Sadly, the Liquidity of today's industry, a decentralized, transparent, and open-source industry, has been locked in by transactions, and the demand is extremely high. Centralized brands are safe until they go bankrupt, and we have come this way ourselves.
Since exploring this matter in 2017, Filecoin mining has made a small goal, geeks, and ordinary people have made small goals to go to yachts and clubs, but we recruited geeks No. 40 and 50 from the Zhejiang University Department to do exploration and practice passwords Learn the most basic innovations, ZKP, MPC, TEE, this is what we have really stepped on, and we can combine innovations, and the proposed schemes will be published on IEEE. A VRF algorithm is proposed to solve dynamic committees in a manner.
The perspective in 2019 is to use light accumulation to solve Cross-chain. At that time, the solution came out and it could be used, but we are geeks. If we chose to pay attention to the use at that time, the TVL may be billions of dollars today. But we feel that it is not elegant enough, where is the lack of elegance? The Cross-chain track and its involution, all aspects of the plan, are like fighting between masters, you have your perspective, I have mine, but the industry is still very early.
Facing the future, what kind of Cross-chain bridge should be needed when there are hundreds of thousands of infrastructure in the future? This is our four-year discussion, geeks 40 and 50 are exploring for their dreams.
This year is a very critical year. In the cycle, there may be an iPhone moment of Bitcoin, more applications will come out, and a moment of HTTP for the entire industry will be ushered in. Because of today’s Liquidity, centralized bridges, and centralized exchanges monopoly on Liquidity.
The essence of the industry private key 1.0 is like a little fox, a whole piece of private key and Seed Phrase. Private key 2.0 can be fragmented, the genes have changed, and the industry has changed. So we think that "the only way" (sound) is the HTTP of Web3 for the entire industry, bringing the industry to the next era, just like when the Internet first started, or when the iPhone first came out, the point of view at that time was full-chain assets The creation of the creation of the whole chain application, the realization of the "crossover" between any chain and any message is very critical. Is it elegant enough? Everything has just begun, and the whole industry is only 14 years old.
Yu Mingchao : Let me talk about my understanding of Bitcoin Cross-chain. In my opinion, the safest thing about Bitcoin Cross-chain is not to Cross-chain. Why do Bitcoin Cross-chain, what is the purpose? Cross-chain is not a goal, but a means. The goal of Cross-chain is to enable Bitcoin to generate more value and utility after being dug out. The most popular way now is the Cross-chain bridge method, which makes Bitcoin cross-chain Go to other chains to do things and generate income. Another direction is to hand over Bitcoin to a decentralized exchange to generate interest income.
In the two ways, either trusting the decentralized exchange or trusting the owner of the Cross-chain bridge is not a very safe way for Bitcoin to generate additional value.
Babylon talked with many stakeholders in the Bitcoin community, and they said that 5% of the income is enough, but it must be safe, and if it is safe, they are willing to take out Bitcoin. Safety is the top priority.
But as long as Bitcoin is crossed to another chain, there must be the possibility of attacking the matrix due to the unequal nature of network security.
From the perspective of the Babylon team, the way to really make Bit work in other ecosystems is definitely to make it work without Cross-chain. This is also the direction that our team is concentrating on research and development.
Jeffrey Hu (Moderator) : The basic driving force Cross-chain is to make more attempts to extend the maturity of Bitcoin to other applications, such as lending or other transaction applications.
Recently, the concept of "BTCFi" has been popular recently, and it also borrowed the concept of DeFi. Now there are more infrastructures on Bitcoin, which can well support Bitcoin to carry out similar financial applications on the chain without Cross-chain Try, various agreements like RGP, Taro, DLC are also born. I don’t know what the guests think of this kind of so-called BTCFi application infrastructure on Bitcoin, and I don’t know whether the future will usher in the summer of BTC applications with the birth of the infrastructure?
Pan Zhixiong : This problem is because the Ethereum ecosystem made DeFi very large at the beginning, so everyone began to pay attention to whether BTC can invest more in DeFi, or become DeFi-oriented. But the birth of Bitcoin was also after 2008, and the BTC protocol was created because of the anonymous founder's rejection of the existing financial system. But it is still very different from Ethereum, no matter in terms of community and ecological thinking mode.
The BTC network pays more attention to security and puts it in a relatively high priority position, so BTC has not had a hard fork for many years, only Soft fork upgrades. However, Ethereum still has a Hard fork upgrade frequency of 1-2 times a year. Yesterday, the Shanghai upgrade was performed, which is also a Hard fork, and withdrawals can be made.
If the Bitcoin ecology is going to do things in the financial direction, it must be very cautious, because the first protocol layer does not change much, and the second expansion effect is relatively limited.
If the direction of Bitcoin finance can develop better, the premise is to first grasp the Lightning Network and the payment track well. In addition to the speculative needs of Ethereum DeFi, the biggest ones that can really go out of the circle, the very general needs are cross-border settlement and US dollar settlement. Many people will use USDT and USDC for cross-border settlement. This is a very natural demand. Lightning Network For micropayments and Sand’s support for micropayments, if more and more stable assets and assets with wider acceptance can be added, it is also a very good opportunity to enter finance. After the small-scale payment is completed, other applications that require a large number of programs and have limited security may have to be handed over to more developers to adjust the bottom layer after the Taproot upgrade in the future, so that financial-related applications may be produced, but it must be a comparison of the time span Long things are unlikely to be realized in a short time.
Yu Mingchao : In my opinion, BitcoinFi is a very good concept, but there are two points that need to be done to usher in an explosion.
The first point is that the technology needs to allow Bitcoin to transfer value to the PoS ecosystem in a very safe situation, and use the Bitcoin pledge method to become the security guarantee of other PoS Chains when it is safe, or Bitcoin It is gold, which can become the gold reserve or dollar reserve of the PoS Chain. How to safely and technically realize this is the key to the success of BitcoinFi.
The second is the design of the economic model. The market value of Bitcoin is far greater than any other ecology. Once Bitcoin exists in the gold reserve process of other countries in the form of gold or U.S. treasury bonds, what impact will it have on its own currency value and ecology? This is an open question worthy of discussion. If these problems are not resolved, even if the security of Bitcoin and the value circulation of Bitcoin itself can be realized technically. If the economic model is not done well, the risk may still be high. Everyone is very welcome to discuss this issue together, so that Bitcoin can truly become the cornerstone of the decentralized world.
Jack3.0 : The name of BTCFi is quite different, including the entire industry ETHFi, Solana Fi, etc. To repeat the point just now, the entire industry is still in the stand-alone industry, and the industry has not yet been decentralized to plug in the network cables and ports between the various lines. Talking about the above applications, today’s lively and lively venues, the various These applications are stand-alone applications, which is the same as the stand-alone snake and poker we played in the early days. The industry has only 1 trillion assets. This is the status quo, and I am looking forward to it.
If you want to talk about BTCFi. One is to plug in the network cable, and the network cable is safe enough, because it involves the flow of assets. The second is the flow of news. For the entire industry, it is not only the Bitcoin ecology, but also other chains. How can the simplest assets of news, assets, FT and NFT be distributed in the most decentralized way, at the lowest cost, and at the lowest cost? Safe way to free flow? This is a big challenge for the industry. In addition, to get back the right to connect to decentralization, it is necessary to get back the Liquidity of the Crypto community in a decentralized way.
The third point is that in order to realize the ecological prosperity of BTCFi, safety is the first priority, and leapfrogging is just needed. The only network has been realized, and the test network will be launched within a month, because we have polished it for four years and have not made much noise. This is the first time I have said in a very public way that everyone should support the Chinese in the project of the protocol layer. I talked with nearly 100 VCs last year, but most of them think that the Chinese can’t do Infura, and 14 people can’t do Infura?
Jeffrey Hu (host) : Thank you, audience, for listening, thank you!
Moderator : Welcome to Yann W., a member of the Omni Foundation and founder of OmniBOLT.
Yann W .: I was fascinated by the topic of mining just now. I also dug in my home more than ten years ago. I dug happily for a few days, but my mother stopped it soon, so it is a very good memory.
Thanks to Xiao Feng and the leaders from all walks of life, thanks to Wanxiang Blockchain Lab and HashKey Group for hosting such a grand event in this wonderful city of Hong Kong, and for giving me the precious opportunity to represent the Omni Foundation, an organization that has been working in the industry for many years, For the first time in Hong Kong, I used Chinese to speak to the world about the past and future of the Bitcoin ecosystem.
Technically speaking, it is completely possible to develop Dapp on Bitcoin and issue various Tokens. I don’t know if everyone here has any questions, why those Dapp, such as Dex and DeFi, are generally built on BitTorrent instead of Bitcoin? There are of course many reasons for this. For example, the native programming language of Ethereum is more flexible, or the block generation time of Ethereum is shorter, and Bitcoin itself has chosen a more conservative block size limit, so the handling fee on Bitcoin may be higher, etc. But in my opinion, there are actually deeper reasons behind this.
In fact, technological innovation in the Bitcoin community has been very active in the past ten years. For example, concepts such as NFT, which are already well-known to everyone, were originally sourced and realized from the Bitcoin community. However, what is different from the lively atmosphere of the Ethereum platform is that the birth and application of various innovative concepts on Bitcoin are often accompanied by huge disputes and resistance within the community.
The prudent ecological and cultural concept unique to Bitcoin has been profoundly affecting the development of the application field in it. And these effects may be underestimated in the long run. At present, with the continuous change of the overall technical concept, people's concept of using and developing Bitcoin technology will also quietly change. I will select three historical moments of cultural concept changes in the Bitcoin community to review and look forward to the ecology of Bitcoin. develop.
The first historic moment, about the overlay of the Bitcoin expansion plan.
On June 1, 2012, JR Willett released his Whitepaper"The Second Bitcoin Whitepaper" on Bitcointalk.org. The title of the Whitepaper is very radical even now, and it paves the way for more crazy innovations by JR in the future. The so-called overlay usually refers to the use of Bitcoin, but does not have its own blockchain system. For example, a Rollup may consist of a series of blocks, but it is not a blockchain. It can be generally considered that the overlay layer is much less expensive than the blockchain in terms of load and maintenance costs. Common solutions include Omni and Colored coins and other variants.
What are colored coins? You can take a look at the Whitepaper written by JR at that time, which later formed the main plan of Mastercoin, which is the predecessor of the Omni project. Interested, and made a lot of long reports on Mastercoin in his own magazine, and later had quite a lot of discussions with the Omni team, which directly promoted the birth of Ethereum. Congratulations to the Ethereum team as they recently completed a major "Ethereum Shanghai Update".
Regarding some controversies in the history of dyed coins, the dyed coins that started in 2013, as the name suggests, can be vividly compared to people dyeing small amounts of Bitcoin to represent other assets they hold, so that more types of assets can be used. Transactions are carried out through Bitcoin and blockchain.
Usually, the Token of a dyed coin will consist of two levels: one is the certificate of mapping assets. The second is the mapped assets.
Due to the rise of Omni and the concept of dyed coins, there has been an uproar. However, I remember that in 2013 and 2014, the mainstream trading pairs on various exchanges were still dominated by altcoins and Bitcoin variants. At that time, the experimental digital assets issued on Bitcoin were far from mature.
Although the issuance of assets on Bitcoin is not mainstream now, such a major technological innovation at that time inevitably caused turmoil in the Bitcoin community.
At that time, the main objection was the abuse of UTXO. Jeff Garzik mainly argued that UTXO transmission of some data that wastes node resources on the network is a threat to Bitcoin. At that time, many people who were trying to expand the functionality of Bitcoin had frequent discussions with Jeff. It's kind of interesting that he later got involved with the Bitcoin sidechain project, so I'm curious if this project has Bitcoin storing similar data to what he criticized earlier.
At that time, Vitalik proposed for the representative that "when you use technology reasonably and generate corresponding expenses, then your behavior is legal", so arguments like Jeff have no right to represent all Bitcoiners.
Regarding the logical analysis of the two types of tokens, dyed coins and Ethereum, my opinion on tokens at that time was that it was difficult for you to authenticate and accept the certificates you held, so there were often asset issuers who did evil unilaterally, resulting in token credit The system collapsed, and many projects were explored around 2014-2015.
A few days ago, Mr. Xiao Feng also had a specific discussion on the three-token model, so I will stop here.
In the early days of the Token economy, there were also some star projects, including Tether, which was the first to issue USDT on the Omni Layer. In addition, there are some interesting things to share with you about Omni itself. One day, I talked to Mr. Xu, the founder of OK, and he said that Omni At that time, everyone was using it, but problems often occurred.
I would like to apologize to the industry giants here, because the strength of Omni development and maintenance personnel has been very tight, and everyone is welcome to come to sponsor our development or provide corresponding help.
Although USDT has since achieved great success, it is obvious that it has also been under pressure in terms of acceptance. All in all, Omni has a strong place in the history of the blockchain industry and it is still alive and well.
At that time, JR also had a great initiative. He was the first to use the form of ICO when launching the project. In order to develop the Omni protocol at that time, he launched token crowdfunding. The innovative concept on the second-layer protocol still affects many internal logics in the industry until today.
In addition, by the way, the founder of USDT told me at the time that their purpose of making tokens was to solve encrypted assets. At that time, it was difficult for encrypted exchanges to deposit and withdraw funds, so they thought of using Stablecoin to help exchanges solve the problem.
In the process of cooperating with the Lightning Network, I also had other inspirations. In 2017, I had an idea with a lawyer friend to circulate the capital issued on Omni in the Lightning Network. It was not until the end of 2018 and the beginning of 2019 that I had the opportunity to have enough resources in Omni. The technology is implemented in the project, and the current project has been promoted by a professional team.
In my opinion, the overlay can already bring a lot of benefits to Bitcoin, while being simpler to construct and less harmful to Bitcoin.
Let's pull the timeline to modern times. On January 20, 2023, the Ordinals protocol was officially launched. Bitcoin has supported smart contracts since the beginning, but it is just a simple script program, but I like this simple art very much. I would like to Calling Bitcoin's scripting design "a minimalist art".
Inevitably, Ordinals also brought a huge cultural impact to Bitcoin. With those who criticized the Bitcoin expansion plan before, after 11 years, the stalemate between the pros and cons has basically remained unchanged. But what is interesting is that the Ordinals protocol has done a lot of articles directly on the Bitcoin chain this time, and communicated directly with the Bitcoin improvement proposal team in early 2022, so this open form is very interesting
How to take advantage of Bitcoin programmability and form a combination? The financial transactions in the OP-Ruturn output are essentially no different from other things stored by the full node. The core problem is that the core circle of Bitcoin has been pursuing a principle of minimizing resource usage and rejecting low-cost transactions. Block spaces, even overlays like the Omni layer, were seriously questioned back then. Ordinals did not appear before, largely because the developers in the circle are sticking to their original intentions, not because of special breakthroughs in Ordinals technology. Although I also feel that Ordinals is not elegant enough to store a large amount of data on the main chain, but as its author As mentioned, he hopes to make Bitcoin interesting again. He is very successful in this point. I appreciate this kind of wasteful technical action very much. At the same time, I also advocate that the data public domain should form a corresponding code of conduct, as long as the fee is paid. The idea of doing anything doesn't sound right. What I agree with is that Ordinals has attracted people to renew their interest in Bitcoin, while at the same time exploring and thinking about ecological concepts.
The third historical moment is April 14, 2023. At this time, we will witness and create history together in Hong Kong.
Throughout the history of the development of human science and technology, quite a few great inventions are found by human beings beyond the use of previous achievements, and this discovery and source of inspiration are not only the precipitation of thinking and professionalism, but also a spiritual enlightenment to human nature. Although the innovation of the Bitcoin community has been very active, and many aspects are at the forefront of blockchain innovation, the development of the Bitcoin ecosystem is still a subjective issue (that is, the concept of the community). In my opinion, ecological expansion is not always associated with negativity, and negative results often come from negative perceptions and perspectives. While I can understand the caution of some Bitcoiners, it was so exciting when Bitcoin was born, I still remember the feeling of first contacting and using Bitcoin ten years ago.
I also know that Bitcoin also undertakes other missions, not only the mission of the industry, but even the special mission of human beings. Therefore, every change on Bitcoin will affect people's hearts. If we can always return to the present, uphold a kind of non-utility, look at the birth of every innovation, every collision of ideas from a detached perspective, and bring conscience and ability Do what interests us. Not only the Bitcoin community, but even the blockchain industry and human society will benefit from this.
Although I have been in the Omni Foundation, I also pay attention to many technical fields. Next, I will focus on promoting the development of the Bitcoin ecosystem and making industry contributions. Thank you!
