15 years ago today, on the afternoon of January 3, 2009, and in the early morning of January 4, Beijing time, Satoshi Nakamoto mined Bitcoin on a small server in Helsinki, the capital of Finland. The Bitcoin genesis block is out.
15 years have passed, and Bitcoin has achieved unprecedented and world-renowned achievements with its ownerless community. , even traditional capital giants and government-regulated ETFs are pouring into Bitcoin.
In the year 2023 that just ended, some weak but powerful changes have occurred in the Bitcoin ecosystem , far-reaching changes.
Before 2023, most people will only mention Bitcoin, and few people will mention Bitcoin. Ecology, however, the emergence of Bitcoin Inscription in 2023 allows people to see another possibility of Bitcoin-issuance of assets based on Bitcoin.
Assets can be issued based on Bitcoin. Can applications be built based on Bitcoin assets? The first layer of Bitcoin does not support the construction of complex scenarios, so what about the second layer of Bitcoin? As a result, the Bitcoin ecosystem was born around the issuance of assets on the first layer and the construction of applications on the second layer.
So, what are the opportunities worthy of attention in the Bitcoin ecosystem in 2024? Let me briefly list a few scenes we have seen and are about to see;
< strong>1. In 2024, the BTC L2 War will break out, and no less than 30+ Bitcoin L2 will participate in the war
All kinds of BTC L2, real and fake, new and old, fundamentalist, protestant, and all kinds of L1 will also be announced as Bitcoin L2.
BTC L2 War, a real melee. Amid the chaos, is there any standard for judging the pros and cons of Bitcoin L2?
Yes, there is only one standard:
Whether Bitcoin can cross into L2 in a completely decentralized manner is the only criterion for measuring the authenticity of Bitcoin L2 , is also the only criterion to measure whether a Bitcoin L2 can grow.
Because Bitcoin's decentralized cross-chain cannot be achieved and cannot be obtained Trusted by a wide range of Bitcoin users, Bitcoin L2 will never be able to grow in size. Other fancy designs that imitate Ethereum L2 are in vain.
If you want to know more about this issue, you can check this article: "From Arbitrum Downtime, See Different paths for Bitcoin L2 and Ethereum L2”.
2. The inscription will not disappear (or Fair Launch), it will become Crypro A norm in the field, it will at least become a norm in the Bitcoin ecosystem
Once people taste the dividends and power brought by fairness, it is difficult to go back. Unfair asset issuance methods are also difficult to be accepted by users.
The ICO in 2017 allowed some people to see a relatively fair way of issuing assets. However, due to At that time, the industry's infrastructure was not perfect, resulting in ICO being just a flash in the pan.
But now, asset issuance rights are delegated to everyone, every community, only need The era has begun in which assets can be issued by selecting four letters. The "project party" and the user mint assets together. This is very "Bitcoin".
Satoshi Nakamoto, who mined the genesis block in Helsinki, and later used mining machines People who mine BTC enjoy the same fair treatment. Inscription or Fair Launch continues this fair style of the Bitcoin community. To put it more loftily, it means achieving financial equality and decentralizing the right to issue assets to everyone.
3. The combination of Bitcoin Inscription and Bitcoin L2 will become a new Bitcoin Coin Ecological Entrepreneurship Paradigm
If there were only Bitcoin inscriptions, there would be no Bitcoin 2 layer, the Bitcoin inscription will eventually fade away.
Because it is OK for the first layer of Bitcoin to issue inscription assets, but building applications based on inscription assets The scenario is definitely not feasible. Bitcoin’s minimalist UTXO design and limited block space, as well as Turing’s incomplete technical framework, cannot support inscription assets to build complex scenarios on the Bitcoin layer.
Then, if these inscribed assets can be decentralized across the second layer of Bitcoin, then If you are completely alive, you can get rid of the constraints of the first layer of Bitcoin and freely build various inscription applications on the second layer of Bitcoin. For example, you can use Inscription assets as the governance currency of Launchpad, or even simply make an Inscription DEX and use Inscription assets as governance tokens, etc.
It is perfectly fine and fair to launch inscription assets to build a vibrant early community. It is very helpful for the cold start of the project, but Bitcoin L2 is required to use the inscription asset.
The era of Inscription 1.0 of pure meme attributes has passed, and the market cannot always be just memes. , this is unsustainable. There is only one SATS and one ORDI on the market, and they are already the top of the Bitcoin inscription meme. If other inscriptions want to develop, they must find other ways.
Inscription 2.0 era is the paradigm of Inscription + BTC L2. At that time, Inscription will no longer be just Meme is an Equity Token that can capture the application value of various inscriptions. Inscriptions or Fair Launch have become a unique asset issuance method of the Bitcoin ecosystem and will become a normal currency issuance in the Bitcoin ecosystem.
4. Bitcoin L2 Inscription will take over Bitcoin Inscription and become Bitcoin One of the main entrepreneurial tracks in the ecosystem
Bitcoin Inscription teaches other chains two One word - fair.
Major L1 and L2 have also tasted Fair Launch modes through various inscriptions, runes, etc. The benefit of fair launch is that how many chains have passed the casting of 1-2 inscriptions and completed the on-chain Gas indicator for most of the previous years.
However, the inscriptions of other chains are just a spillover of the potential energy of Bitcoin's inscriptions, more or less. It’s far-fetched, but Bitcoin L2 Inscription is a direct descendant of Bitcoin, and with the continued promotion of the Bitcoin ecosystem, more project parties are more willing to come to Bitcoin L2 to start Inscription entrepreneurship.
For example, I recently observed the inscription casting on @btclaer2 BEVM (although the first inscription Project BMW (I haven’t found any). Users also use BTC to cast inscriptions. The fee is only 105 Satoshi/transaction, which is approximately equivalent to 0.05 U. The fee for a Bitcoin inscription is at least 10-20 US dollars/transaction. Here are There is a gap of about 200-400 times. At the peak of Bitcoin Inscription, there was a gap of nearly 1,000 times.
This is a great benefit for an Mingwen entrepreneurial team, because entrepreneurship The cost has been greatly reduced. For the same 2.1 million inscriptions, the cost is 21 million US dollars to complete in Bitcoin. The project starts with a basic market value of 21 million; but on BTC L2 like BEVM, it only costs 100,000. The project started with a basic market value of only 100,000 US dollars. It is not easy to create a 100-fold increase and reach a market value of 10 million US dollars. It is already 1,000 times as long as it strives to reach a market value of 100 million US dollars.
The thousand-fold myth is easy to create on Bitcoin L2. The Inscription Entrepreneurship team definitely knows what I’m talking about.
In addition to the reduced startup costs, after these inscriptions are minted on BTC L2, It is not purely a meme, but has the natural ability to construct complex scenes, because BTC L2, which is compatible with EVM like BEVM, can directly build various decentralized inscription applications. The narrative scenes of these inscriptions can be infinitely expanded, and the generation of Coin value will also continue to be captured and empowered through various scenarios. The various inscription application methods mentioned in the third point can be implemented directly in BTC L2.
Summary
In addition to the above 4 points, we have also vaguely seen some other Bitcoin ecological gameplay, for example, directly on the Bitcoin layer in BTC L2 Well-known NFT or inscription projects launch vampire attacks. For example, they create a decentralized metaverse for Bitmap on BTC L2, and attract Bitcoin first-level users to Bitcoin second-level users by airdropping tokens to the bitmap holder to continue playing.
In addition to bitmap, there are many Bitcoin NFT and inscription projects, such as Ordirock, Frogs, etc. Etc., you can directly build Gamefi and other gameplay on the second layer around these NFTs to easily complete the cold start of the project. Of course, there are some ways that are not yet so clear, but they are very interesting and we will continue to watch for updates.
In summary, in 2024, the Bitcoin ecology will continue due to Inscription + BTC L2 Shine, this is not a prediction, this is a fact we see.
The wind started at the end of Qingping, and the Bitcoin ecosystem really started to blow.
JinseFinance
Xu Lin
Miyuki
Huang Bo
Zoey
Cointelegraph