The "BTCEco Sumit" themed summit was successfully held on October 27th. This forum is jointly prepared by Web3CN, TigerVCDAO, and BTC Ecological Project BEVM to explore the challenges and opportunities faced by the Bitcoin ecosystem in the continuous development process, and to look forward to the future development direction of the Bitcoin ecosystem
The "BTCEco Sumit" themed summit was successfully held on October 27th. This forum is jointly prepared by Web3CN, TigerVCDAO, and BTC Ecological Project BEVM to explore the challenges and opportunities faced by the Bitcoin ecosystem in the continuous development process, and to look forward to the future development direction of the Bitcoin ecosystem.
Since the development of Genesis blockchain in 2009, Bitcoin has become one of the most well-known cryptocurrencies in the world, and its ecosystem has also been continuously growing and strengthening. At the beginning of 2023, a Bitcoin ecosystem represented by the Ordinals protocol launched a new wave of Bitcoin Fi. The all-new Bitcoin NFT experiment based on Ordinals, especially the emergence of BRC20, has brought completely different changes to Bitcoin that only has payment attributes, and even begun to emerge in an ecosystem similar to Ethereum. In addition to the familiar Lightning Network, protocols such as Rollup, Sidechain, RGB, and Taprot are also constantly emerging, further enriching the Bitcoin ecosystem. CoinMarketCap, a cryptocurrency price tracking platform, has also begun to include Bitcoin ecosystem related projects.
This summit focuses on the Bitcoin ecosystem and discusses the new narrative of the BTC ecosystem in the new round of halving. The number of online participants in this summit exceeded 10000, with over 25000 likes, and there is also an exclusive BRC20 protocol token sat airdrop event sponsored by BEVM.
The summit has come to a successful conclusion, so what message does this summit convey? Does the future development of Bitcoin require ecological construction? What is the direction of ecological future development?
Keynote speech: BTCLayer2 with BTC as Gas and EVM compatible
In the first keynote speech segment, Co Friend and Teacher Guangdong from the Bitcoin Layer 2 project BEVM were invited. In the opinion of Professor Guangdong, the previous understanding was that BTC only focuses on storage, but currently, only storage is not enough for BTC. Although the data on the BTC ecosystem before this year cannot reach the scale of Ethereum, it cannot be underestimated. Firstly, the total market value of BTC is more than three times the total market value of ETH, and secondly, there have been over 30 million transactions in BRC20 so far. One of the most important developments in the current BTC ecosystem is the emergence of coin issuance protocols. The SegWit upgrade in 2017 witnessed the expansion of the BTC chain, allowing for asset issuance based on the BTC blockchain. This has made BTC asset issuance protocols such as the Ordinals protocol and RGB protocol a reality. The 2021 Taprot upgrade introduced technologies such as Schnorr and Music2, making the decentralization and cross chain of BTC a reality, providing technical support for the prosperity of BTC Layer2. BTC is no longer just digital gold. BTC has begun to grow into a highly scalable blockchain, and there will be more asset issuance protocols based on BTC and the emergence of BTCLayer2 in the future.
Keynote Speech: The Current and Future of BTC Ecology
In this keynote speech segment, Partner Jademont from WaterdripCapital was invited. Jademont believes that with the continuous development and updates of Bitcoin network technology, the upgrading of Bitcoin protocols, and the continuous strengthening of consensus, Bitcoin network payments are about to be implemented. In the future, we can expect various protocols currently developed on Ethereum to also be implemented on Bitcoin networks. Jademont always talked about: Bitcoin was on the eve of its outbreak, and the Bitcoin ecosystem was also on the eve of its outbreak. Bitcoin pioneered the encryption industry and led the prosperity of various public chains. In the future, it will also integrate the entire encryption ecosystem into the Bitcoin network.
Round Table: Let the BTC ecosystem prosper again
In the first themed round table, the guests discussed how to make the BTC ecosystem prosperous again. Sharing guests include ZiMu (Web3CN), Sonic (OrcCash), Michael Yeung (LayerTwoLabs), Youyu (Btctool), HongShuning (Bitcoin Researcher), Guangdong (BEVM), Neeboo (AstroxNetwork), and Sats Chinese community guests.
Bitcoin cannot exist solely in the form of an asset. In order for a currency to have value, it must have a large number of application scenarios. Similarly, Bitcoin needs to establish a financial and trading system on Bitcoin, so that Bitcoin can have value. Therefore, this is why Bitcoin needs to be applied. In addition, regarding whether Bitcoin has entered an upward cycle, which is of great concern to everyone, it is believed that in addition to the cycle, more attention should be paid to the construction of the second tier ecosystem of Bitcoin, as well as the impact of these ecological developments on Bitcoin miners.
In this section, guests generally believe that why BTC Network needs to issue assets
Round Table: Outlook for the New BTC Ecological Cycle
In the second themed round table, guests discussed the outlook for the BTC ecological new cycle, including Shaun (YakiHonne), Dangqi (BITMANPOW), Sally (OKXVentures), Yi (Supreme), Ronni (BoolNework), HanFeng (ELACo Founder), and Eason (MTCapital).
In this section, how should the BTC ecosystem develop in the future. Guests believe that in order for Bitcoin to develop in the long term, it must develop its ecosystem. The possible methods include: 1) directly building on the BTC network, but this direction will be more difficult; 2) Work on the Layer2 project; 3. Conduct cross chain projects. Of course, whether it is the development of coin issuance protocols or the Bitcoin ecosystem, the first step is to do a good job in building BTC infrastructure.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
