Tom qab Bitcoin, Are Shackles Loss undervalued treasures?

Has Bitcoin become an "asset"? Or will it be an “IT contract” with the same concept of work? This is a question that has been discussed for a long time.

As Ethereum grows as the chain of No. 1 application platform continues, the debate over whether Bitcoin will go left or right seems to have cooled. The exploration is slowly fading from a critical perspective, but there are still geeks eager to explore different ways and make the Bitcoin network the Dapp platform. Although this process is difficult, just follow it.

As we all know, in this DeFi boom, Bitcoin is generally a cross-chain asset such as WBTC, renBTC, imBTC, or a corporate asset that participates in a unique application ecosystem through indirect methods such as synthesis. of assets. According to statistics from QKL123, there are currently 323,000 Bitcoin Anchor coins, which are only worth 1.5% of the current Bitcoin market value. The blockchain industry now. , the most secure and well-known network and public channel with the highest operating costs, but only 1.5% of its value joins the DeFi wave. Is it science?

While it is true that many people view BTC as a digital gold deposit and not an asset application, is it impossible for Bitcoin to get more involved in DeFi? The purpose of this issue is to explore the ecological applications of the Bitcoin network and to find believers, groups and activities to develop applications on the Bitcoin network.

The content may not correspond to current hotspots, it may not be an education and decision of the trends, but you should have a lot of ideas and considerations on Bitcoin. As a leader with a market value of up to $ 890 billion, its application value lies in many places where no pragmatic pursuit and unwanted persistence can seize the opportunity to get rich.

Team after light and shadow

There are many groups and organizations that have played an important role in the development of Bitcoin and also affected the development of the entire Bitcoin network in the future. These groups and individuals are for some blockchain industry training. .

bitcoin core

Bitcoin Core has always been the first team of developers in the Bitcoin network. Prior to Satoshi Nakamoto's "retirement", he ceded his rights to trading Bitcoin to his trusted friend Gavin Andresen. After taking over from Gavin, he founded the first Bitcoin Core organization dedicated to decentralizing policy and managing and resolving Bitcoin. Among the various business issues, the Bitcoin Core blockchain development team has also become a key developer in the Bitcoin community.

At the same time, Bitcoin Core is also a Bitcoin user using all the nodes that form the scaffolding of the entire Bitcoin network. For many years, Bitcoin Core once became the spiritual leader of the Bitcoin community, but then, in the battle for Bitcoin's expansion, the community was challenged by the removal of Bitcoin Core from the "Hong Kong Consensus". ". Bitcoin Core is still the greatest hero. of the entire Bitcoin network.

string code lab

Although Bitcoin Core is a large group of developers, the source of its money is mostly funds from other groups. For example, Bitfinex, BitMEX, Square crypto, etc. are all financial. We support most of the manufacturers.

Chaincode Labs is a Bitcoin R&D company based in Midtown Manhattan, New York, joined in 2014 by Alex Morcos and Suhas Daftuar, co-founders of global trading company Hudson River Trading. Chaincode provides funding to developers in the Bitcoin ecosystem, primarily for Bitcoin and the Lightning Network. Since 2016, Chaincode has been called Resistance Program to help educate professionals on the application of the Bitcoin and Lightning Network protocol. .

flow blocking

Blockstream, a company dedicated to the creation of Bitcoin financial services, Blockstream has announced the implementation of the Bitcoin Liquid and Lightning Network c-lightning sidechain. Blockstream raised funds in 2014, 2015 and November of this year. At $ 21 million, $ 57 million, and $ 210 million, Blockstream is one of the pioneers in finding Bitcoin applications.

Currently, there are many applications of Liquid sidechain such as hodlhodl payment platform, lsideswap trading platform and TDEX, and more details will be revealed later.

Lightning laboratory

Besides Lightning Labs, a major sponsor of the Lightning Network, the Lightning Network Daemon, ACINQ, Blockstream and others are also major partners of the Lightning Network. Lightning Labs hopes to develop a faster, cheaper Bitcoin Set 2 and provide an unrestricted set of financial services using the Lightning Network. To know the fast and efficient exchange of Bitcoin, Lightning Network has always caught the attention of enthusiasts.

Lightning Labs has announced Lightning Pool, a lending company based on the Lightning Network, and Lightning Loop solutions to address potential limitations, and now has announced a new product called Escrow, the new way to use the Lightning Network. Fast assets can be seen at a very low cost.

Bitcoin Optek

Bitcoin Optech is the most profitable organization for Bitcoin developers, providing conferences, information, weekly newsletters, initial research papers, research papers, and other services. maintains community relations and plays a unique role in connecting Bitcoin producers and affiliates.

The above organizations and companies are just part of a team exploring the value of Bitcoin network applications. There are also many unknown developers and organizations pushing for the advancement of the entire Bitcoin network. If you want to discuss the cost of the Bitcoin network app, Lightning Network, Layer 2, and Sidechains are must-see points.

RVB / Lightning Network / Sidechain

In terms of functionality, Bitcoin, which lacks Turing growth, differs from Ethereum, which supports smart contracts, which it supports in the chain app. The coin also has its own 2 layer and its own side chain.

Layer 2 - RGB

RGB is an American concept invented by Bitcoin Core crypto developer and consultant Peter Todd. It is a smart contract protocol based on Bitcoin and Lightning Network. RGB separates the terms of the smart contract, the governor and the state exchange. Code and data are stored offline, and the Bitcoin network operates under the state contract layer. , using Bitcoin scripts as owner management, and modifying smart contracts is also defined by off-chain design.

In the RGB smart contract, the function is not used, but is a special form of operation. However, no one other than the owner of the contract (or the party to whom the owner discloses the contract) is aware of its existence.

This opened up a scalable world for Bitcoin, including the creation of NFTs, utility tokens, other assets, decentralized trading capabilities and, most importantly, smart contracts, while also offering more than privacy. In November's Taproot update, Bitcoin's smart mining contract was still in its infancy, but it was slowly gaining traction.

Main RGB products:

Confidentially, miners cannot see what is happening to industry assets.

Bitcoin-based security

Scalability and smart contracts

It has the performance of Lightning Network.

Layer 2 - Lightning Network

The most popular technology in Bitcoin Set 2 is the Lightning Network, which solves the market congestion of the Bitcoin network, which can support thousands of transactions simultaneously.

As a payment channel system, Lightning Network is much like many wallet signatures, the specific function is: the first channel opens, and the parties involved create more wallet Sign and flush the money. After determining the channel equivalency, any subsequent changes by the participant will complete the channel and will not be announced. All participants can close the channel at any time. Recent changes include previous changes. Since the channel is not closed, the candidate stores local data and the final exchange does not remain on the chain until the channel is closed.

In this way, instant or free payment from both parties using the channel can be found in Bitcoin. Once a channel is open, no Lightning restrictions can be reached. Lightning Network is called Network, but Lightning Network is not required. Security via the Bitcoin blockchain as an additional layer created on top of the Bitcoin network, which is not a soft fork or a hard fork.

According to statistics from 1ml.com, as of December 15, the number of Bitcoins on the Lightning network was 3,300 and the number of channels was 83,159, and the distribution area is mostly in North America, accounting for 41, 5%. 25.5% of each channel.

3,300 BTC on Lightning Network (as of December 15)

The Lightning Network is primarily used for Bitcoin exchanges and payments, and the application of smart contracts really needs to rely on side chains.

side chain - liquid

Liquid Network was developed by the Canadian Blockstream team and Apple is based on the Bitcoin sidechain. As a sidechain trader and stockbroker, Apple can accelerate and privatize Bitcoin trading and digital trading products.

The liquid chain creates a block every minute. Block signers keep the height of blocks signed by their parents. Liquid models must have at least 2/3 of the block signatories to participate in a single signature. acknowledge. Block signers enter new blocks into the loop every minute, but due to network instability etc., block signers may lose the race over time. The blocks are not created and continue. Next block signatory. If more than a third of the blockchain signatories are not actively involved in the blockchain, the block will not be signed and the blockchain solution will hang until more than two thirds of its subscribers are working. Internet and network are back to normal.

The bitcoin used in the Liquid network is called L-BTC, and users can create and trade other valuable assets such as coins, securities, other non-BTC crypto devices, digital devices, gift points, etc. Salvadoran President Naib Bukler recently announced his intention to announce $ 1 billion in (possibly worthless) "Bitcoin Bonds" on the Liquid Network. Apple is also working on creating a tokenized project manager to deliver V3 performance around value propositions and strategies to re-energize it in response to moving costs.

According to the data released, there are currently $ 1.1 billion in assets on the Liquid side chain, and according to statistics from Coin98 Analytics in August of this year, the USDT announced via Tether of Liquid about 3.66 millions of dollars. Regarding the ecological improvement of liquid side chains, there are generally three applications: lsideswap, TrueDEX (TDEX) and hodlhodl.

lsideswap is a business platform that supports custom orders. SideSwap was supposed to be the preferred exchange for all assets outside of the Liquid sidechain, but now only the USDT / L-BTC and Pegx (Euro) / L-BTC trading pairs have started. There are no users, and it is in a state where no one cares about the current situation of lsideswap in the ecological environment of Liquid is even more shameful.

TDEX is the first decentralized atomic exchange negotiation protocol developed in the Apple network, creating a global peer-to-peer network with open interfaces, enabling manufacturers to offer a wide range of liquid asset-to-peer solutions for finish faster, without water. . goal. Monitoring, confidential exchange tools that use UTXO model and content (open source blockchain platform, side chain supported) - a simple operation to automate exchanges. Currently, TDEX is in the research and development phase and provides a user-centric version. R&D is also lagging behind.

HodlHodl is a multi-signature P2P cryptocurrency trading platform that enables peer-to-peer Bitcoin trading by comparing terms, also offering lending services and lending rates. The range is 20% to 1825%.

HodlHodl lending standards

sab chain stack

Groups are a rapidly growing group. The team used an approval process called proof of transmission to secure a connection with L1 Bitcoin. Stack only uses the Bitcoin blockchain as a hold and advertising medium. , the state of the system must provide a well-established Bitcoin market that collects the hash value of the Stacks block and where it is connected to the blockchain in order to create a new Stacks block in the Bitcoin network.

There are now many other applications developed by the Group, in particular Alex and Arkadiko focusing on DeFi, STX NFT platforms in the NFT industry, BlockSurvey, Jolocom, Sigle, etc.

application of categories

It should be noted that the CityCoins project, long mentioned in V God’s recent “Crypto Cities” article, comes in the form of a stack, and the stack also plays an important role in the creation and application of CityCoins. . If you enjoy a wide range of jobs in the ecosystem, you can search directly at https://www.stacks.co/explore/discover-apps.

In addition, Stack has also released a registered domain name called BNS (.btc suffix), similar to Ethereum's ENS relationship, and the current BNS registration rate is 2STX / 5 years.

band saw - RSK

RSK was also the first Bitcoin sidechain network, they were the first delivery platform that relied on the Bitcoin network to create smart contracts, the project was led by the IOV Labs team. RSK's mainnet was launched in 2018. Released in January as follows: RSK, the best representative of Bitcoin, is also having a huge impact.

RSK accepts mixed mining. This means that Bitcoin miners can mine RBTC (RSK's Bitcoin) while they are mining Bitcoin.Coins) Bundles basic Bitcoin security and provides Powpeg guaranteed proof of workIt generates two links between the RSK side chain and the Bitcoin blockchain.

There is no RSK networkIntegration of various software and hardware portfolios such as Metamesk, Math, Ledger, cobo, etc., Sovryn Swap, rskswap, etc., trading platform with AMM function, moneyonchain platform which supports book trading, smooth trading done by small fox wallet, but there are not many conversations with tools.

RSK Ecology Network (Source: https://www.rsk.co/openfinance)

RSK has now opened a connection to Ethereum. In theory, any ERC20 hardware could be compatible with the RSK network.The eyesBTC is still the largest cross-market asset, reaching 163 million, accounting for 72.3% of total asset value. The other types of cross devices are USDT, ETH, and XUSD.

Trend of inter-chain RSK asset changes

gate

Portal looks like a binary collection of Layers 2 and sidechains. The first layer uses Bitcoin time hashing to lock down contracts to ensure market security for users. It is similar to Layer 2 Lightning Network, and other layers can be used for smart contract functions like contracting, exchange, liquidation, etc. for this process in the Fabric protocol developed by With Portal.

Fabric Protocol is a point-to-point messaging and agreement protocol that uses Bitcoin as a layer of security and recognizes security settings and rotating branches by combining technologies such as zero - Proof of Authentication, multi-signature transactions, and scripting Bitcoin. - Used to establish point-to-point communication and other uses for point-to-point exchange of arbitrary information.

By the end of September, Porta had raised $ 8.5 million from Coinbase Ventures, OKEx, Galaxy Digital and other agencies, and Portal currently operates TEG and integrates pricing data from Chainlink, making it great value for the Bitcoin-based DEX. We hope to share the information. in the future.

Separately, some giants have explored the possibility of using DeFi on the Bitcoin network, and on November 20, payment giant Square announced on Twitter that it would establish a Forex exchange relationship based on the Bitcoin network, tbDEX . This white paper has been published.

Looking at Bitcoin DeFi now, it is as important as Ethereum Layer 2 and the concept of side chain, the key chain is used as the base layer of data state and security, the difference is that in the implementation of Bitcoin DeFi, the side chain. is the chain It is a paramount decision, it is also an easy to use, but the safety of the side chain is unmatched by the main chain and the layer 2 which is also one of the reasons why the side chain bit changed. very slow.

Bitcoin is the most popular asset in the world, and digital gold has become one of its applications, but its application value is still worth exploring, it can be created by the Bitcoin network itself, but Bitcoin can evolve in a completely different way.