Blockchain started with Bitcoin. Before 2014, the three words blockchain represented Bitcoin.
In 2013, if you wanted to start your own project, you first needed to find a group of miners or community nodes. Then, tease it with a post on Bitcoin Talk. The project side has no other advantages. The process is very similar to the current inscription engraving.
The community in the early stage is smaller, and the project team may be more actively involved because they are community members. But it also costs money and money. The opening is like the next page for Bitcoin.
Then let’s take a look at the current development of the Bitcoin ecosystem. Bitcoin itself has a history of 14 years from 2009 to now. So it has developed to more than 16,800 full nodes, and these are more than 10,000 nodes. It is mainly maintained by miners in the mines, who have to forward transactions; of course, there are also many inscription developers, or many project parties who start businesses based on Bitcoin, who need a full node to read faster. Data and nodes are distributed around the world, so the Bitcoin ledger is the most secure ledger in this ecosystem, or in the entire blockchain world, and is composed and maintained by more than 16,800 full nodes.
Bitcoin miners are very aware of this. Computing power has continued to grow rapidly.
However, in 2021, due to the green carbon emission problem in mining, the National Development and Reform Commission decided to ban mining activities. This has caused many people to turn overseas for mining. Due to this change, the computing power of the entire Bitcoin network reached a record high of 10 billion that year. As of now, the computing power of the entire network has exceeded 50 billion, an increase of five times in just over two years.
What is the concept of five times? The same mining machine you have can now mine only one-fifth of what it could mine in two or three years. By April next year, Bitcoin will undergo the next halving. After the halving, theoretically speaking, the number of Bitcoins mined may only be 2021. 1/10.
This is not good news for miners nor the Bitcoin network. If the income of miners drops, the number of nodes willing to participate in mining will not continue to increase, and may even decrease, which may affect the security of the Bitcoin network. Therefore, increasing the income of miners is actually equivalent to promoting the decentralization and security of the network.
So, in addition to the fixed block reward for each block, miners also want to find a second growth curve. Now we have found a way out, which is the matter of inscriptions. Recently, Bitcoin’s mining revenue per block has basically doubled, or at least increased by more than 50%.
Transaction fees have accounted for a large part of the block rewards, and even in some blocks the transaction fees are greater than the fixed block rewards. After the halving next year, transaction fees may often exceed block rewards. This is the second growth curve of absenteeism.
Of course, there is some controversy about inscriptions, namely: if there is a large amount of low-cost inscription value, the 4-megabyte block of Bitcoin is too precious. Relatively speaking, we must give priority to protecting the transmission of Bitcoin itself. If there are a lot of junk inscriptions, it must be a waste of valuable space.
So our point of view is: there can be inscriptions on the first floor, but not too many. If you want to play with some rubbish inscriptions, then I can totally do it on the second floor. When the second layer is mature enough and can support enough various gameplays, then the data or transactions between the second layer and the first layer are also very valuable. If this value is higher than the Bitcoin per block transmitted by one layer, we cannot say that the data is junk data.
In fact, Satoshi Nakamoto’s vision is also to support the second layer. He said in 2009: In 20 years, the Bitcoin network will either return to zero or become a global settlement network. The global settlement network cannot be completed on the first floor. It must go to the second floor.
The Lightning Network has the potential to realize a global settlement network. The data on the Lightning Network is packaged and put on the first layer, which can also increase the income of miners to a certain extent. This is also the second growth curve of miners.
Bitcoin has undergone many key upgrades. Many people who entered the industry in the post-Ethereum era will feel that Bitcoin has not developed much in the past ten years and that Bitcoin can only be used for transfers. In fact, they are completely wrong. Bitcoin has actually experienced several very important developments. upgrade.
So in the last round of Defi craze, Bitcoin basically didn’t participate, because there were only two people who crossed from Bitcoin to Ethereum through multi-signature, which was very centralized, so everyone didn’t worry about losing their Bitcoin. past. But now there is a very decentralized cross-chain method for Bitcoin.
The market value of the Bitcoin ecosystem is now mainly based on Inscription, and there are also several L2s under testing, which add up to less than 5 billion US dollars. But the market value of Bitcoin itself is three times that of Ethereum, so there is a huge Alpha in it. It may be that the bull market is coming soon, or we are already in the early stages of the bull market, and the market value of the Bitcoin ecosystem has caught up. Even exceeds the market value of the Ethereum ecosystem.
In the Bitcoin ecosystem, we think the more promising one is Bitcoin’s L2, because we know that the capacity of L1 is too limited. A small inscription has brought such a big controversy and brought such a high gas. It is obviously very difficult to enter the stage of massive adoption and it is difficult for everyone to use it.
Some very new technologies often appear in the Bitcoin ecosystem, but many technologies are developed on other chains. Of course, if you find these protocols too difficult, you can also join the Bitcoin ecosystem to do some auxiliary work, such as payment node service providers, mobile providers, and business applications. There are also business opportunities.
The endgame of the blockchain world must be the Bitcoin ecosystem!
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