Innovative Ventures Amidst BTC Halving and HK Crypto ETF Approval
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Highlights:
.did pioneers as the first DID protocol on the Bitcoin network
UTXO stack redefines Bitcoin scalability empowered by RGB++ protocol
Open-source LLM inheriting Bitcoin’s spirit outperforms both GPT 3.5 Turbo and GPT-4
Layer 3 speculation as the endgame of blockchain
Transitioning from BitVM to BitVM2: enhancements and newly introduced limitations
Crypto Insights
Satoshi 7B: An Open-Source LLM Inheriting Bitcoin’s Spirit
This model is built on a custom dataset deeply rooted in libertarian principles, Austrian economics, and Bitcoin literature.
The model has undergone fine-tuning and may produce politically contentious viewpoints that are not widely accepted, as well as responses inconsistent with Keynesian perspectives. Unlike mainstream models, it does not shy away from addressing controversial topics or regurgitating Wikipedia-style answers.
In terms of performance, Satoshi 7B surpasses GPT 3.5 Turbo in all key metrics and is on par with GPT-4 in most scenarios.
Chat with Satoshi to converse with Satoshi, or use Code Satoshi to generate superior Bitcoin-related code.
.did with RGB++ Achieves First DID Protocol on Bitcoin Network
By supporting RGB++ protocol, decentralization identity protocol.did becomes the first DID protocol on the Bitcoin network with extensive programmability.
Exploring Isomorphic Binding's Potential With Inspirations from RGB++ and Atomicals
With the heated discussion around the isomorphic binding sparked by the RGB++ protocol, currently limited to assets on the RGB++ protocol's layer 1, Bitcoin cannot be isomorphically bound to layer 2.
To address this limitation, a scaling approach is to combine Atomicals—a Bitcoin layer 1 asset protocol—and conceive a solution that can isomorphically bind BTC directly to layer 2.
Inscriptionless Inscriptions
While some users and developers are hesitant to store images, text, etc., through inscriptions in witnesses, Bitcoin is permissionless—users can freely inscribe anything provided as long as they pay transaction fees. Is there a solution?
Utilizing nLockTime, images can be generated off-chain. These images will not be stored on-chain. They are pixelated cubes that can represent various content.
This method offers privacy benefits and is immune to censorship by any filters.
Blockchains End at Layer 3 ？
L3 might be the endgame for blockchain—we won't see periodic additions of new layers every few years, as technological or financial advantages won't increase with the addition of layers.
Why UTXO Stack Is Worth Investing In
UTXO Stack enables project developers to easily deploy BTC L2 solutions based on the UTXO architecture.
Seamless integration with RGB++.
Security-wise, it combines staking BTC, CKB, and BTC L1 assets to ensure L2 security.
UTXO Isomorphic Binding: The New Holy Grail of Scaling
Leveraging the isomorphic properties of the UTXO, use "single-use seals" to map the UTXO of Chain A to another Turing-complete UTXO Chain B.
The approach of isomorphic binding is Bitcoin-native and achieves cross-chain interoperability without any form of "bridge", ensuring security equivalent to that of Chain A while remaining highly scalable by inheriting the scalability of Chain B.
Main Trends on Public Chain Infrastructure in 2024
Exploring the main changes in the public chain infrastructure sector by analyzing emerging solutions in the execution layer, DA layer, and settlement layer over the past few months.
Top Reads on Blockchain and More
Transitioning From BitVM to BitVM2: Enhancements and Newly Introduced Limitations
1️⃣ The BitVM Liquidity Crunch Issue
Several solutions are proposed to address the liquidity crunch issues faced by BitVM two-way peg: throttling, multiple operators, multiple linear operators, and backstop.
N-of-n multisig groups plus the potential to push funds in a failure case to a delegated group to handle withdrawals, can address the risk of permanent loss of funds.
Background of BitVM 2: The primary limitation of BitVM is that only those who have created BitVM contracts can participate, and the available roles are limited — only the prover and the verifier. Another limitation is that the challenge response protocol may run for an extended period. Robin Linus, the creator of BitVM, has recently proposed the BitVM2 scheme, aiming to make some sacrifices to alleviate the above two limitations.
2️⃣ BitVM 2: Opening up the Playing Field
BitVM 2 shortens the challenge/response protocol length from an indeterminate series of transactions that could be upwards of dozens in the worst case scenario, to two rounds in the challenge/response.
With the use of connector outputs, anyone can be allowed to act as a verifier. Being involved as one creator of BitVM contracts is no longer mandatory to challenge a dishonest prover.
3️⃣ BitVM 2: Permissionless Verification on Bitcoin
Robin Linus explores Permissionless Verification schemes based on BitVM2 - the permissionless BitVM Bridge contract design.
He points out two main limitations of the scheme: the risk of fee theft by the prover and the requirement for a least an honest operator.
Emerging Bitcoin Native Startup Ecosystem Growth
Between 2022 and 2023, despite the overall cut-down in crypto venture deal, crypto venture dollars, and Bitcoin venture dollars, Bitcoin-native venture deal count up significantly.
A surge in venture-backed company building at the Pre-Seed signals upcoming activity at Seed, Series A, and beyond.
(Probably) The Most Comprehensive Anti-Phishing Guide to Bitcoin
The upgrade of Taproot and SegWit has spurred the explosion of the Bitcoin ecosystem, while bringing new security challenges.
Five Mindsets for Preventing Bitcoin Phishing
Memecoins vs Elitecoins: A Cultural Revolution
Memecoins symbolize a financially nihilistic future, with people gambling instead of investing in technologies for societal improvement.
Prioritizing advancements in identity, reputation, and data primitives is crucial for building a prosperous on-chain society, rather than solely relying on speculative memecoin investments.