Note: This article comes from @wangfeng_0128’s Twitter account, and is compiled by Mars Finance as follows:
Update/Attending the Wanwudao discussion meeting tonight. I will summarize my experience in the Bitcoin Ecosystem Development Discussion Meeting. I think this conversation is of high quality. I strongly recommend everyone to listen. Thanks to Chen Jian for the invitation, and to teachers Dashan and Hong Shuning for their contributions. It also made tonight's conversation exciting. It is much better than many Twitter Space content.
1) From the Bitcoin network to the Bitcoin ecosystem, it is actually a continuous upgrading process.
The two soft forks (upgrades) are important milestones that many people overlook. To study the development of Bitcoin ecosystem assets and applications, necessary remedial lessons are needed. In short, if there were no SegWit in 2017 and Taproot upgrades in 2012, there would probably be no Ordinals protocol, the derived BRC20, and the various XRC20s that followed.
2) You must know that before the SegWit upgrade, the upper limit of Bitcoin capacity was 1 MB, and after SegWit, the upper limit of Bitcoin transaction capacity reached 4 MB. Otherwise, there would not be enough space for our later inscriptions.
3) Similar to the SegWit upgrade, the Taproot upgrade is also a soft fork, which can be said to be Bitcoin 2.0. It does not change the Bitcoin protocol itself, but improves the existing Bitcoin transaction mechanism.
The upgrade mainly includes three concepts: P2SH, MAST and Schnorr. The result is that complex transactions such as multi-signature transactions and time-locked transactions look like ordinary Bitcoin transactions, enhancing the privacy of Bitcoin. The purpose is to promote Bitcoin to achieve smart contract deployment, expand use cases and other scenario upgrades.
4) The Lightning Network is a key path to achieve capacity expansion and build consensus. The Lightning Network has a certain legitimacy.
Without the off-chain LN (Lightning Network), there is no scalability solution. With LN, the transaction processing capabilities will definitely not be comparable to Ethereum's current Layer 2.
5) Dashan from Waterdrop Capital said: If you have no idea about UTXO, PSPT, MAST and Schnorr signature, you are completely ignorant of the basics of the Bitcoin network.
6) The RGB protocol has a recent new version v0.10. If you want to solve the Turing completeness of the Bitcoin ecosystem, you should take a look at it.
The core idea behind it is to combine asset issuance, ownership, and status updates with Bitcoin's UTXO model through client-side verification, rather than relying on full nodes of the Bitcoin network like BRC-20.
The basic structure of RGB smart contract: RGB smart contract consists of three parts: Genesis, State and Transitions.
Genesis defines the basic properties and rules of the contract, State is the current state of the contract, and Transitions are the transitions between states. RGB introduces a new smart contract model that is more flexible and powerful and can support a variety of complex application scenarios.
7) The next step for the Bitcoin network ecosystem, asset protocol + lightning network + RRB, may be an ideal combination for the next step.
