How should we define BTC L2?
As the current mainstream narrative, the BTC ecosystem is booming. In order to increase capacity and reduce costs, BTC’s L2 can be described as a hundred flowers blooming. Regarding the definition of BTC L2, Waterdrop Capital Jademont expressed his views
Generalized BTC L2:
As long as BTC is consumed as gas, BTC is used as the underlying asset, it can be used as a dapp platform, and the performance is much better than BTC, it all counts. Including but not limited to, Indexer-based application platform, EVM rollup, EVM crosschain, side chain, lightning network, RGB, etc. These final competitions are still TVL, that is, how many BTC trust your Layer 2. This is the same as a bunch of L2 wars in Ethereum. It is meaningless to argue about who is orthodox, who has a high market value and high TVL, and who has the right to interpret the definition. .
BTC L2 in a narrow sense:
At least the following two conditions need to be met at the same time:
1. Whether it shares security with BTC. If BTC crashes, can your L2 survive alone? The most independent ones are called side chains.
2. Whether it is censorship-resistant. Are your L2 nodes or cross-chain multi-signature decentralized enough? Don’t be like multichain, where they are all in the hands of a few relatives, and the user’s assets will be lost if they get involved.
BTC Layer2 that complies with Ethereum community standards:
In addition to the narrow definition of L2, two more items need to be added: whether the first layer can verify transactions on the second layer, and whether the assets on the first layer can successfully escape when the second layer collapses.
Personally, I feel that discussions based on definitions are the most meaningless, because Satoshi Nakamoto will not jump out and tell everyone what his ideal btc L2 looks like, and no organization has the right to define this legitimacy.
The Bitcoin ecosystem seems to be in a mess, just like it was when a bunch of messy alt-chains forked BTC in 2013. But it was in the messy community atmosphere that Vitalik tried to build smart contracts on BTC but failed and founded Ethereum. Various new technologies were discussed, laying the foundation for the prosperity of the public chain era. But ten years later, things are different. BTC has its own taproot upgrade, and its programmability, scalability, and privacy have been greatly improved. The technological advancements accumulated during this boom can be fully implemented within the BTC ecosystem. .
