We’re on the verge of a Bitcoin development tsunami, according to a niftynei Consenus2023 presentation. FrederickMunawa reports.
) can be spent. Script updates include a proposal by Blockstream to introduce Simplicity, a new programming language for Bitcoin smart contracts.
The network is already in the midst of a technical renaissance attributable to the introduction of Bitcoin non-fungible tokens via the Ordinals protocol. More thanBitcoin development tends to be slow and steady, but Neigut says the“APO is going to, hopefully, unlock a Cambrian explosion with these script updates and new covenants,” Neigut said. “So I think a lot of new layer 2 stuff will come in the future.
The world’s dominant blockchain already has one of the most diverse layer 2 ecosystems of any network. Bitcoin currently boasts six major layer 2 protocols – the Lightning payment network, the Liquid sidechain, the Fedimint and Cashu protocols, wrapped bitcoin and Bitcoin statechains.The Lightning Network is a Bitcoin layer 2 scaling system, or more precisely a payment channel network, where a collection of interconnected computers route bitcoin payments off-chain.
Ryan Gentry, director of business development at Lightning infrastructure firm Lightning Labs, said during his ownat Consensus that Lightning is the only network of its kind in crypto. “Lightning is unique,” Gentry said. “There is not, to my knowledge, another widespread payment channel network in the whole crypto space. Lightning is the only one and it’s scaling really well.”Liquid
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