The future of bitcoin

OKX:http://ok.b615.com/6/

So far, have Runes and Ordinals developed more than expected or less than expected?

Casey: Frankly speaking, I don't pay much attention to adoption rate, growth rate or market value, because I'm not a promoter or speculator. When I created Ordinals, inscriptions and Runes, my only goal was to make the best agreement. As for the adoption, apart from fixing bugs and adding new functions, it all depends on God's will. Some people complain that the token names are too long, but I don't think this is a problem, because all short symbols will be unlocked in the next four years, so be patient!

The greatest achievement of Runes and Ordinals is ease of use. Many people reported that compared with other standards, Runes is convenient to use and the software works well, which is very good feedback for me. Runes is a complete protocol, which is published with clear specifications and open source implementation, including wallet, index and browser. I don't know much about other alternative token agreements, but compared with BRC-20, Runes is simpler and more efficient, because the transfer only needs one transaction, not two.

What stage are inscriptions and rune narratives in? In the next stage, how will the Bitcoin ecosystem regain its attention?

Casey:Ordinals, inscriptions and Runes are all in the hands of users. Future technological development will almost certainly come from the improvement of Bitcoin itself. Bitcoin leads the market, and the market is cyclical. Accumulate more bitcoin and wait patiently.

In any case, inscriptions and runes have established a "fee market", which is very important for the long-term health of bitcoin networks. I think no matter how popular they are, they will always provide some support for reducing the selling pressure of bitcoin transactions.

OKX Web3 wallet Bitcoin ecological team: On the one hand, the "Inscription" track has brought a new model of Fair launch to retail investors and brought great attention to Bitcoin ecology; On the other hand, according to OKLink's data, the income of bitcoin miners has exceeded 10% since December last year, which has also brought tangible benefits to miners. It is believed that driven by the Bitcoin ecological interest community, the inscription ecology and asset issuance agreement on Bitcoin will enter a new era of exploration and development. (For more data, refer to here: https://www.techflowpost.com/article/detail_16233.html)

Is it necessary for other public chains to develop inscriptions or runes besides bitcoin?

Casey: As far as I know, the inscriptions on other blockchains are only replicas of BRC-20. Considering that other blockchains already have native alternative token agreements, these replicas seem redundant.

However, if developers choose to continue to build in the bitcoin ecosystem, they must accept that bitcoin development is slow and conservative. My advice to new developers is to find a way to build your project without changing the underlying network unless you particularly like working on the Bitcoin core.

You once held a wait-and-see attitude and even questioned bitcoin Layer2. Does Bitcoin need Layer2?

Casey: Except for the lightning network, all other bitcoin second-tier solutions are "castles in the air", and none of them have users, good implementation or a clear path to success. It is wise to ignore them before they really land.

Does the new asset issuance agreement and expansion plan bring new risks to Bitcoin network?

Casey: The only potential risk is that if a protocol extends Bitcoin and allows the development of automated market maker (AMM) schemes similar to Ethereum, it may lead to harmful maximum extractable value (MEV). I take this risk very seriously, because we have seen its negative effects in the Ethereum.

OKX Web3 Wallet Bitcoin Eco-team: Various asset issuance agreements appearing on the Bitcoin network have been very hot some time ago, and many users have traded these assets on the OxMarketplace. However, this has also caused serious congestion in the Bitcoin network, which has affected other transactions on the Bitcoin network. From this point of view, excessive speculation of new assets has some negative effects on the bitcoin network. Therefore, various bitcoin "two-layer networks" have also appeared in the market, trying to alleviate the pressure on the bitcoin main network. At present, each family has its own technical scheme, and it is still in an early stage to say whose scheme is better.

What is the main technological innovation direction of Bitcoin in the future? What are the noteworthy developments?

Casey: I don't know which proposals will eventually be adopted, but I think the current batch of soft-forked proposals are reasonable and interesting.

OKX Web3 Wallet Bitcoin Ecological Team: In the future, the development of Bitcoin will mainly focus on the upgrade and expansion of Bitcoin functions. The bitcoin network supports more opcodes, so it can support more complicated protocols. For example, the recent OP_CAT is highly discussed and may be restarted on the bitcoin network. At the same time, the capacity of Bitcoin network is small, the speed is slow, and it can't meet the needs of users now. Therefore, there are many bitcoin expansion schemes and bitcoin pledge schemes, which are all worthy of attention. For example, there are many "two-layer networks" in the current bitcoin ecosystem, and their technical solutions are also different. They are still in the exploration stage, and we are also paying continuous attention.

At the same time, we are also keeping in touch with developers in different fields and paying attention to other technological progress, such as RGB related protocols, lightning networks and bitcoin related pledge protocols.

How to treat the relationship between Bitcoin and traditional financial markets?

Casey: Bitcoin may be more and more like reserve currency and hard currency, and the future may be similar to the role of real estate in traditional financial markets.

OKX Web3 wallet Bitcoin ecological team: The adoption of Bitcoin spot ETF means that Bitcoin has begun to gain wider recognition in traditional financial markets. Through ETF, traders can indirectly hold bitcoin without having to buy and store cryptocurrency directly. This will help lower the investment threshold and allow more institutions and individuals to participate. ETF provides a regulated and familiar investment tool for those traders who hesitated before because of regulatory or custody issues. This will greatly enhance the legitimacy and credibility of Bitcoin.

The relationship between Bitcoin and traditional financial markets will become closer. ETF products make it easier for Bitcoin to be included in investment portfolios, especially those with diversified institutional portfolios. For example, pension funds, pension funds and wealth management companies may include bitcoin ETFs in their asset allocation. This integration will further consolidate the role of Bitcoin as a "digital gold" and a tool for hedging inflation.

In the long run, the adoption of ETF may trigger more institutional funds to enter the bitcoin market. With the participation of more traditional financial institutions, it may push the price of Bitcoin to rise further. At the same time, it also means that the bitcoin market will become more mature and stable, and get rid of the extreme volatility in the past.