The blockchain world starts with three words: Bitcoin. To be precise, before 2014, in the entire blockchain world, the word blockchain was equal to Bitcoin.
In 2013, if you want to make your own project, you first have to find a bunch of miners, or a bunch of community nodes, and then post a post on Bitcoin Talk to preview it. Then everyone starts this mining at the same time, which is very similar to the current inscription, and the project party has no other advantages.
The only advantage is that the early community is not so big, so the project team, as a member of the community, may be a little more involved, but it will also cost him and spend money. That's the beginning, and that's the next page of Bitcoin.
Then let's look at the current development of the Bitcoin ecosystem, the Bitcoin ecosystem, Bitcoin itself has been around for 14 years from 2009 to now, so it has 16,800 years of development now Multiple full nodes, these more than 10,000 nodes are mainly maintained by the miners of the mining farm, and they want to forward transactions; of course, there are also many projects like a lot of inscriptions, or many projects based on Bitcoin to start a business, he needs to have a full node to read data faster, and the nodes are distributed around the world, so the Bitcoin ledger is the most secure ledger in this ecology, or the entire blockchain world, which is composed of more than 16,800 full nodes to maintain.
Bitcoin miners are well aware of this. You can see that the growth of computing power has been growing, and it is growing very, very fast.
However, in 2021, because of the problem of green carbon emissions in the mining industry, the National Development and Reform Commission banned the mining industry, so everyone went to overseas mining, and the computing power of the entire Bitcoin network reached a record 10 billion that year, and has exceeded 50 billion so far, a fivefold increase in more than two years.
What is the concept of five-fold? That is, your same mining machine, now mining is only one-fifth of two or three years, and by April next year, Bitcoin will experience the next halving, after the halving, the mining of bitcoin may theoretically only be 1/10 of 2021.
This is not a very good thing for miners, nor is it a very good thing for this network. Because of the decline in miners' income, the number of nodes willing to mine will not continue to grow, or if it decreases, then the Bitcoin network may become less secure. So how to increase the income of miners is actually equivalent to how to make the network more decentralized and more secure to a certain extent.
So, in addition to the fixed block reward per block, miners also want to look for a second growth curve. Now there is a way out, which is the matter of inscriptions. Recently, Bitcoin's revenue per block has been basically double, or at least more than 50% higher.
Transaction fees already account for a large part of the block reward, and even in some blocks, the transaction fee is greater than the fixed block reward. After next year's halving, it's possible that transaction fees will often exceed the block reward. This is the second growth curve of absenteeism.
Of course, there is some controversy about the inscription, namely: if it is flooded with a large number of low-cost inscription values, a 4 trillion block on the first layer of Bitcoin is too precious. Relatively speaking, we must prioritize the protection of one transmission of Bitcoin itself. If there is a lot of garbage inscriptions, it must be a waste of precious space.
So our point is: there can be inscriptions on the first floor, but not too many. If you want to play with some garbage inscriptions, then I can do it on the second floor. When the second layer is mature enough and there are enough various gameplay methods that can be supported, then the data of the interaction between the second layer and the first layer, or the transaction, is also very valuable. If this value is higher than the number of bitcoins per block transferred by the first layer, this data cannot be said to be garbage.
In fact, Satoshi Nakamoto's vision is also to support Layer 2, he said in 2009: after 20 years, the Bitcoin network will either go to zero or become a global settlement network. The global settlement network is definitely impossible to complete from the first floor, and must go to the second floor.
The Lightning Network has the potential to enable a global settlement network. The data on the lightning network, packaged and put on one layer, can also increase the income of miners to a certain extent, which is also the second growth curve of miners.
Bitcoin has undergone a number of key upgrades. Many people who have entered the circle in the post-Ethereum era will feel that Bitcoin has not developed much in the past ten years, and they will think that Bitcoin can only make a transfer, but in fact, it is very wrong, that is, Bitcoin has actually undergone several very important upgrades.
Therefore, in the last round of Defi craze, Bitcoin basically did not participate, because there were only two cross-border from Bitcoin to Ethereum through multi-signature, which was very centralized, so everyone was not at ease to get their own Bitcoin. But there is now a very decentralized way of cross-chain Bitcoin.
The market capitalization of the Bitcoin ecosystem is now dominated by inscriptions, and then there are a few L2s in testing, which add up to less than $5 billion. However, the market value of Bitcoin itself is three times the market value of Ethereum, so there is a huge alpha in it, which may be coming to this bull market, or we are already in the early stage of the bull market, and the market value of the Bitcoin ecosystem catches up with or even exceeds the market value of the Ethereum ecosystem.
In the Bitcoin ecosystem, we think the more promising is Bitcoin's L2, because we know that the capacity of L1 is too limited. The small inscription has brought so much controversy and brought such a high gas, obviously it is very difficult to enter the stage of massive adoption, and it is difficult for everyone to use it.
There are often some very new technologies emerging in the Bitcoin ecosystem, but there are many technologies that are being carried forward on other chains. Of course, if you find these protocols too difficult, you can also join the Bitcoin ecosystem to do some auxiliary work, such as payment node service providers, liquidity providers, and business applications have normal entrepreneurial opportunities.
The endgame of the blockchain world must be the Bitcoin ecosystem!
Disclaimer: The above content does not constitute any investment advice, investment is risky, and participation should be cautious.