Bitcoin is a very young protocol. This period of adolescence is perhaps more important than other periods in the short history of Bitcoin, as stakes for this groundbreaking project are high even after less than twenty years. Over the past 18-months, I have seen investors, developers and users flocking to Bitcoin. However, it seems that the reasons behind a Bitcoin Renaissance are being pushed aside.
I was asked numerous questions over the years. “What do you think of this new L2?” The following are some examples of how to use “Will this new L2 actually work?” My answer to almost all questions has been “yes”. “I don’t know.” Many people don’t know how to build on Bitcoin. So, it’s hard to determine what people are building and if they will succeed. workIf they do not understand what they’re doing. This hasn’t stopped investors and founders from working to make a profit.
Shortly, the new age of Bitcoin is mostly defined by marketing and not innovation.
Engineering First, Marketing Second
I have a background in math and cryptography and not marketing. Marketing alone, while important for creating a successful product or protocol is not sufficient and can be dangerous. Not fluff, but solid ideas are needed to create innovative concepts. Satoshi started his final forum post with these words: “Every Bitcoin builder must take them to heart.”There’s more work to do […]Bitcoin projects that are backed up by marketing will fail, and they’ll do their users, investors and community a disservice.
A simple absence of whitepapers is one symptom. Whitepapers may be boring to some and optional for others, but they are meant to explain new ideas in the most clear way possible, to encourage critique, imitation, and implementation. The whitepapers of most projects that claim to use Bitcoin are poorly written. The industry has been defined more by marketing material.
This type of project is easy to identify. The rhetoric of this type is easy to spot. “bitcoin powered,” “bitcoin aligned,” The following are some examples of how to use “bitcoin hybrid” They are frequently used. In some cases, the language used is meant to conceal that these protocols have not been built upon Bitcoin. In other cases, this marketing is used to distract from the reality that nobody – even the founders – know what they’re building, but they want to leverage the Bitcoin brand anyway.
This unfortunate fact brings to mind a principle in cryptography known as security through obscurity. The idea is that no one knows the exact workings of a certain thing, and therefore it could actually be secured. This is something that no serious engineering team would ever aspire towards.
Botanix is building an EVM equivalent layer, with a Bitcoin testnet at this time. In order to avoid launching new tokens and trying to get listed on exchanges we have focused our efforts in building a simple, secure protocol. We are not interested in playing games of marketing, but instead we want to build an ecosystem of applications that people will use.
In late 2022, we began conceptualizing Spiderchain.
In November 2023, we launched a trial network.
The first version of the mainnet will be launched this summer.
Bitcoin will only succeed if we build.
Watchmen, We are the Watchmen
It is not only the best software developers and cryptographers who can scrutinize new Bitcoin projects. Bitcoin users can and should pose simple questions.
- “Who has the keys?”
- “Is this Sybil resistant?”
- “Can operators execute a hostage attack?”
- “What are your basic security assumptions?”
All of these questions can be answered in plain English by a whitepaper. Projects without a defined goal, security risks that are clearly documented, and a well-articulated analysis of their tradeoffs and goals, contribute to the problem. It seems that this has become the standard in Bitcoin’s second-layer environment. In our Whitepaper (available on our site), we describe our protocol, the attack vectors that are used, and other details. homepage.
Cyberpunks are coders. The explosion of new Bitcoin second-layer protocols, many of which do not deserve that name, has forgotten this truth. It is impossible and unwise to rely on regulators or auditors to fix this. Bitcoin’s community must remain committed to the mission long term and avoid short-term schemes.
Marketing should not be more important than what someone creates. For any project that is serious about Bitcoin, security will always be more important. It is the responsibility of every Bitcoiner to normalize this principle in all areas of the Bitcoin world.
Fiat: The Fight Against It
Bitcoin is more than a cash grab. In my opinion, we should and can do more than what is being proposed to the public in the ongoing Bitcoin Renaissance. Don’t be silent. Don’t accept it. Don’t expect the market to eliminate these bad actors. own.
The fiat system desperately wants us to fail. financial System that will run on Bitcoin for hundreds of years. The majority of new Bitcoin-branded project do not think beyond the next 12 months.
How does it improve the world, or help us achieve our common mission?
Satoshi nakamoto, the creator of Bitcoin, left Bitcoin in a written statement. “I’ve moved on to other things. [Bitcoin] is in good hands.” They are our hands and anyone who is concerned with the future of currency should ensure they stay good.
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Source: bitcoinmagazine.com