• Stacks CEO Muneeb Ali discussed Bitcoin’s application potential at Consensus 2023. He noted how a small, specific change to Bitcoin’s base layer could unlock a vast array of applications that can be built via layer 2 technology.
• According to Ali, Bitcoin requires “very little modification” at its base layer to enable true “ZK rollups” – a layer two scaling solution for batching transactions that is commonly used on Ethereum.
• His company Stacks has developed a protocol called sBTC to bridge BTC from layer 1 to layer 2 chains in a relatively decentralized manner.
Consensus 2023: Unlocking Bitcoin’s Programming Potential
At Consensus 2023, Stacks CEO Muneeb Ali discussed the potential of unlocking new applications and programming potential for Bitcoin through one small change to its base layer. Ali explained that this would unlock various opportunities by using Layer 2 technology. Although this modification may take four or five years, Ali is confident that more development can take place on Bitcoin for it to catch up with more developer-friendly chains.
The Benefits of ZK Rollups
Ali highlighted the importance of using ZK rollups as they are popularly used on Ethereum and require very little modification at the base level of Bitcoin. This will help kickstart Bitcoin DeFi as it will make Bitcoin programmable in L2s which are essentially layers beyond the normal blockchain protocol.
Stacks‘ Solution: sBTC
The company Stacks has created their own protocol called sBTC which bridges BTC from Layer 1 to Layer 2 chains in a decentralised way making it easier and simpler for developers who want build applications within these protocols. The main goal here is creating an innovative environment for developers who want to create projects within this space and make sure everything runs smoothly across all networks.
Reviving Developer Culture Within The Community
Ali also emphasised the importance of reviving developer culture within the community as this is what allows new ideas and projects come alive while utilising existing resources such as open source code libraries or frameworks available online today which makes developing projects much easier than ever before.
Conclusion
Overall, this was an interesting talk by Muneeb Ali about his insights into how one small change made at the base level of bitcoin could potentially unlock many applications and programming possibilities for developers around the world which could be beneficial in further advancing technology related projects in blockchain and cryptocurrency spaces today!