What is the current status of Bitcoin ecosystem development?

Author: Daoshuo Blockchain

1. The Bitcoin ecosystem has been silent recently, including CKB, STX, etc. Is it because the funds have gone to speculate on the Ethereum ecosystem?

I think the main reason for the silence is not to speculate on other ecosystems, but the Bitcoin ecosystem has not developed a very strong and innovative application ecosystem so far.

This application ecosystem is not an imitation of the old applications of Ethereum, but an innovative new application.

Now the Bitcoin ecosystem has actually taken shape, and there are not too few applications in it, but most of them are basically all applications that imitate the Ethereum ecosystem. Such a model can give people hope to attract funds in the initial stage, but over time, if there is no innovation of its own, the funds will gradually get tired and the attention will gradually fade.

Whether the Bitcoin ecosystem can rise, I still have the same old view: it depends on whether the developers in the Bitcoin community can build innovative new applications.

2. How about the AI ​​track?

I have written several articles about the AI ​​track before, including my overall views on this track and my views on some popular projects in this track.

In general, except for a few projects that I think are slightly related to AI, I don’t like most of them.

3. Are there any recommended sectors in Farcaster that you can follow?

I dare not say that I recommend them. I don’t recommend any sectors.

But the sectors I pay attention to are base, degen, gaming, memes, zk, and zora.

4. Atomical has released the AVM white paper. Does it mean that the Bitcoin network has realized smart contracts? What do you think of this protocol? And what do you think of the STAMP protocol?

I took a rough look and it still has limitations.

Due to the limitations of the main network technology, it is impossible for Bitcoin to achieve Turing completeness in terms of security and functionality like Ethereum. I don’t see any possibility of any breakthrough in this regard in the short term.

This determines that the functions that Bitcoin wants to achieve cannot be as perfect as Ethereum, and it needs to find an application ecosystem that is suitable for its own positioning.

In addition, I still want to emphasize my point of view: the focus and center of the development of Bitcoin ecology should be vigorously shifted to applications. If there is no breakthrough in applications in the future, this round of hard-won momentum may be missed.

I was very optimistic about the STAMP protocol earlier. In theory, its security is better than that of inscriptions. But its problem is that the construction of the application ecology is too lagging, which is much worse than the inscription community. It has missed a great opportunity and momentum. Except for the niche players in the community who are entertaining themselves, this protocol has not received wider attention at least until now.

5. How about ONDO?

If I understand it well, this is a project in the RWA track. I am not very interested in this track, and I have not paid much attention to this token.

6. How about Metis?

This project is actually not low in terms of market value, but I like this project very much. It is a very unique second-layer extension.

The main reason is that it is committed to decentralizing the sequencer. I think this is a very important step for the long-term and healthy development of the Ethereum second-layer system, and it is also a very important means to benefit and empower tokens. This matter is beneficial to the ecosystem and has no harm. The only thing affected is the small interests of the project itself.

Now it seems that except for Metis, all other well-known second-layer extensions have no actions in this regard. Some are just empty slogans at most, without any actual actions.

7. I want to use stablecoins for financial management. Is there any risk in USDT?

I am not sure what kind of financial management is here. If it is a centralized exchange, I will not go there. If it is a lending application on the chain, I think it is OK.

I never take USDT for large amounts of stablecoins. I never trust it.