Muneeb Ali, one of Stacks’ co-founders, expressed his viewpoint on how the Bitcoin community is rapidly entering an innovative period marked by diversity and activity.
At the Token2049 conference in Dubai, Ali drew attention to a significant change in the types of hurdles encountered by Stacks in the Bitcoin community. This shift emphasized the importance of innovation and exploring multiple options for problem-solving.
“According to Ali and a recent tweet by Kyle Smani of Multicoin, the major challenge for Bitcoin currently is the existence of numerous L2 solutions and protocols. Previously, there was a belief that no one would build on Bitcoin, but this situation represents a constructive development instead.”
In simpler terms, Ali referred to the present stage as Bitcoin’s second chapter, implying a thriving, bustling free market filled with active developers interacting with the platform.
Ali expressed enthusiasm towards the future of Bitcoin, pointing out that there could be as many as 2,000 proposed solutions when developers are motivated to think outside the box. Not every idea will make it, but the abundance of creative approaches is a promising indication of the ecosystem’s resilience and inventiveness.
The small amount of capital being used in the market was highlighted by him, suggesting that many investors are holding back from spending on Layer 1 Bitcoin due to their belief that it’s still early days for the development of Layer 2.
With a market value of approximately $1.2 trillion for the required capital, only a tiny fraction, less than 1%, of L2s is currently in use. We’re still in the initial stages here, and I look forward to seeing that percentage rise – perhaps to reach 1%, then 5%, even 10% – at some point in the future.
Muneeb Ali
Additionally, Ali discussed the technical challenges and infrastructure issues that Bitcoin encounters, focusing on transaction mechanics. He shared his perspective that the Lightning network fell short of its intended goals and expressed optimism for advancements that could streamline Bitcoin transactions, making them as uncomplicated and swift as conventional payment methods.
Ali raised doubts about the feasibility of executing swift and affordable Bitcoin transactions through Layer 2 networks, emphasizing its significance in enhancing user experience and broadening Bitcoin’s popularity.
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2024-04-18 19:37