Today, a lengthy research report of thousands of words on CKB was delivered. Here are some insights into the development of Bitcoin programmability that I can't wait to share:

1⃣ The development of Bitcoin programmability is a natural result of community opinion market governance and should not be simply viewed from a teleological perspective. For example, it should not be seen as solely for providing additional income to miners or for bringing additional staking rewards to BTC holders.

2⃣ The narrative of "digital gold" has shaped today's Bitcoin mainnet, but it has betrayed Satoshi Nakamoto's vision - that Bitcoin is a peer-to-peer electronic cash system. If we consider the Bitcoin mainnet as the first AppChain, the structure demanded by digital gold is that of a secure vault, while the structure demanded by electronic cash is that of a central bank-commercial bank network, requiring support for stablecoins, lending, trading, and other scenario functions at a Turing-complete level of programmability.

3⃣ The design space for Bitcoin programmability is constrained by opcodes, scripts, and UTXO. Due to the principle that verification > computation is fundamental to Bitcoin, achieving Turing completeness on the mainnet is an impossible task. A realistic solution is to maintain state roots on the mainnet and implement Turing-complete programmability off-chain to extend the capabilities.

4⃣ Bitcoin's Layer 2 (L2) should be a fractal of the Bitcoin mainnet, not a fractal of the Ethereum mainnet. UTXO homomorphic L2's orthodoxy > EVM-compatible Rollup L2. EVM-compatible Rollup L2, which requires both Ethereum ecosystem developers and users, as well as funds from the Bitcoin ecosystem, may seem ideal but is challenging in reality.

5⃣ CKB's UTXO Stack empowers developers with the ability to launch UTXO-homomorphic Bitcoin L2 at low cost and high efficiency. Due to the significant differences in the underlying L1 characteristics (Bitcoin as an electronic cash network and Ethereum as a world computer), it is expected that the future development direction of Bitcoin L2 will lean towards financial areas such as payments, transactions, lending, and stablecoin issuance.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。