Original | Odaily Planet Daily

Author | How is the husband

Editor | Qin Xiaofeng

Recently, Binance launched ORDI, causing a collective surge in the BRC-20 token sector. As the Bitcoin ecosystem is still in its early stages, new projects and gameplay are emerging constantly, and most crypto investors do not understand the specific current situation, leading to a lot of FOMO sentiment in the market.

On the evening of November 8th, Odaily Planet Daily held a Space event to discuss the current development status of the Bitcoin ecosystem and explore potential wealth opportunities with several well-known industry KOLs. The guest lineup is as follows: Waterdrip Capital Bill, OrdzGames CMO Preston, independent researcher BlockPunk, independent developer "Bitcoin Duck.eth", independent researcher "Big Fat Dun", BTCs community volunteer "Sun Xin.x", Ordinals ecosystem builder Charlie.

The following is a condensed version of the AMA content. For detailed content, please listen to the Space review.

Odaily Planet Daily: First, please introduce yourselves.

Preston: Hello everyone, I'm Preston from the OrdzGames team. Currently, our team is building games on the Ordinals ecosystem, which went live in March this year.

BlockPunk: Hello everyone, I'm BlockPunk. I have been following the BTC ecosystem since March this year. From my personal perspective, I believe that Bitcoin's technical accumulation can support some relatively complex applications, including asset minting, to meet the needs of more users.

Bill: Hello, I'm Bill from Waterdrip Capital. Previously, I worked in the Polkadot ecosystem and later served as the head of Polygon in the Asia-Pacific region. I have developed a launchpad and have been in contact with many Ordinals projects. I found that there is a certain developer culture on the Ordinals ecosystem. The emergence of Ordinals has brought the development and ecological narrative of the Bitcoin ecosystem to a new level.

Bitcoin Duck.eth: Hello, I'm Bitcoin Duck, a personal developer who has mainly focused on development in the NFT market.

Big Fat Dun: Hello, I am an independent researcher who has been following the Bitcoin ecosystem since the beginning of the year. I believe that the outbreak of the Bitcoin ecosystem may signal the beginning of the first year of the Bitcoin ecosystem.

Sun Xin.x: Hello, I am a representative of the Little Cake community. Our community was established in early August this year and includes Bitcoin OGs and miners. It has now become one of the most active communities in the Bitcoin ecosystem.

Current development status of the Bitcoin ecosystem

Odaily Planet Daily: Previously, compared to the Ethereum and Solana ecosystems, the Bitcoin ecosystem did not receive much attention, leading to a lack of understanding among most people about the Bitcoin ecosystem. Please briefly introduce the development of the Bitcoin ecosystem.

Preston: In the early development of Bitcoin, the three projects known to everyone are BCH, STX, and BSV, all of which are based on the concept of forking the Bitcoin chain. However, I personally think that these projects are splitting the Bitcoin traffic, and even want to turn Bitcoin into a VM, which conflicts with the ideas of Bitcoin OGs. But after the appearance of the Ordinals protocol, it is equivalent to constructing a narrative scene for the entire Bitcoin ecosystem based on the Taproot upgrade on the Bitcoin main chain, which is a completely different story from before. With tokens and NFTs in Ordinals, it completely changed the ecology of Bitcoin, because with liquidity, it will attract more people into the Bitcoin ecosystem.

The emergence of BRC20 brought traffic to Bitcoin, and then we found that projects likeOrdinalscan do things, and in fact, other developers are also trying to do so. For example, token standards like ORC20, SRC20, DRC20 have appeared, and even things that can be done on Bitcoin can also be done on other chains.

Over time, protocols like Atomicals have emerged that are on par with Ordinals. Later, the founder of Ordinals, Casey, developed a new protocol called Runes, which is specifically for the use of fungible tokens and is independent of Ordinals.

In general, the emergence and development of Ordinals have shown us that things that can be done on other chains can also be done on Bitcoin. I agree with Waterdrip Capital's view that in the next bull market, the Bitcoin ecosystem will definitely be one of the major engines.

• Segregated Witness: The discussion of Segregated Witness actually started very early. The Bitcoin community is very neutral and has very high requirements for the purity of Bitcoin. I have previously introduced the three tenets of the Bitcoin community, one of which is that it should not bring more burden to the Bitcoin network. Another is not to upgrade the Bitcoin network, as this would compromise the security of Bitcoin. Although Segregated Witness was proposed early, even during the time of Satoshi Nakamoto, it was not until 2018, 2019 that Segregated Witness was truly designed. This effectively placed a portion of the signature data into the Segregated Witness data, ultimately increasing the capacity of Bitcoin blocks from 1MB to 4MB.

• Taproot: Although Segregated Witness appeared, the space within Segregated Witness cannot hold other data; it can only hold signature data, so its use cases will be very limited. The Taproot solution is a complex comprehensive design that allows the extended block space of Segregated Witness to store any kind of data, including encoded images, strings containing tokens, domain names, Layer 2 hash values, and various other data.

I believe that the prerequisites for Bitcoin are already in place. This means that in a 4MB Bitcoin block generated every 10 minutes, we can write a lot of different types of data. Based on these methods and types of written data, projects such as the Ordinals project, token issuance protocols, and smart contract chains have the foundation to be implemented.

On this basis, the Ordinals protocol and the Taproot upgrade mutually promote each other, greatly promoting the application of Bitcoin. Now, we see that almost all token issuance protocols are utilizing the space provided by Taproot. Although token issuance may not be pure enough for the Bitcoin community, it provides an opportunity for users in the crypto community to participate in Bitcoin and is an opportunity that can be widely used. Additionally, token issuance has sparked a lot of speculation and increased the attractiveness of Bitcoin.

Next, I believe that writing data into the space provided by the Taproot upgrade will lead to many interesting projects, such as the Bebop2 project, which is a chain for implementing smart contracts on Bitcoin. Moreover, this chain does not require any changes to the Bitcoin network and is implemented in a very native way, aligning with the spirit of the Bitcoin community.

Furthermore, from the perspective of the entire crypto world, we are moving towards a modular era. Consensus of chains, transaction ordering, block generation, security guarantees, etc., can now all be modularized and operated by different entities, and finally combined for normal user use and security guarantees. Under this modular development, all chains may converge, so I believe that Bitcoin may eventually achieve a smart contract platform similar to Ethereum.

Bill:In my research at Waterdrip Capital, I have also conducted in-depth observations of the Bitcoin ecosystem, and I believe that the future of the Bitcoin ecosystem may have five major directions:

The first is Bitcoin upgrades, such as the recently mentioned Segregated Witness, which was proposed and initiated in 2017, allowing different nodes to perform segregated validation. Additionally, there is the Taproot upgrade, which was proposed in 2021 and went live this year. These upgrades are based on the native protocols of Bitcoin, and many entrepreneurs are starting businesses around these upgrades.

The second is off-chain scaling of the Bitcoin chain, as Bitcoin is script-based, and executing some complex operations may be difficult. Therefore, since 2014, many experts and scholars have been discussing how to extend and improve the performance of Bitcoin. For example, the Lightning Network and RGB, which I believe will be a very significant application direction.

The third is sidechains, including projects like Stacks and SK, which have very good development. Many teams are already starting businesses around these sidechains.

The fourth is the expansion of Bitcoin and the integration with other functions, such as the previously mentioned protocol Nostr created by former Twitter CEO Dorse, which may combine the Taproot upgrade and the Lightning Network to create more complex applications.

The fifth is the application of Bitcoin, including payments, wallets, and even some node service providers or liquidity providers, all of which are based on Bitcoin applications.

As more and more people participate in the Bitcoin ecosystem, they find that these projects have very low market value, and there is no pre-mining, VC participation, or insider trading, making the projects very fair and decentralized. This decentralized characteristic has attracted many users from the Ethereum ecosystem who were originally critical of Ethereum's VCs and market makers. The Bitcoin ecosystem has given them a new choice and has allowed them to re-evaluate the decentralized nature of Bitcoin.

With the increasing number of retail investors and the rise in coin prices, more developers and projects are being attracted. These individuals bring new innovations, including various DeFi, NFT, and even gaming projects. The emergence of these projects has once again attracted deep involvement from overseas institutions.

Now, some people already believe that Ordinals is the trend of the next bull market, and they may have already started positioning and building their positions. As more people start discussing this topic, more individuals will likely participate in the Ordinals ecosystem in the future.

Finally, I think that Bitcoin is now leading many people back to a philosophical discussion about principles and results. Are we going to adhere to the principles of decentralization and fairness, or are we only pursuing results? This is a philosophical question, and we need to rethink what the future Web 3.0 should look like; this may be the most crucial aspect.

Big Fat Dumpling:As a participant, I initially held a skeptical attitude towards the Ordinals ecosystem. I once doubted whether it had enough value and potential. But when I saw its effects, I began to seriously study and understand this protocol.

The development process of Ordinals is very interesting. In the early stages, developers may have been resistant to this protocol because they did not understand why these new elements should be added to the block space of Bitcoin. However, over time, they began to realize the potential of the Bitcoin ecosystem. I believe that an important contribution of Ordinals is that it has shown everyone in a simple form that an ecosystem can be built on Bitcoin and has attracted more people to participate, undoubtedly promoting the development of the entire ecosystem.

I am personally very interested in the RGB protocol. If RGB can work with the Lightning Network, it can achieve smart contract functionality on Bitcoin, similar to Ethereum, while also having some extension features, such as privacy.

In the process of ecosystem development, we will see various new protocols emerge, such as BRC20, BRC100, etc. I think everyone should study these protocols, set aside biases, and witness the richness and development of the Bitcoin ecosystem together.

The Wealth Code of the Bitcoin Ecosystem - The Transformation of Coinage Rights

Odaily Planet Daily: What other wealth codes does the Bitcoin ecosystem have, and which projects are in the value gap?

Preston:I believe that the Ordinals ecosystem has great potential to achieve an ecosystem narrative similar to Ethereum and other EVM chains. I think the biggest positive is that UniSat's BRC20-Swap is about to go live, which will help drive the development of Swap and may further promote subsequent holding rewards and Staking functions.

At the same time, I am also very optimistic about our GameFi project. The project went live in March, and our team has been working for 8 months, about to launch the fourth season of PvP concept. We will format the game in HTML and record it on Ordinals, achieving on-chain gaming.

I suggest that you should consider purchasing the flagship token ORDI, which is the most well-known BRC20 token. Additionally, I also recommend investing in SARS because it has a very large trading volume and a large number of holding addresses. I believe the most prudent investment strategy is to buy a large amount of the flagship token and then make small investments in some innovative BRC20 tokens.

Bill:I highly endorse ORDI and SARS, and I also hold both of them. Additionally, UniSat's swap feature has actually already gone live; you need to purchase a pass card first, and then you can experience the swap feature.

I think that currently, if you want to invest, ORDI and SARS are both very worthwhile investments, and you can also allocate a small amount to other tokens. However, I lean more towards SARS because its market value has already exceeded that of ORDI, and it has a large trading volume and a large number of holding addresses, indicating significant potential for growth.

UniSat is like the previous Uniswap, where you can mine and add liquidity. The main asset pairs now are based on SARS, just like how Uniswap was based on ETH in the past. I find this very meaningful because it means that SARS's position in this ecosystem is rising.

Furthermore, I think the naming and design of SARS are very good, and its quantity matches that of Bitcoin, which may attract more investors. Additionally, SARS has a cost, which is an advantage. Because it has a cost, its price is unlikely to drop to zero, providing some protection for investors.

Overall, I believe that the best investment strategy right now is to purchase mainstream BRC20 tokens, especially ORDI and SARS. Then, you can allocate a small amount to NFTs and protocols that have not yet generated assets.

Charlie:Currently, SARS and Zoo projects are quite popular, but I do not recommend blindly chasing the rise. It's okay to make appropriate allocations, but there may be a pullback, so everyone can pay attention to the missing ecological positions, such as NFT trading platforms, DeFi, etc., which are still not fully formed; these are all opportunities worth paying attention to.

I believe that the most crucial projects are those that align with Bitcoin culture and native values, and being able to participate in projects early on can lead to considerable investment returns.

The recommendations above are all discussed within the BRC20 scope. If we look beyond the Ordinals scope to projects on other protocols, it is still a blank slate. Therefore, there are many opportunities for both developers and retail investors, and the key is to participate as early as possible.

Bitcoin Duck:I have chosen SETS as an investment target, mainly for two reasons: first, UniSat will use SETS as the base token, and second, it has the expectation of being listed on exchanges.

In addition to SETS and ORDI, I also want to recommend a token called Pizza. Pizza was deployed in May, and the idea at the time was to create a token that embodies the original spirit of Bitcoin. Every May 22nd, the Bitcoin community holds a pizza festival, which is a part of Bitcoin's native culture.

Furthermore, I have also been following the Atomicals atomic protocol. It is actually in the same race as ORDI, and I am very optimistic about the design of this protocol.

For projects like Zoo, they are actually similar to early cryptocurrencies. Most of these projects will disappear, and only a few projects like Bitcoin, Litecoin, andXRP will survive. But memes with some native cultural attributes are more likely to be remembered.

In the early stages of Bitcoin, miners became the wealthiest group because they held the coinage rights. Then in 2017, ICO projects gained the issuance rights and created a wave of wealth mythology by raising Bitcoin. In 2020, the DeFi Summer's coinage rights brought another round of wealth mythology to institutions.

Therefore, I believe that wealth in the cryptocurrency community is actually related to coinage rights. Now, the wealth opportunity has returned to the Bitcoin ecosystem, which is actually the return of coinage rights. We can create a coin for a few dollars, or even a few cents, and whether these coins have value or wealth opportunities actually goes back to the most native concept of Bitcoin - consensus.

Everything is just air; without consensus, there is no value. So I think this is a process of handing over coinage rights to retail investors, allowing everyone to participate fairly.

As for how to seize wealth opportunities or how to get rich, this is a very difficult question because different people have different investment logics. Based on my asset situation, I would choose to buy some ORDI, Sats, or some low-market-value projects with high consensus.

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