Unleashing Potential of Bitcoin in Web3

Ethereum is the leading altcoin in market capitalization and the largest smart contract platform. Smart contracts are comparable to websites on the Web2 platforms for smart contracts are similar to Amazon and other hosting and server service providers. In terms of mining power, Bitcoin (BTC) is the earliest and most decentralized cryptocurrency network.

The robustness, security, and decentralization of Bitcoin indicate that it may one day serve as a central center for smart contracts. Before the development of Taproot, this was not feasible.

The growth of Bitcoin’s ecosystem has accelerated throughout 2023. The emergence of novel asset classes, as demonstrated by Ordinals NFTs and BRC-20 tokens, generated extensive enthusiasm within the community, resulting in a substantial surge in profits for Bitcoin miners.

Despite this, miners did not solely benefit; instead, we also failed to reach a significant milestone that would positively impact the future of BTC.

Ordinals function as an extension of Bitcoin, requiring not a single line of code modification.

Casey Rodarmor’s Ordinals concept permits the definition of data in satoshis, which is equivalent to one hundred millionths of one BTC.

Although NFTs constituted the initial application of the Ordinals protocol, identical technology can generate changeable tokens akin to the ERC-20 tokens that Ethereum supports.

Initiating a new procedure, MultiBit introduced a two-way bridge for BRC-20 and ERC-20 transfers. A few months later, we may be able to say “welcome” to a world in which specific novel Ethereum-based protocols can coexist harmoniously with BTC.

Furthermore, this metamorphosis has the potential to convert the advantages of BTC into an infrastructure service in Web3, going beyond the mere narrative of value storage.