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Minor Adjustment Required for Bitcoin to Realize Its Programming Capabilities, According to Stacks CEO (Consensus 2023 LIVE)
Stacks CEO Muneeb Ali addressed the audience at Consensus 2023 on Friday regarding Bitcoin’s capabilities as a settlement layer and the resurgence of developer culture within the ecosystem.
Ali emphasized that a minor, targeted modification to Bitcoin’s base layer could facilitate a wide range of applications that could be developed using layer 2 technology.
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- The developer stated that Bitcoin needs “very little alteration” at its base layer to implement genuine “ZK rollups” – a layer two scaling solution for aggregating transactions that is frequently utilized on Ethereum.
- “They’re just two OP codes,” Ali remarked, “like either OP STARK verify or OP SNARK verify – and that can be accomplished.”
- However, Ali does not anticipate this change occurring for approximately another four to five years, considering the gradual pace at which Bitcoin’s base layer typically progresses.
- Even in the absence of these modifications, Ali believes that further development can occur on Bitcoin to enable it to compete with more developer-friendly networks. His company Stacks – which identifies itself as a Bitcoin layer “1.5” – has created a protocol named sBTC to connect BTC from layer 1 to layer 2 chains in a relatively decentralized way.
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“That kind of technology is essential to truly ignite Bitcoin DeFi,” he stated. “We need to make Bitcoin programmable in L2s, and then place that BTC in smart contracts, hand them to developers, and then let them innovate.”
- Stacks’ STX token experienced a rise as Bitcoin Ordinals NFTs gained popularity in February. Stacks itself facilitates NFTs on its own blockchain, although Ordinals is a base layer technology.
Muneeb Ali (Left) (Consensus 2023)
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