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Bitcoin Technology Development Panorama: From Scaling Controversies to Taproot and New Applications of Inscriptions
Summary of New Bitcoin Technology Developments
The core of Bitcoin technology development is block expansion and capacity expansion. This article outlines the main explorations and conflicts of the original Bitcoin technology, the development of important new technologies, and the usage methods and future demands of these new technologies.
1. The Main Exploration and Conflicts of Bitcoin's Original Technology
1.1 Bitcoin Script Language and Instruction Reduction
Bitcoin uses a non-Turing complete scripting language, which has historically had multiple instructions removed to improve security, but this also limits functionality.
1.2 Bitcoin fork history
The block size debate has led to multiple hard forks, such as BCH and BSV. These forks are an exploration to support greater demand.
1.3 Typical Exploration Cases
1.4 The Imperfections of Bitcoin and Layered Protocols
The UTXO model of Bitcoin and characteristics such as non-Turing complete scripts are seen as imperfect, but from the perspective of layered design, they are features that the underlying network should have.
2. Important New Technologies in the Development of Bitcoin
2.1 OP_RETURN and Segregated Witness
OP_RETURN allows for the storage of a small amount of data on the chain. Segregated Witness ( Segwit ) effectively increases the block capacity.
2.2 Schnorr, MAST, Taproot Scripts
2.3 Ordinals, Inscriptions, BRC-20 and other protocols
Based on new technology, ordinal inscriptions, BRC-20 tokens, and other applications have been developed. Other similar protocols include Atomicals, Runes, BTC Stamps, etc.
3. How to Use New Technologies and Future Development Needs
3.1 How to Use New Technologies
The current application mainly explores the use after blockchain expansion, and there will be more cases of capability expansion in the future.
3.2 Future Development Needs
Short-term to meet financial application needs, medium-term to expand to trust applications, and long-term to build a real Web3.0 ecosystem. It is necessary to balance the simplicity of the underlying protocol with the flexibility of the second-layer applications.