Bitcoin Technology Development Panorama: From Scaling Controversies to Taproot and New Applications of Inscriptions

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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.

On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development

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

  • Colored Coins ( Colored Coins )
  • MasterCoin (OMNI)
  • CounterParty

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.

On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development

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.

On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development

2.2 Schnorr, MAST, Taproot Scripts

  • Schnorr signatures improve efficiency and privacy
  • MAST ( Merkle Abstract Syntax Tree ) optimizes transaction data storage
  • Taproot Scripts extend the scripting capabilities of Bitcoin

On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development

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.

On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development

On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development

On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development

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.

On the eve of another outbreak, a comprehensive summary of Bitcoin's new technology development

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GweiWatchervip
· 08-11 18:49
Watching the tech while eating melon, the BCH fork is indeed spectacular.
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CryptoTarotReadervip
· 08-10 13:52
Wow! Another internal conflict with the fork boy.
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LittleMoneyFan001vip
· 08-10 11:04
Just go for it💪
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LittleMoneyFan001vip
· 08-10 11:04
Quick, enter a position! 🚗
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LittleMoneyFan001vip
· 08-10 11:04
Hold on tight, we are about to To da moon 🛫
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LittleMoneyFan001vip
· 08-10 11:04
Steadfast HODL💎
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MEVHuntervip
· 08-10 10:47
I regret not being able to enter the block, and now I see that gas priority is the way to go!
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LayerZeroHerovip
· 08-10 10:34
It turns out that the changes from the SegWit fork were still too conservative.
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DiamondHandsvip
· 08-10 10:31
Bull run has reappeared, sweating.
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NFTHoardervip
· 08-10 10:31
Another old sucker in the crypto world.
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