Bitcoin is a very young protocol. The adolescent period is arguably the most formative in Bitcoin’s short history, because stakes have already been raised for an innovative project that has had less than 20 years of development and testing. In the last 18 months I’ve seen new developers, investors, users, and marketers rush to Bitcoin. The fundamental reasons for a “Bitcoin Renaissance” seem to have been pushed to the back burner.
Many questions have been raised to me over this time. “What do you think of this new L2?” The following are some examples of how to use “Will this new L2 actually work?” I have almost always answered the same way. “I don’t know.” It is difficult to create Bitcoins, and most people have no idea how. It is difficult to tell what someone has built, or even if it works, when they don’t know exactly what they’re doing. This reality, however, has not stopped entrepreneurs and investors from attempting to make a profit.
This new Bitcoin era is defined largely by marketing, not real innovation.
Engineering First, Marketing Second
Not marketing is my academic or professional background. It’s in mathematics and encryption. Marketing alone, while important for creating a successful product or protocol is not sufficient and can be dangerous. Innovation requires solid foundations and not just fluff. Satoshi started his final forum post with words which every Bitcoiner should read and remember:There’s more work to do […]Bitcoin projects supported by marketing fail to serve their users, investors and community.
This dynamic can be seen in the absence of any whitepapers. These documents, while boring, are used to introduce new concepts in a way that invites criticism, copying, and even implementation. Whitepapers are often an afterthought in most new Bitcoin-based projects. Marketing materials have become the dominant force in this industry.
The signals of such a project are easily recognizable. This type of rhetoric is not new. “bitcoin powered,” “bitcoin aligned,” The following are some examples of how to use “bitcoin hybrid” They are frequently used. This language can be used to hide the fact that some protocols were not built using Bitcoin. In other cases, this marketing is used to distract from the reality that nobody – even the founders – know what they’re building, but they want to leverage the Bitcoin brand anyway.
When I think about this sad reality, a cryptographic principle called Security through Obscurity comes to my mind. This idea basically means that nobody can tell how something works so the thing could be safe. It is important to note that this idea would not be something a team of serious engineers could aspire for.
Botanix is building a layer that’s equivalent to EVM, with a Bitcoin testnet at this time. We are not launching a token or chasing listings on exchanges, but instead building a secure and simple protocol. We are not interested in playing games of marketing, but instead we want to build an ecosystem with self-sovereign apps that people will use.
In late 2022, we began conceptualizing Spiderchain.
In November 2023, we launched a trial network.
This summer, we plan to release the mainnet in its first version.
Bitcoin’s success is best achieved by building.
Watchmen We Are
The most seasoned software engineers or cryptographers are not the only ones who should be examining new Bitcoin project. Bitcoin users can and should pose simple questions.
- “Who has the keys?”
- “Is this Sybil resistant?”
- “Can operators execute a hostage attack?”
- “What are your basic security assumptions?”
In a simple whitepaper, all these questions could be addressed in plain English. Projects without a defined goal, security risks that are clearly documented, and a well-articulated analysis of their tradeoffs and goals, contribute to the problem. Unfortunately, it seems that this has become the new normal in Bitcoin’s secondary-layer environment. Our whitepaper, available on the Botanix website, explains our protocol, our attack vectors and much more. homepage.
Cyberpunks are coders. This simple fact has been forgotten by the explosion in second-layer Bitcoin protocol (many are not worthy of this title). It is impossible and unwise to rely on regulators or auditors to fix this. Bitcoin’s community must remain committed to the mission long term and avoid short-term schemes.
It is more important to build something than market it. For any project that is serious about Bitcoin, security will always be more important. It is the responsibility of every Bitcoiner to normalize this principle in all areas of the Bitcoin world.
Fiat: The Fight Against It
Bitcoin is not an attempt to make money. It’s a revolution. In my opinion, we should and can do more than what is being proposed to the public in the ongoing Bitcoin Renaissance. Keep your mouth open. This behavior is unacceptable. You cannot expect the market to eliminate these negative actors by itself.
In this fight, we are fighting a regime of fiat that wants us to fail at building a financial system decentralized and permissionless that will run on Bitcoin forever. Most new Bitcoin projects don’t look beyond the next 12 months.
What is the impact of this on our mission or world?
Satoshi Nakamoto left the Bitcoin world by writing. “I’ve moved on to other things. [Bitcoin] is in good hands.” These hands are all ours, so everyone concerned about the future money of this world should remain vigilant in order to keep them good.
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Source: bitcoinmagazine.com
