Stacks CEO Muneeb Ali spoke at the Consensus 2023 conference on Friday about Bitcoin’s potential as a payment layer and the revival of developer culture in the community.
Stacks CEO Muneeb Ali (left)
Ali noted how a small, concrete change to Bitcoin’s base layer could unlock a wide range of applications that can be built with layer 2 technologies.
According to the developers, Bitcoin requires “very few modifications” in its base layer to trigger a true “ZK rollup” — a layer-2 scaling solution for batching transactions commonly used on blockchains.
“They’re just two OP codes like OP STARK verification or OP SNARK verification — it can be done.”
However, Ali believes that there will be no change in the next four to five years, because the growth rate of Bitcoin’s base layer tends to be slow.
Even without these changes, Ali believes that Bitcoin can grow more to catch up with a more developer-friendly chain. His company Stacks — a Bitcoin layer that describes itself as “1.5” — has developed a protocol called sBTC to connect BTC from layer 1 chains to layer 2 chains in a relatively decentralized manner.
“This kind of technology is what is needed to really launch Bitcoin Defi. We need to make Bitcoin programmable in L2, and then put Bitcoin into smart contracts, put them in the hands of developers, and let them develop.”
When Bitcoin Ordinals NFTs became popular in February, Stacks’ STX skyrocketed. Stacks itself supports NFTs on its own chain, although Ordinals is a base layer technology.
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According to Cryptopotato