UniSat Founder Lorenzo Discusses Bitcoin Ecosystem and Product Planning

Bitcoin Ecosystem Analysis

Bitcoin halving will continue to put survival pressure on miners. After each halving, miners with higher costs face the risk of shutdown and exit from the network. This has been a problem since the early design of Bitcoin.

Although halving may lead to a short-term decrease and volatility in hash rate, in the long run, the overall trend of Bitcoin network hash rate growth will not change, as the growth in hash rate reflects increasing recognition and support for Bitcoin.

Ordinals provides miners with a new source of income by allowing users to mint various digital collectibles on the blockchain, part of which will be acquired by the miners. If Ordinals scales up, it can become one of the more stable income channels for miners, playing an important role in alleviating the pressure brought by halving.

Overall, the halving is a survival pressure that Bitcoin needs to face, while Ordinals provide miners with the opportunity to cope with this pressure and gain new income. This helps enrich the application scenarios of Bitcoin and keeps miners vital in the Bitcoin ecosystem.

The Closure and Modular Attempts of BRC20

BRC20 adopts a simple and elegant design. It does not have overly complex mechanisms, but rather starts from some simple concepts, implemented under the guidance of the designer. This simple and stable protocol has strong vitality.

However, the BRC20 is still a relatively closed system at present. New developers who want to create new things actually have no way to do so without system support.

To solve this problem, the UniSat team is exploring the modular design of BRC20, hoping to gradually transition BRC20 from a closed system to an open system to support more innovative applications from developers. Currently, there are teams working on the interaction between EVM and BRC20 collaborating with UniSat in the direction of modularization.

In addition, BRC20 is suitable for cross-chain operations. BRC20 itself is loosely coupled with the Bitcoin infrastructure, "loosely coupled" means that the connection between BRC20 and the Bitcoin infrastructure is not tightly integrated, but relatively independent and flexible, which allows for the flexibility to interact with external chains, making it possible for BRC20 to achieve cross-chain value creation.

In short, the exploration of BRC20 in the direction of modularity is expected to create an open cross-chain application architecture that supports the construction of a richer Bitcoin application ecosystem.

Solutions to BTC Mainnet Congestion

The congestion of the BTC mainnet is a problem that the Ordinals ecosystem needs to face and solve.

UniSat has recognized the seriousness of this issue and is exploring technical solutions from multiple aspects. In the newly developed Swap product, UniSat has adopted a rollup technical solution.

Roll up allows users' transactions to be batch processed and packaged before being written into the main chain. This mechanism can significantly reduce the total number of transactions that the main network needs to handle, alleviating congestion. Compared to directly writing into the main chain, Roll up transactions place less load pressure on the main network. This can prevent a large number of Ordinals transactions from congesting the Bitcoin main network like before.

In addition, UniSat is also exploring other more radical technical solutions to further enhance scalability. UniSat hopes to gradually address the congestion issues that blockchain applications may face.

UniSat Product Planning

UniSat is developing and planning the following products:

1. Indexer( Indexer): Provides indexing functionality for BRC20, now in operation.

2. Swap: A decentralized trading protocol that supports trading between Ordinals assets. This protocol will be 100% open source in the future. It adopts a relatively conservative Rollup solution, which reduces congestion pressure on the mainnet by processing wrapped batch transactions.

3. Mobile App: A mobile application that improves user experience and is compatible with the existing Chrome extension wallet.

4. Open game framework: allows users to freely develop blockchain games within the framework.

UniSat stated that they will continue to develop more innovative BRC20 applications and collaborate with the community to promote the development of the Ordinals and BRC20 ecosystem.

Community Co-construction Attitude

UniSat indicates that it will adopt an open and transparent attitude, making its technology and products available to allow more people to participate in innovation and achieve win-win outcomes. They will pay more attention to communicating with other projects in the community, exchanging resources, understanding others' ideas, and seeking collaboration opportunities.

UniSat is continuously opening up its accumulated resources, striving to open source what can be open-sourced and release what can be packaged and published, allowing users or other developers to utilize it. This is an important concept for UniSat in promoting the co-construction of the Ordinals and BRC20 ecosystem.

Conclusion

UniSat seizes the opportunities brought by the Bitcoin ecosystem, supporting Ordinals and BRC20, and underpinning a rich variety of blockchain applications with a simple and elegant protocol design. Together with the community, it builds an open and mutually beneficial platform to promote new developments in Bitcoin technology.

Looking to the future, UniSat expresses its commitment to continue working on the Bitcoin ecosystem, collaborating with the broader community to make more possibilities achievable in the world of Bitcoin.