BTC Pizzas 🍕 retweetledi
Satoshi envisioned Bitcoin L2s.
There is a famous Satoshi quote about other chains sharing CPU power with Bitcoin. That quote is part of Bitcoin history, inscribed in the genesis block of Stacks L2 mainnet launch. We're barely scratching the tip of the iceberg for reusing Bitcoin security.
Satoshi envisioned a world in which alt chains would function as Bitcoin L2s and share the security of Bitcoin L1. Satoshi understood that this model is superior to separate L1 networks competing with each other for hashpower (or economic) security. Ten networks fighting with each other for L1 hashpower is a worse outcome than all the hashpower concentrated on the single Bitcoin network.
The same is true for proof-of-stake networks. A large PoS network like Ethereum is harder to attack than ten smaller PoS networks. That's why restaking ETH economic power through Eigenlayer is interesting. That is also why Ethereum L2s building on top of ETH L1 is interesting.
Our industry has missed out on reusing Bitcoin security so far; the Bitcoin Dark Ages of 2017-2022 played a significant role in this. The Bitcoin Renaissance of 2023 is starting the chain reaction of (re-)discovering Bitcoin security and using it in Bitcoin L2s. That is potentially bigger than ETH L2 market (already at $70-$80B) and the ETH restaking market. A trillion dollars of BTC capital and 750 EH/s (the world's largest computer) are about to be unlocked to provide security and capital for Bitcoin L2s.
The Stacks devs are early Bitcoin people. Even when the world got distracted by alt chains, they continued to focus on Bitcoin. They've carried the flag of Satoshi's original ideas of sharing Bitcoin L1 security, implemented all the details, and weathered the storms. Years of production data and user feedback inform the latest Stacks L2 design.
The Stacks Nakamoto launch will be a significant milestone for our industry. Ethereum kicked off alt L1s, and Stacks Nakamoto is kickstarting Bitcoin L2s—a fully programmable VM running on top of Bitcoin, sharing 100% Bitcoin hashpower for reorg security. If this model proves successful, future projects might opt to reuse BTC capital and security instead of starting alt chains. This will consolidate more power to BTC, which is good for standardizing and maturing the industry.
TCP/IP emerged as the undisputed winner of the Internet. Everything else was built on top of it. Bitcoin can be the base layer for our industry. Satoshi envisioned it. Stacks devs kept that fire burning, and this idea is starting to spread like wildfire now.
It's Bitcoin L2 season, and it's going to be magical 🟧
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