We began 2023 with a renewed resolve to keep building on Bitcoin.
A year since Trust Machines' launch, we haven't wavered in our determination to demonstrate that Bitcoin isn't simply a cryptocurrency and a store of value, but much more. While many have kept their focus on newer blockchains like Ethereum and Solana, we have continued to make inroads into Bitcoin's scaling potential and the possibilities that can be unlocked with Bitcoin as the base layer for a wide range of use cases.
In many ways, not much has changed in the last year: the decentralization and high level of security present on the Bitcoin blockchain made it so that Bitcoin has remained the largest blockchain by market capital with even Ethereum in a distant second. Of course, this has also meant that by design, the barriers inherent on Bitcoin's layer 1 are still present, whether it be related to BTC transactions, Bitcoin smart contract functionality, or other aspects of the blockchain network that make scaling Bitcoin a challenge.
But at the same time, the Bitcoin community has been reinvigorated thanks to a number of new developments that have changed how people are using Bitcoin. Most notably, 2023 saw the advent of the Ordinals protocol, which made waves in the wider crypto ecosystem and united Bitcoin developers old and new as they explored the protocol's interoperability with the native Bitcoin blockchain with more than just NFTs. Their adoption of Ordinals changed everything, from how wallets integrated with new projects to how Bitcoin miners interacted with the mining economy.
In other words, we've already seen signs that 2023 is, effectively, the Year of Bitcoin.
Whether it's on Stacks, Lightning Network, Liquid Network, RSK, or other viable, emerging layers in the Bitcoin ecosystem, we remain dedicated to our vision of unlocking the full potential of the Bitcoin network. From decentralized applications (dApps) and to work on the BTC blockchain itself, we're excited to keep tackling Bitcoin's blockchain scalability issue and demonstrating the true extent of Bitcoin functionality without compromising the inherent characteristics that enhance the Bitcoin protocol.
With that, we wanted to give developers and the crypto-curious alike insight into the blockchain technology work that we're building, as well as key roadmap items for Q2 at Trust Machines.
sBTC: A Decentralized Two-Way Peg for the Bitcoin Blockchain
Our core engineering team has been part of a public working group spearheading one of the most highly anticipated developments that is set to hit the Bitcoin ecosystem this year: sBTC.
While builders have, at this point, introduced many solutions to account for the limits in Bitcoin's design (including sidechains and layers like Stacks, which enables smart contracts on Bitcoin and boasts its own smart contract programming language), a decentralized two-way peg still doesn't exist to move Bitcoin in and out of layer 1. As a result, Bitcoin hasn't become the productive asset that it always had the potential to be, and hence hundreds of billions of dollars of passive BTC still hasn't been unlocked.
That's why the development of sBTC is critical to Bitcoin infrastructure. This decentralized peg that is also pegged 1:1 to BTC would essentially solve the outstanding "holy grail" problem that has plagued Bitcoin since its inception.
The possibilities are endless. From mechanisms that can better support smart contracts to fully embodying the security of Bitcoin, sBTC would effectively unleash a new era of Bitcoin applications that will accelerate the growth of the Bitcoin economy. This includes everything from scaling for Ordinals, expanded capabilities for crypto wallets, the creation of BTC identities, and more. It will effectively remove barriers to new technologies that are being developed on Bitcoin (such as rollups on Bitcoin) to fully empower developers to create new use cases for BTC, including the ability to expand and build DeFi applications.
Given how essential sBTC is to the entire Bitcoin ecosystem, its development will remain one of our top priorities at Trust Machines in Q2 2023.
Where to Find Trust Machines: Q2 Event Highlights for Building on Bitcoin
We're also proud to announce that the Trust Machines team will be attending some of the crypto industry's biggest events to argue for BTC's potential as the ideal platform for building decentralized applications.
The team will begin their Q2 conference tour at NFT.NYC 2023, a key event for Web3 experts and aficionados. There, we will continue advocating for protocols like Ordinals to build additional use cases that settle on the Bitcoin blockchain, and demonstrate how Bitcoin's security makes it an ideal final settlement layer to help preserve identity ownership and build communities.
NFT.NYC 2023 will touch on many of the themes that our CEO, Muneeb Ali, will expand on at 2023’s Hong Kong Web3 Festival and Consensus 2023. At both events, Muneeb will not only elaborate on sBTC, layer 2, and other scaling solutions meant to improve Bitcoin as a programming layer, but also how they can enable applications on Bitcoin that will, ultimately, bring in the first billion Bitcoin users.
In many ways, these appearances are meant to lead up to Bitcoin Miami 2023 and the Bitcoin Builders Conference in May. Both have frequently served as key events for Bitcoin builders to present new smart ideas that expand on scalability on the Bitcoin network and additional use cases for the blockchain, like DeFi. Our desire to establish Trust Machines as the leader in bringing entire flywheel economies to the native Bitcoin network means that our presence at these two industry events is crucial, and will set the stage for much of the work we'll be unveiling throughout the rest of the year.
The Case for Building on Top of Bitcoin
At the end of the day, we're dedicated to laying the foundation for pushing the limits of Bitcoin. For too long, even Bitcoin users themselves struggled to view the blockchain as more than a digital asset and store of value.
But that perception is gradually changing.
We're proud of the work that our teams at Trust Machines have already accomplished, and we're excited for the road ahead as we play our role in one of the most thrilling eras for Bitcoin.
For inquiries regarding meetings with our executive team at conferences or partnerships, please reach out to [email protected].
