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Consensus 2023 LIVE brings you the CEO of Stacks, a leading blockchain technology company. The event offers an exclusive opportunity to hear directly from the CEO as they discuss the future of blockchain and its impact on the world. With a focus on innovation, entrepreneurship, and growth, this event promises to deliver valuable insights and inspirations for everyone interested in the blockchain industry. Don’t miss out on this unique opportunity to learn from one of the most influential voices in the blockchain space. Join us at Consensus 2023 LIVE and be a part of the conversation that’s shaping the future of technology.
Stacks CEO Muneeb Ali believes that Bitcoin has a lot of potential as a settlement layer, and he talked about it at Consensus 2023. He also mentioned the revival of developer culture within the Bitcoin community. Ali stated that a small but crucial modification to the base layer of Bitcoin could unleash a vast array of applications that can be developed through layer 2 technology.
According to Ali, Bitcoin only requires a couple of OP codes, such as OP STARK verify, or OP SNARK verify, to enable true “ZK rollups.” These are batched transaction scaling solutions that are commonly used on Ethereum. Ali is confident that Bitcoin can catch up to other more developer-friendly chains even without those changes. His company, Stacks, has developed a protocol called sBTC to bridge BTC from layer 1 to layer 2 chains in a relatively decentralized manner.
However, Ali doesn’t expect this change to happen within the next four to five years due to Bitcoin’s slow pace of evolution. Nonetheless, Ali believes that Bitcoin DeFi can kickstart through this technology. He wants Bitcoin to be programmable in L2s and be put in the hands of developers so they can start creating.
Stacks’ STX token surged when Bitcoin Ordinals NFTs became famous in February. Although Ordinals is a base layer technology, Stacks supports NFTs on its own chain.
In conclusion, Muneeb Ali sees a bright future for Bitcoin’s potential as a settlement layer. A few modifications to the base layer could unlock a wide range of applications built via layer 2 technology. While we may have to wait a few years for these changes, Ali is confident that more development can take place on Bitcoin, and it can catch up to more developer-friendly chains.