UNCHAINED: Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again
Feb 23, 2024
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Stacks' Muneeb Ali discusses the exciting innovations in Bitcoin's Layer 1 and Layer 2, including scaling solutions and the integration of smart contracts. He explores the challenges and advancements in Bitcoin, highlighting trust assumptions in different scaling solutions and the potential of BitVM as a 'game changer'.
Exciting time for building on Bitcoin with innovative advancements
Exploring complexities and advancements in Bitcoin's Layer 1 and Layer 2
Different scaling solutions in Bitcoin and varying trust assumptions among them
Advantages of integrating smart contracts on Bitcoin and its monetary asset status
Legal challenges faced by Terraform Labs co-founder and revised token distribution schedule
Rising trends like NFT market fluctuations, air drop farming on GitHub, and Circle's USDC minting halt
Deep dives
Extradition of Terraform Labs Co-Founder
Montenegro's High Court has ruled in favor of the extradition of Terraform Labs co-founder, Do Kwon, to the United States to face fraud charges following his arrest in Montenegro. The legal journey began with Kwon's arrest in March 2023 and subsequent controversies surrounding the alleged financial losses by US investors.
Revised Token Unlock Schedule by Starkware
Starknet faced backlash over its airdrop distribution, prompting a revised token unlock schedule from Starkware. The initial plan of 1.3 billion tokens to unlock by April 15th was adjusted with a gradual release of 64 million tokens monthly until March 2027, addressing community concerns and enhancing token distribution transparency.
Reddit's Crypto Investments
Reddit revealed its holdings in Bitcoin and Ether in its IPO filing, underscoring the company's cryptocurrency investments and purchase of digital assets such as Ether and Polygon for virtual goods sales, joining other corporations in the digital asset investment trend.
Athena's High Yield DeFi Platform
Athena's DeFi platform has gained attention for offering a substantial annual yield on stablecoins, attracting over $350 million since launch. The model focuses on staking Ether and shorting Ether futures, raising questions on its sustainability and resilience to market fluctuations.
Circle's Halting of USDC Minting on Tron
Circle announced the cessation of minting USDC on the Tron blockchain, part of a phased discontinuation plan to support transfers of USDC to other blockchains until February 2025. This decision aligns with Circle's IPO filing and ongoing compliance efforts.
Air Drop Farming on GitHub
The influx of low-quality contributions on GitHub due to air drop farming by developers has sparked a trend of spam and mass trivial contributions. Projects like Starknet and Celestia rewarding GitHub contributors inadvertently led to an increase in spammy activities.
World's Token Increase Linked to OpenAI's Sora Product Launch
World's sudden value surge is attributed to the association of its founder, Sam Altman, with the launch of OpenAI's new AI product, Sora. This illustrates the influence of high-profile individuals like Altman on crypto market fluctuations, driving World's token value.
Pudgy Penguins Ascend Over Board Ape Yacht Club
In a surprising NFT market development, Pudgy Penguins briefly surpassed Board Ape Yacht Club's floor price. Pudgy Penguins' floor price increase followed strategic expansions under new leadership, reflecting the competitive landscape in the NFT market.
Cryptocurrency Exchange Fixed Float Hacked
Crypto exchange Fixed Float suffered a hack resulting in a loss of approximately $26.1 million in Bitcoin and Ethereum. The platform detected unusual transaction activities, indicative of an exploit, with the stolen funds subsequently laundered through other exchanges.
Virginia's Modest Budget for Blockchain and Cryptocurrency Commission
Virginia's Blockchain and Cryptocurrency Commission is set to operate on a modest annual budget of $17,192, showcasing a practical approach to exploring the crypto world while prioritizing cost-effective management. The commission will focus on demystifying blockchain and digital assets within its fiscal constraints.
Recap Conclusion
This week's crypto roundup delves into a range of diverse topics, from legal challenges faced by Terraform Labs co-founder to the revised token distribution schedule by Starkware and Reddit's disclosure of crypto investments in its IPO filing. Additionally, Athena's DeFi platform, Circle's halt on USDC minting on Tron, and emerging market trends like air drop farming on GitHub and NFT market fluctuations are highlighted, concluding with Virginia's pragmatic budget approach to its Blockchain and Cryptocurrency Commission's operations.
Fifteen years after the birth of Bitcoin, the network is now entering an era of remarkable innovation and change, according to Stacks' co-creator Muneeb Ali.
On this episode of Unchained recorded at the Bitcoin Builders conference, Muneeb explores the complexities and advancements within Bitcoin's Layer 1 and Layer 2. He shares his perspectives on what's fueling innovation in Bitcoin's Layer 1 and discusses the implications of Ordinal Inscriptions amid criticism of it by core developers.
He delves into the various scaling solutions within Bitcoin, highlighting how trust assumptions vary among them, and how BitVM could be a 'game changer'. He goes over the advantages of integrating smart contracts on Bitcoin, and why he considers BTC the only true form of monetary asset.
Show highlights:
What's driving innovation in Bitcoin’s L1
How Muneeb feels about Ordinals Inscriptions in Bitcoin, considering the criticism from some core developers
How, in recent years, research and development in crypto happened outside of Bitcoin, and how that's changing now, according to Muneeb
The different types of scaling solutions in Bitcoin and how the trust assumptions differ in each of them
Why he feels like BitVM is a 'game changer' and what it enables
What the Nakamoto upgrade is on Stacks
The advantages of having smart contracts on Bitcoin, according to Muneeb
Why he says that BTC is the only asset that is money
Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Senior Producer is Michele Musso and Executive Producer is Jared Schwartz.
