Edan Yago, a contributor to BitcoinOS with extensive experience in Bitcoin development, discusses the transformative potential of Bitcoin as a programmable asset. He highlights the historical significance of block 853626, enabling zero-knowledge proofs on Bitcoin for the first time. Yago explores how BitcoinOS could revolutionize cryptocurrency by unlocking applications like staking and governance. He also contrasts Bitcoin's evolving programmability with Ethereum's smart contracts while discussing the implications of the recent U.S. election on the crypto landscape.
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insights INSIGHT
Bitcoin as Programmable Asset
Make BTC a programmable asset.
Use the Bitcoin ledger for other assets to be created and used programmatically.
insights INSIGHT
Bitcoin's Ledger Focus
Bitcoin specializes in being a ledger.
It avoids on-chain computation and data storage, unlike other blockchains.
question_answer ANECDOTE
Bitcoin's Scalability Foresight
Bitcoin's design foresaw the modular blockchain's rise as other chains struggle with scaling.
High Ethereum transaction fees led to most activity moving off-chain, proving Bitcoin's approach.
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Bitcoin’s Taproot update paved the way for a new & exciting era for Bitcoin, as it expanded its use case far beyond that of an immutable ledger. However, Ordinals, BRC-20 tokens and, more recently, Runes, have limited functionality compared to what DeFi is capable of, on other smart contract blockchains. BitcoinOS envisions a revolutionary Bitcoin economy that stems from truly programmable tokens, unlocking staking, governance and many other use cases. Using BitSNARK and Grail, BitcoinOS enables Bitcoin “rollups”, which act as execution environments that use BTC as gas fee and inherit security from the L1. The missing link was always a trustless bridge between Bitcoin L1 and any potential L2. And Grail Bridge achieved just that - using zero knowledge cryptography, BTC could be transferred to other chains without relying on other custodians’ trust assumptions. In that sense, Bitcoin block #853626 is historically meaningful as it contains the first-ever onchain verification of a zero knowledge proof, on Bitcoin. A truly programmable smart contract operating system on Bitcoin was no longer a mere concept…it became a reality through BitcoinOS.
Topics covered in this episode:
Yago's background
The effect of Trump’s election on the crypto industry
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