Originally aired on September 18, 2023
The panel discussion titled “Beyond Satoshi: Defining the Meta on Bitcoin” at TOKEN2049 Singapore 2023 explored the current state and future of Bitcoin. The panelists discussed the lack of innovation and adoption of Bitcoin in recent years, the need for dynamism in Bitcoin’s evolution, and the importance of maintaining the resilience of the blockchain while incorporating useful features from other chains. They highlighted the role of layer twos and side chains in scaling Bitcoin and the need for more experimentation and innovation in the ecosystem. The panel also discussed the declining block subsidy and the challenge of increasing fees to sustain Bitcoin’s security. The importance of nation-state adoption of Bitcoin was emphasized as a significant milestone, and the future milestone of introducing ZK rollups on the Bitcoin blockchain was suggested.
Bitcoin dynamism: Panelists discussed the need for dynamism and innovation in Bitcoin’s evolution, emphasizing its conservative approach to maintain the resilience of the blockchain while incorporating useful features from other chains like layer twos and side chains.
Challenges of ossification: There was a discussion on the resistance to change in Bitcoin and the emergence of a new Bitcoin culture focused on building and innovation. The panelists highlighted the importance of embracing change and considering empirical reality to ensure Bitcoin’s success.
Solutions to declining block subsidy: The panelists discussed the challenge posed by the declining block subsidy and the need to find solutions to ensure the security of the blockchain. Ideas included recycling coins that haven’t moved in 10 years into the block subsidy and creating synthetic stablecoins based on Bitcoin.
Bitcoin adoption and culture: The panelists emphasized the need for Bitcoin to regain its status as a source of innovation and experimentation. They highlighted the importance of new qualitative uptake for Bitcoin through projects like Ordinals and Stacks, which are bringing a new culture of builders to the Bitcoin ecosystem.
ZK rollups on Bitcoin: The panelists discussed the potential implementation of ZK rollups on the Bitcoin blockchain and the need to frame the conversation around the original vision of Bitcoin, which embraced the use of zero knowledge proofs to scale the chain and verify computation on side chains.
Next milestone for Bitcoin: The panelists identified the introduction of ZK rollups as a critical milestone for Bitcoin, as it would prove that Bitcoin can continue to upgrade itself and unlock a significant design space. They also highlighted the importance of bringing more speculative games to Bitcoin, such as NFTs and options futures, to drive adoption.