The bull market narrative returns to the BTC ecosystem, and MetaID welcomes large-scale adoption with a new Bitcoin expa

In the current کرپٹو market, the narrative is returning to the Bitcoin ecosystem.

Although Bitcoin, as the originator of cryptocurrency, has a broad user base and strong network effects, its ecosystem still faces many challenges, especially scalability issues. This bottleneck also severely limits the potential of the Bitcoin network to develop large-scale applications and hinders the prosperity of the Bitcoin ecosystem.

In order to solve this key problem, the MetaID protocol proposed a Bitcoin expansion solution called MetaBitcoin. This solution is based on the BTC chain and can dynamically link other Bitcoin isomorphic chains to weave a dynamic and infinitely scalable Bitcoin isomorphic network. Based on the MetaID protocol, developers can build Web3 applications on the Bitcoin chain, such as Twitter on the chain, Facebook on the chain, Amazon on the chain, and Tiktok on the chain.

Based on MetaIDs technical framework, we can now build a scalable Web3 world on Bitcoin and its ecosystem that can be popularized to 8 billion people worldwide. This breakthrough will not only promote the prosperity of the Bitcoin ecosystem, but also bring new vitality and opportunities to the entire crypto market. The MetaID team is confident in building a more prosperous and healthier Bitcoin ecosystem, and will continue to work hard to promote the realization of this goal.

1. The focus of this bull market narrative is still on the BTC ecosystem

Since the beginning of this year, the crypto market has been very lively, with various hot topics emerging one after another, from Meme to AI (artificial intelligence) to DeSci (decentralized science), and the wealth effect created has also stimulated the nerves of participants. However, if we carefully analyze the market structure, we will find that the Bitcoin ecosystem will still be the core protagonist of the current bull market narrative of the cryptocurrency market. There are three reasons:

First, the continuous net inflow of funds into Bitcoin ETFs has injected new vitality into the Bitcoin ecosystem. Especially in the current macro context of interest rate cuts, Bitcoin is becoming the largest reservoir of traditional funds. According to SoSoValue data, the current cumulative net inflow of Bitcoin spot ETFs has reached 30.704 billion US dollars. This large-scale influx of funds has not only driven up the price of Bitcoin, but will also inject strong momentum into the development of the Bitcoin ecosystem – more capital inflows mean that more developers and companies will invest in the construction and innovation of the Bitcoin ecosystem, thereby promoting the prosperity of the entire ecosystem.

Furthermore, the Bitcoin ecosystem can carry a larger amount of funds, which is conducive to the entry of large funds. The huge amount of funds can not only bring more investment and support to the Bitcoin ecosystem, but also better attract the favor of institutional investors. In contrast, the market value of other cryptocurrencies is relatively small and cannot meet the investment needs of large funds.

Finally, Bitcoin is still far ahead in the cryptocurrency industry in terms of popularity, and it is also the most popular cryptocurrency. According to a survey report by PwC, among the cryptocurrency users interviewed, as many as 82% of them know something about Bitcoin, which is much higher than other mainstream cryptocurrencies such as Ethereum and Solana. This unique popularity advantage will not only help attract more users to join, but also bring more outstanding talents to the Bitcoin ecosystem. More traditional financial talents and technical developers will be attracted to the Bitcoin ecosystem, thus bringing more innovation and development momentum to it.

Driven by these supporting factors, the Bitcoin ecosystem has begun to show strong development momentum. According to the data, the current market value of Bitcoin accounts for more than 50% of the entire cryptocurrency market, which further proves the core position of Bitcoin in the current bull market.

2. Bottom-layer performance limitations and great prosperity of BTC ecosystem

As the originator of blockchain, Bitcoin has achieved great success in decentralization and value storage, and its ecosystem will surely usher in more prosperous development in the future. However, to achieve this goal, the limitations of the Bitcoin network itself must first be effectively resolved, and its technical framework and design concept have been unable to adapt to the needs of the rapid development of blockchain.

The first problem is the performance of the Bitcoin network. The design of the Bitcoin network prioritizes security and decentralization over transaction speed and processing power. As the first generation of mainstream cryptocurrency, Bitcoins initial design goal was not to pursue high concurrent transaction capabilities, but to focus on ensuring network security and decentralization. As a result, its transaction throughput is only 7 transactions per second (TPS), and the average confirmation time is 10 minutes. It is completely incompetent when facing large-scale payments or complex applications, and it is difficult to meet the growing application needs. This has also become a major obstacle to the further development of the Bitcoin ecosystem.

The second is the lack of functionality. Bitcoins scripting language is limited in functionality and cannot support complex logical operations, so it lacks capabilities similar to Ethereum smart contracts. This makes Bitcoin almost uncompetitive in areas such as decentralized finance (DeFi) and non-fungible tokens (NFT). In addition, Bitcoin network fees are also high. When the network is congested, Bitcoin transaction fees can soar to tens of dollars. For small payments or micro-transaction scenarios, this high cost limitation greatly weakens the actual use value of Bitcoin.

In order to solve the above problems, a variety of innovative expansion solutions have emerged in the industry, including Layer 2 solutions. The basic idea of this type of solution is to build an independent second-layer network on top of the Bitcoin mainnet, and greatly improve the overall concurrent transaction capacity through decentralized transaction processing and other means. The technologies adopted by each expansion solution are very different, and they can be divided into the following three categories according to the system architecture: (1) Bitcoin isomorphic solution; (2) EVM solution, which establishes a cross-chain solution with Bitcoin network assets; (3) Other non-Bitcoin isomorphic and non-EVM solutions, such as Lightning Network, Stacks, etc.

The market generally believes that the Bitcoin isomorphic solution is the optimal solution because it is applicable to Bitcoins SHA 256 mining algorithm. Many miners in the Bitcoin network can migrate to the new network and potentially become security defenders of the side chain/Layer 2.

Fractal Bitcoin, which has attracted market attention recently, belongs to this category. It uses Bitcoin Core code to achieve recursive virtualization, and the core technology is fractal design. In geometry, fractals refer to patterns that replicate and imitate shapes similar to the original shape, thereby retaining their key properties. Drawing on this idea, the UniSat team proposed encapsulating the core Bitcoin code to create an embeddable network extension layer. This extended network is recursively linked to the main Bitcoin network to allow each application to run independently while eventually feeding back to the main network. This design enables the entire network to process more transactions, and the layers do not interfere with each other, greatly improving the networks parallel processing capabilities. But there is also a significant drawback. Fractal Bitcoin can only link to the BCSP (Bitcoin Core Software Package) built by the replication program of the Bitcoin Core node, and is not compatible with other UTXO public chains.

In fact, this is also the common problem of all current Bitcoin expansion plans, that is, each project is independent and builds its own moat through technical barriers. However, this will only form isolated islands. Developers of various projects do not have a common language system, and it is difficult to directly migrate between different expansion plans, which will eventually damage the overall interests of Bitcoin. This is also the fundamental reason why the Bitcoin ecosystem has never exploded on a large scale.

3. MetaID creates a new Bitcoin solution that can be infinitely expanded

In order to break the isolation of the Bitcoin ecosystem, the MetaID protocol team proposed a simple and feasible Bitcoin expansion solution: MetaBitcoin Network (MBN for short).

MetaBitcoin Network is a Bitcoin-based network that is based on the BTC chain and can dynamically link other Bitcoin isomorphic chains to form a dynamic and infinitely scalable Bitcoin isomorphic network. It aims to solve Bitcoins scalability problem and build a Bitcoin-based Web3 network that supports large-scale adoption.

“From the day it was born, MBN’s goal was very clear, which was to plan and design for the large-scale Web3 applications on Bitcoin in the future. It is to use the MetaID protocol and the existing large Bitcoin ecological facilities to build a secure, user-owned, high-performance Web3 network on Bitcoin that can meet the daily needs of people all over the world.”

MBN is not a specific chain or project. It is a Bitcoin-based Web3 solution that utilizes the existing UTXO public chain and technology, plus appropriate asset bridges and data Rollup solutions. This solution has several obvious advantages:

The first is compatibility. MBN is compatible with most of the current mainstream UTXO public chains and their replica chains, including BCH, BSV, FB and MVC. Each Bitcoin expansion plan still maintains the existing development pattern, and can expand its own ecosystem without doing new technology development, saving the cost of technology migration.

MBN has no preference for all UTXO public chains that meet the standards. Ultimately, which solution is used the most is determined by users. Therefore, different public chains connected to MBN will compete in performance, handling fees, and smart contract capabilities to gain the most users.

Second, diversity. Each technical solution has its own characteristics, which is conducive to the diversified development of the Bitcoin ecosystem. For example, the Lightning Network has achieved good results in the payment field. It can create a two-way payment channel to achieve almost instant payment and greatly reduce transaction fees. For some payment scenarios, MBN is directly linked to the Lightning Network, which can achieve faster transfers and lower fees.

For another example, the Bitcoin sidechain MVC created the high-performance smart contract framework MetaContract, which can effectively utilize the multi-core advantages of modern computers, greatly improve the execution speed of contracts, and thus improve the networks TPS. High-frequency and complex Web3 applications such as games and social networking can be built directly on MVC and connected to the Bitcoin mainnet through MBN, promoting the Bitcoin ecosystem towards mainstream application scenarios.

With MBN, will the Bitcoin ecosystem change? From two dimensions, one is the user side and the other is the developer side.

On the user side, some old Bitcoin natives can more conveniently get a brand new on-chain experience on this oldest network. In fact, Bitcoin, as a digital gold for value storage, has accumulated a lot of funds, but it has not been fully utilized due to performance difficulties. With the advent of MBN, Bitcoin natives can directly interact with various Bitcoin Layer 2 and side chains without using various cumbersome on-chain tools. Some hoarded Bitcoins can also be managed through on-chain products to obtain higher returns.

On the developer side, project deployers can use the MVC network fast replication function (called 100 MVC) and run a replicated version of MVC within half an hour. Under the core premise that the UTXO structure and underlying functions remain unchanged, adjust the parameters as needed to ensure future compatibility with MVC and BTC. Similar to AltLayers Rollup-as-a-Service, 100 MVC enables developers to quickly build a network according to scenario requirements, eliminating basic work and focusing on the transaction itself, further improving the scalability and practicality of the Bitcoin network. Alternatively, developers can deploy a side chain that meets the MBN conditions to enjoy the liquidity and user traffic of the Bitcoin global ecosystem. Developers only need to focus on products and operations, without the need to migrate and replicate like the EVM ecosystem, saving a lot of money and manpower.

According to official documents, the conditions for forming an MBN sidechain are as follows: (1) a public chain that can be joined without permission; (2) isomorphic to Bitcoin, including the use of UTXO architecture and support for Legacy addresses; (3) using the SHA 256 mining algorithm and an average 30-day computing power of no less than 10 ph/s. Currently, fully qualified include MVC (MicrovisionChain) and its replica chain, FB (Fractal Bitch) and its replica chain, BCH (Bitcoin Cash) BSV (Bitcoin SV) and XEC (ECash).

It is a permissionless, fully open Bitcoin scaling solution built for the emergence of massive Web3 applications in the future. It is a vision, and it is also the simplest and most elegant solution for building Web3 Bitcoin scaling from a technical perspective. This is what the official document says.

4. Use social networking to ignite the Bitcoin ecosystem and create a new era of Web3

MBN is one of the combined punches of MetaID, a distributed identity protocol on the chain, which aims at the underlying infrastructure to achieve Bitcoin expansion. Another trick of MetaID is application is king. Through the MetaID protocol, data interconnection between different cross-chain applications can be achieved, lowering the development threshold of Web3 applications and promoting the explosion of Web3 applications.

The beginning of large-scale application of MetaID ecology started with decentralized social networking, and MetaSo, the first decentralized social network built on Bitcoin, came into being.

Why use social networking as a starting point? Social networking is one of the basic needs of human beings. In the traditional Web2 field, many international giants including Tencent, Twitter, and Facebok were born. In the Web3 world, although many products such as CYBER and Friend.tech were born, no native social application has ever really stood out. The root cause is that these projects, whether in product design or operation, have not built long-term competitiveness while fully leveraging the unique advantages of Web3. At the same time, VCs continue to bet on the social track, and well-known investment institutions such as a16z, Binance, Sequoia Capital, and Paradigm have invested in various decentralized products.

As the Web3 world continues to grow, decentralized social networking is bound to become an important part of the blockchain field. MetaSo is the first to enter the market and develop decentralized social networks on the Bitcoin network.

The MetaSo network is composed of MetaSo nodes, each of which is a decentralized social media application. The data is completely on-chain, and the data of different MetaSo nodes are interconnected. The data is based on Bitcoin or its side chain, cannot be tampered with or deleted, can be permanently stored, and belongs to the user. Developers and users can install and deploy MetaSo nodes within 30 minutes to become part of this decentralization and receive corresponding incentives. According to relevant information on the MetaSo official website, MetaSo will be the first social network on Bitcoin with truly distributed storage data and independent operation of each node. Under incentives, this network is expected to consist of dozens to hundreds of independent nodes. The benefit of such decentralization is that users no longer have to worry about the above social applications being closed or the content being deleted. It will be the first social network that cannot be shut down and is completely free of central control.

Show.Now is the first node and the first application of the MetaSo network. Its data is interconnected and backed up with the data of other MetaSo nodes. The long-term plan of Show.Now is to become a decentralized Only.fans on the chain and combine various NFT and ٹوکن usage scenarios according to user needs.

At present, the core functions of Twitter on the chain and onlyfans on the chain have been basically realized. It even includes the function of publishing encrypted posts; paying (paying BTC) to view encrypted posts, etc. According to the Roadmap, various functions closely integrated with BTC assets including NFT and BRC 20 will be launched in the future, such as supporting NFT as emoticons, supporting Meme Token as community access credentials, and even including encrypted video on the chain, etc. Its online functions can already be regarded as one of the SocialFi applications with richer functions on the chain. It can be imagined that when MetaSo nodes are distributed around the world, the maturity of this decentralized social network will have a subversive impact on the entire traditional social network model. We are very much looking forward to the impact of the first truly decentralized storage social network on Bitcoin and the blockchain industry.

In fact, the functions of MetaSo and ShowNow mentioned above do not exist in isolation, but work together with the entire MetaID and MVC ecological projects. By using traffic as an entry point, it attracts millions of users to join the entire ecological group and also brings more incremental users to other projects.

For example, the MetaSo network supports multiple asset protocols of the Bitcoin network (including Ordinals, BRC 20, MRC 20, etc.). These assets require wallets as storage media. Users must use the Metalet wallet to use ShowNow in the early stages.

MetaSo network supports MetaID. Users can issue their own ID-Coins. Users ID-Coins can be freely traded on platforms such as MetaID.بازار, Octopus.space and Orders.exchange, and their usage scenarios can be set, such as paying for paid content or subscribing to columns.

For example, MetaSo/ShowNow users can seamlessly use NFT assets on BTC (including Ordinals, MRC 721 and other protocols), insert NFTs by posting, and user NFT sales information can appear on user profiles, etc. In addition, users can also use Meme Token on the BTC ecosystem as a functional token for the community to implement the functionality of meme coins.

According to official documents, all pictures and videos of MetaSo/ShowNow are stored in the sidechain MVC by default. The official will airdrop a certain amount of SPACE to all ShowNow users, so that relevant ShowNow users can get SPACE for free in the initial stage. They can use ShowNOW smoothly without knowing MVC, so that users can enjoy the benefits of Bitcoin sidechain without any feeling as long as they have BTC assets.

In short, the current Web3 social media and various transaction scenarios can be fully realized in MetaSo/ShowNow, and users will not be affected by it, without the need to jump to a third-party page.

نتیجہ

The attention paid to the Bitcoin ecosystem continues to rise, and more and more traditional developers are entering the market. In this feast, whether a large-scale popular Web3 solution can emerge on Bitcoin is a follow-up highlight of the Bitcoin industry and a narrative that deserves your attention. Building a permissionless, open Web3 world on Bitcoin that can support the daily use of a large number of users has always been the goal of the MetaID protocol team.

In addition, it should be noted that MBN currently has no VC financing and has not issued project tokens. All value is concentrated on the side chain MVC. Market data shows that the current circulation market value of MVC token SPACE is only US$6.2 million and FDV is only US$24 million. Compared with FBs circulation market value of US$45 million and FDVs US$700 million, there is still great growth potential.

This article is sourced from the internet: The bull market narrative returns to the BTC ecosystem, and MetaID welcomes large-scale adoption with a new Bitcoin expansion solution

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