L2 overgrown with weeds, "Bitcoin Magazine" sets reporting standards for Bitcoin Layer 2 protocol

With the emergence of the Ordinals protocol and the release of the BitVM whitepaper in 2023, there is greater potential for expansion in the Bitcoin network ecosystem. Bitcoin-focused media outlet "Bitcoin Magazine" has recently announced its editorial policy regarding reporting standards for the continuous emergence of Bitcoin Layer 2 solutions. Previously, Ethereum founder Vitalik Buterin has also shared his thoughts on Ethereum Layer 2 categorization and standards. What are the trade-offs and advantages of different Ethereum Layer 2 approaches?

"Bitcoin Magazine" Clarifies Reporting Standards

"Bitcoin Magazine" states that setting standards for reporting on Bitcoin L2 is to avoid confusion and accurately reflect the magazine's position on what constitutes the Bitcoin L2 proposal. The essence of Bitcoin scripting capabilities is often underestimated and has now become a focal point, demonstrating the potential for network integration and enhanced functionality.

Qualifications for Bitcoin L2 Reporting

"Bitcoin Magazine" outlines specific standards for L2 protocol qualifications:

• Use of native assets: L2 must primarily use Bitcoin as its main currency, including for paying fees, and any tokens must be backed by Bitcoin.
• Settlement mechanism: L2 users should be able to exit to the Bitcoin base layer, maintaining control of their funds through a reliable settlement process.
• Reliance on Bitcoin's functionality: The feasibility of L2 is closely linked to Bitcoin; if it can continue to operate without Bitcoin, it does not meet the true qualifications of L2.