Researcher Chen Jian: Reflecting on the Missed Development Opportunities in the Bitcoin Ecosystem

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Missed the Bitcoin Ecosystem Opportunity?

Researcher Chen Jian recently pointed out that he missed the development track of the Bitcoin ecosystem this year and believes that this needs to be reflected upon.

He admitted that although he had written articles on Bitcoin NFTs and tokens in March, for various reasons, whether due to cognition or bias, he missed this opportunity. However, through reflection and discussion recently, he has gradually clarified some confusion and shared his insights.

我今年结构性错过的赛道是比特币生态，这是需要反思的。在今年3月份的时候就写过比特币NFT与Token，但因为种种原因不论认知还是偏见错过了，这几天思考和探讨逐渐的将一些困惑梳理清楚了，当然我肯定依然有理解错误不到位的地方，只是分享一下我的拙见。…

— 陈剑Jason (@jason_chen998) November 17, 2023

Intersection of Mainstream and Non-Mainstream Bitcoin

Chen Jian believes that there are two main development directions in the Bitcoin ecosystem, namely mainstream and non-mainstream. The mainstream direction includes the Lightning Network, BTC Layer 2, smart contracts, etc., aiming to enhance the usability of the Bitcoin network. The non-mainstream direction includes the issuance of BRC20 tokens, issuing assets on the Bitcoin network. While each path may seem unfeasible on its own, these two paths are now intersecting.

Behind the Buzz: Unveiling the Speculative Truth and Technological Illusion of BRC20

Bitcoin's DeFi Ecosystem

Chen Jian also raised a question that before the emergence of BRC20 assets, few people really wanted to use Bitcoin for payments.

Therefore, at that time, mainstream development directions like the Lightning Network and smart contracts lacked the demand to drive forward, resulting in slower development. However, with the emergence of BRC20 assets, the Bitcoin ecosystem also experienced a wave of asset issuance. While many of these will fail, some core assets may remain, prompting the need to consider how to activate these assets and drive the development of Bitcoin's Layer 2.

He also posed a question of whether a DeFi ecosystem for Bitcoin will emerge, similar to Ethereum's development path.

Lastly, Chen Jian mentioned the decreasing acceptance of new projects by retail investors in the secondary market, leading to overvaluation of some public chain projects without applications. He emphasized the importance of Fair Launch, which means accepting community consensus and support.

Is Ethereum Getting Boring?

He believes Ethereum will continue to exist and predicts that ETH's price may continue to rise, but also points out that Ethereum is becoming increasingly dull as its development roadmap is clear, and the market is influenced by an article or personal interest. Finally, he urges to set aside biases, find opportunities, and actively participate in the development of the Bitcoin ecosystem.